[2024 Update] All Magento 2 B2B Features You Need to Know

Renowned brands like Nike, Coca-Cola, and Ford have chosen Magento as their preferred platform to build their online presence. Their decision underscores the platform’s scalability, flexibility, and ability to cater to diverse business needs. No matter if you are a startup that wishes to build a strong online website or have run the business for a long time but still receive negative feedback on the store site experience, Magento 2 offers a comprehensive suite of B2B features to address these pain points effectively.

What is Magento B2B commerce?

Internal link: Magento B2B commerce refers to a specific edition of the Magento e-commerce platform designed to cater specifically to the needs of business-to-business (B2B) transactions. Unlike traditional B2C (business-to-consumer) e-commerce, where transactions are typically between a business and individual consumers, B2B commerce involves transactions between businesses. Magento B2B Commerce offers a range of features and functionalities tailored to the unique requirements of B2B transactions

Key Features of Magento 2 B2B

Magento 2 B2B Pricing Features

Hidden Price

Hidden pricing in Magento 2 B2B commerce keeps product prices hidden from regular visitors. Only registered B2B customers can see them. This encourages visitors to sign up and helps merchants negotiate personalized prices. It gives merchants more control over pricing and builds stronger customer relationships.

Request Price

Request Price feature in Magento 2 B2B commerce allows customers to ask for pricing information on specific products. This feature enables potential buyers to initiate discussions or negotiations with the seller regarding the cost of items. It fosters transparency and communication between businesses, facilitating the process of reaching mutually beneficial pricing agreements.

Tailored Pricing/Price per Client

Tailored Pricing/Price per Client feature in Magento 2 B2B commerce allows merchants to customize pricing for individual clients or customer groups. This flexibility enables businesses to offer personalized pricing based on factors such as order volume, customer loyalty, or contract agreements. By tailoring prices to specific clients, merchants can enhance customer satisfaction, strengthen relationships, and optimize revenue generation strategies.

Price Inquiry Option

Price Inquiry Option in Magento 2 B2B commerce allows customers to inquire about product prices directly from the product page. This feature enables potential buyers to easily seek pricing information for specific items, initiating communication with the seller. It promotes transparency and facilitates pricing discussions, ultimately leading to informed purchasing decisions and potentially negotiated pricing agreements.

Magento 2 Commerce B2B Account Management

Company Accounts

Company accounts feature in Magento 2 Commerce B2B facilitates the creation and management of accounts specifically for corporate entities. Instead of individual customer accounts, businesses can establish company-level accounts, streamlining transactions and order processes. This functionality enhances organizational efficiency and enables tailored management of business-to-business relationships within the Magento platform.

Custom Customer Attributes

The custom customer attributes feature in Magento 2 Commerce B2B enables businesses to define and manage unique attributes for their B2B customers. This functionality allows merchants to tailor account information according to specific business requirements or preferences. By collecting and organizing custom data points, businesses can better understand and serve their customers’ needs, enhancing the overall B2B buying experience and facilitating more personalized interactions.

Approval/Rejection of New Account Registrations

This functionality allows administrators to review andmanage new account registrations from B2B customers. Administrators can approve or reject new account requests based on predefined criteria, ensuring control over who gains access to the platform. By regulating account registrations, businesses can uphold security standards, maintain data integrity, and mitigate potential risks associated with unauthorized access.

Sales Representative Assignment

This feature enables businesses to assign dedicated sales representatives or account managers to specific B2B customers or accounts. By assigning sales representatives, merchants can facilitate personalized customer support and relationship management. This fosters stronger connections with clients, enhances communication, and streamlines the sales process, ultimately improving overall customer satisfaction and loyalty in B2B transactions.

Magento 2 B2B Purchasing Capabilities

Bulk Product Addition to Cart

This feature empowers B2B customers to efficiently add multiple products to their shopping carts simultaneously. It streamlines the purchasing process for bulk orders, saving time and effort for buyers while enhancing the overall shopping experience on the Magento 2 platform.

