Medical manufacturers see 45.87% conversion rate in aggregate
RALEIGH, NC, MARCH 2019—Corevist, Inc., a leading provider of B2B e-commerce integrated to SAP, has released aggregate e-commerce statistics for its clients in the medical/pharmaceutical industry, including an aggregate conversion rate of 45.87%. Corevist’s overall client base includes global manufacturers in numerous verticals processing over $1.5 billion in total annual revenue through Corevist’s cloud-based e-commerce applications. The subset of Corevist clients in the medical/pharmaceutical industry processes over $366 million in annual e-commerce revenue through Corevist.
According to B2X Partners, typical conversion rates in B2B e-commerce range from 3% to 10%, while Cloudfy estimates 6-9%. These numbers are significantly higher than average conversion rates in B2C e-commerce, which experts estimate from 1.6% to 2.86%.
In 2018, medical/pharma manufacturers using Corevist saw these performance numbers in aggregate, including transactions performed by both customers and sales reps:
- Aggregate conversion rate – 45.87%
- Total sessions – 561,305
- Total transactions – 257,452
- Total revenue – $366,109,453.71
Among these medical/pharma manufacturers, a subset uses Corevist Commerce on mobile/tablet as a field sales portal, with sales reps entering orders on behalf of customers during in-person meetings. This subset of manufacturers saw the following 2018 performance numbers in aggregate for mobile/tablet traffic in their field sales portals:
- Aggregate conversion rate – 82.66%
- Total sessions – 37,274
- Total transactions – 30,810
- Total revenue – $56,029,398.14
These statistics provide insight to manufacturers evaluating e-commerce. Whether buying through self-service or through field sales reps, the customers of Corevist’s medical/pharma clients tend to be trusted, repeat buyers who have an established relationship with the manufacturer. Because these manufacturers offer innovative, highly-specialized value propositions, they experience a tight product/market fit which drives customer commitment.
For manufacturers considering e-commerce, the lesson is to put priorities in order. Optimizing an e-commerce website for conversions, while important, is not the first step in establishing a successful B2B e-commerce channel. The first step is establishing offline customer commitment through a tight product/market fit, with easy access to your products/solutions.
Manufacturers must also consider the role which Sales teams will continue to play in driving revenue through e-commerce. In markets with strong relationships between sales reps and customers, a web portal for sales staff may be a better first foray into e-commerce than a customer-facing store. In that case, manufacturers should evaluate their options carefully and choose a solution that easily scales up from a sales rep portal to a full B2B e-commerce store for customers.
The key to a scalable solution like this is the integration to the ERP system. If a platform does not integrate to the manufacturer’s ERP in real time, it will require duplication of cost and effort to expand from a sales rep portal to a full, customer-facing e-commerce store. As manufacturers chart their long-term e-commerce strategy, they should treat integration and scalability as table stakes for any solution they evaluate.
Corevist Commerce empowers manufacturers to conduct business online through B2B e-commerce, customer portals, field sales portals, and more. The Corevist suite leverages real-time SAP data for accurate information and seamless user experience. Corevist clients become easier to do business with, embrace the digital shift, and reduce the phone/fax/email burden on Customer Service. Corevist’s NetWeaver-certified integration to SAP is live on Day 1 and tailored to a client’s unique needs within 90 days. Corevist is a global company with clients in the US, UK, EU, Canada, and Asia. For more information, call (919) 424-2120 or visit www.corevist.com.