E-commerce is continuing to grow in leaps and bounds. With technology making it increasingly easy to launch brands and online stores, individuals have taken full advantage by carving their niche in a nearly $5 trillion. There is a specific segment, however, that should receive more attention and nuanced approach , e-commerce for B2B industries. We spoke with Sanjeev Singh Sahni, the Chief Executive and Business Unit Head of Wayfair Professional about the key ingredients to building a successful E-Commerce business focused on B2B industries and he shared in this video with us the following principles.
Build ‘Flows’ rather than transaction excellence
Sanjeev emphasized the significance of ‘flows’ over transactions in the B2B realm. “B2B businesses are not transactional; they are based on flows,” he states. These flows can vary widely, from seasonality and cash flow cycles to the multiple steps involved in project execution. Sanjeev further advises product and engineering teams to keep these flows in mind when building their platforms. This approach ensures that the e-commerce solution caters to the intricate and often variable processes that B2B customers navigate, offering a more tailored and responsive experience.
Plan to play a team sport
Another key point Sanjeev highlights is the collaborative nature of B2B transactions. He likens it to playing a team sport, where success requires understanding and catering to the needs of multiple stakeholders within the client organization. “B2B businesses require you to serve them at multiple levels,” he explains. From the procurement officer and the approving executive to the day-to-day manager and the end consumer of your product or service, each plays a role in the purchasing process. Recognizing and addressing the diverse needs of these stakeholders can significantly enhance customer satisfaction and loyalty.
Get ready to double down through long decision cycles
Persistence is a virtue in the B2B e-commerce space, where sales cycles can be lengthy and complex. Sanjeev underscores the importance of grit, both for individual leaders and their teams. “Some of the B2B business cycles can be long drawn out… Therefore, closing a bunch of those cycles can take a long time. So, have grit,” he advises. This determine and resilience is crucial for navigating the challenges inherent in B2B sales, from nurturing relationships to customizing solutions that meet each client’s specific needs.
More On Sanjeev Singh Sahni
Sanjeev Singh Sahni has built distinctive B2B businesses across logistics, retail, e-commerce and financial sectors. Currently the chief executive of Wayfair’s B2B business spanning all its brands – Wayfair, AllModern, Birch Lane, Joss&Main and Perigold. He has previously scaled other B2B businesses for CastleGate Logistics (at Wayfair) and as leader at McKinsey serving clients like Maersk, Dubai Ports, Citibank, Metlife.
In addition to his professional pursuits, Sanjeev is an active speaker at industry events, sharing his insights and experiences to guide and inspire future entrepreneurs and business leaders. His contributions extend beyond business strategy, offering a perspective on maintaining agility and focus in an ever-evolving digital landscape.