Quick Order

The Quick Order feature allows buyers to quickly locate and add multiple products to their shopping carts using SKU numbers or product names. This streamlined ordering process is especially beneficial for B2B customers who are familiar with the products they need and want to expedite the purchasing process. With Quick Order, buyers can bypass browsing through the entire catalog and directly input the quantities and SKUs of the items they wish to purchase, enhancing efficiency and reducing the time required to place an order.

Customized Wholesale Display

This feature allows merchants to tailor the display of products and pricing specifically for wholesale buyers. With customized wholesale display, businesses can showcase bulk pricing, minimum order quantities, and other relevant information tailored to the needs and preferences of B2B customers. This customization enhances the B2B purchasing experience, making it easier for wholesale buyers to find and order products in quantities that meet their requirements.

Magento 2 B2B Checkout Enhancements

Streamlined One-Step Checkout

This feature simplifies the checkout process for B2B customers by condensing multiple steps into a single page. By streamlining the checkout experience, businesses can reduce friction, save time for customers, and improve conversion rates.

Minimum Order Thresholds per Customer Group

This feature allows merchants to set minimum order requirements for different customer groups during the checkout process. By implementing minimum order thresholds, businesses can ensure that orders meet specific criteria before they can be processed. This functionality helps manage inventory effectively, ensures profitable transactions, and optimizes the overall B2B purchasing experience.

Customer Group-Specific Shipping & Payment Methods

This feature enables merchants to offer customized shipping and payment options based on customer groups during the checkout process. By tailoring shipping and payment methods to specific customer groups, businesses can provide personalized experiences that meet the unique needs and preferences of B2B buyers. This flexibility enhances convenience, improves customer satisfaction, and streamlines the overall checkout process, ultimately driving sales and fostering long-term relationships with B2B clients.

Magento 2 Reorder & Refund Features

Advanced Product Reorder Functionality

This feature enables resellers to efficiently reorder products through an advanced system. It provides resellers with tools to easily review past orders, identify frequently purchased items, and quickly add them to their carts for reorder. This functionality streamlines the reordering process, saves time for resellers, and ensures that they can maintain adequate stock levels to meet customer demand.

Store Credit Refunds

This feature allows merchants using the Magento 2 Reseller Extension to provide refunds to customers in the form of store credit. Instead of issuing cash refunds, customers receive credit that can be used for future purchases on the website. Store credit refunds offer flexibility to customers while encouraging repeat purchases and enhancing customer loyalty. Additionally, it simplifies the refund process for merchants, reducing administrative overhead associated with cash refunds.

B2B Company Credit Management

This feature enables merchants to manage credit accounts for B2B companies using the Magento 2 Reseller Extension. With B2B company credit management, merchants can establish credit limits, monitor credit usage, and track payment histories for corporate clients. This functionality streamlines credit management processes, enhances financial control, and facilitates smoother transactions between merchants and their B2B customers. It also helps build trust and long-term relationships by offering flexible payment options tailored to the needs of corporate buyers.

Access Restrictions

Mandatory Login

Requires users to log in before accessing certain areas or features of the website. This ensures that only registered users can access restricted content, enhancing security and enabling personalized experiences.

Category Access Permissions

Allows merchants to restrict access to specific product categories based on user roles or permissions. This feature ensures that only authorized users can view and purchase products within designated categories, providing greater control over content visibility and user access rights.

Report & Analytics

Advanced Reporting Dashboard

Magento 2 B2B provides a comprehensive reporting dashboard that offers an overview of various aspects of the B2B business, including sales performance, customer behavior, order fulfillment, inventory management, and more.

Customizable Reports

Users can generate customizable reports tailored to their specific needs. They can choose parameters such as time frame, product categories, customer segments, and more to analyze the data and gain insights into their B2B operations.

Sales Analytics

Detailed sales analytics enable businesses to track sales performance, monitor revenue trends, identify top-selling products, and analyze sales by customer segments, regions, or channels. This helps in optimizing sales strategies and maximizing revenue.

Inventory Management

Advanced Inventory Management

Magento 2 B2B provides sophisticated inventory management capabilities, allowing businesses to manage large and diverse product catalogs with ease. It supports multi-warehouse management, enabling businesses to track inventory across multiple locations and warehouses.

Inventory Tracking and Alerts

Real-time inventory tracking and alerts help businesses stay informed about stock levels, backorders, and low-stock situations. Magento 2 B2B provides automated notifications and alerts to ensure timely replenishment and prevent stockouts.

Inventory Replenishment Planning

Magento 2 B2B offers inventory replenishment planning tools that help businesses forecast demand, optimize inventory levels, and automate replenishment workflows. This ensures efficient inventory management and prevents overstocking or stockouts.

Recommended Magento 2 B2B Extensions

1. Magento 2 B2B Request For Quote

Magento 2 Request for Quote extension enables customers to easily request a quote for individual products, a selection of items, or their entire shopping cart. Customers can add their desired items to the quote cart along with their proposed prices. Upon reviewing the quote requests, store owners have the ability to approve, cancel, engage in discussions with customers, and make modifications to the quotes as needed.

Problems

The potential for customers abandoning their carts due to high prices remain significant. Price consistently ranks as shoppers’ primary concern. If products appear appealing but are too expensive, customers are inclined to abandon their carts and exit stores without completing a purchase. Additionally, the absence of an option for customers to negotiate lower prices to align with their budgetary constraints exacerbates the issue.

Solutions

• Reduces instances of cart abandonment

• Expands the pool of potential buyers

• Alleviates pricing concerns

• Enhances the shopping experience

• Assists wholesale buyers

• Improves sales volume

Key highlights

• Negotiate prices using a quote cart

• Convert a regular shopping cart into a quote cart

• Extremely convenient for requesting quotes

• Submit multiple quote requests based on SKUs

• Approve, reject, or adjust a quote request

• Engage in back-and-forth communication regarding a quote

2. Magento 2 Quick Order

Magento 2 Quick Order extension helps customers swiftly and effortlessly place bulk orders without the need to navigate through individual product pages, thereby saving valuable time and effort.

Problems

Big buyers are seen as crucial customers for online shops, especially those focused on business-to-business transactions. When the store is buzzing with sales activity every day, these wholesale customers really stand out. But buying lots of stuff all at once online can be tough. Searching for products, choosing them, and adding them to the cart can take a lot of time. And because wholesale customers deal with such big quantities, mistakes can easily creep in. That’s why stores need a solution to stop carts from being abandoned and turn them into actual sales.

Solutions

• Focus on Bulk Order Placement: Streamlines bulk order placement for e-commerce B2B stores.

• Quick Addition of Multiple Products: Wholesale customers can add multiple products to their cart with just a few clicks, enhancing efficiency.

• Time-Saving Product Search: Users can search for products using multiple SKUs or by uploading a CSV file, saving time on product selection.

• Attribute Selection on a Single Page: Enables users to easily select product attributes on a single page, reducing cart abandonment.

• High Customization Options: Offers extensive customization to tailor the extension for specific customer groups.

• Seamless Integration with All Product Types: Integrates seamlessly with all product types, ensuring compatibility across the board.

Key highlights

• Super-fast Product Instant Search

• Effortless Bulk Cart Addition

• Enhanced Quick Order Page

• Highly Adaptable Design

Conclusion

With a robust suite of tools and functionalities, Magento 2 empowers businesses to optimize their B2B websites for enhanced efficiency, productivity, and profitability. From advanced search capabilities to streamlined order management and personalized customer experiences, the latest update sets a new standard for excellence in B2B e-commerce. As businesses navigate the dynamic landscape of digital commerce, embracing the cutting-edge features of Magento 2 is not just advantageous – it’s essential for driving success in the modern B2B marketplace.