For more than a decade, an online retailer
Soak & Sleep has been consistently ranked as one of the top eCommerce stores in the UK. The company was founded on the idea that manufacturers could provide high-quality items for up to 70% less than similar brands by selling directly to the consumer. In fact, it was this B2C model that initially launched Soak & Sleep into success.
However, after years of using Magento 1 to build a customized store, CEO Charlie Hunt realized that the company had a unique opportunity to cater to a growing online B2B marketplace. But, in order to meet the expectations of both B2B and B2C consumers, Soak & Sleep would require substantial changes to its website and business management tools.
Challenges of Magento 1
The main limitation with their Magento 1 platform was its lack of built-in B2B functionalities or tools for retailers. The Soak & Sleep website required heavy customizations to cater to the needs of customers, and the numerous changes negatively impacted site speed and performance. Since slow loading times can be enough to dissuade a potential customer from staying on a website, it was critical to resolving this problem. An upgraded Soak & Sleep store must also be flexible and scalable so the site could continue to accommodate more traffic from both B2B and B2C buyers without affecting loading times. If these challenges could be mitigated, then the store could also begin selling to a global market instead of catering specifically to local UK residents.
A Perfect Match
Soak and Sleep called upon Wagento, an Adobe Gold Solution Partner, to undertake the migration. With offices in the US, the UK, India, Bolivia, and Mexico, the Wagento team fundamentally understood the ins and outs of cross-border commerce, and they were capable of helping Soak & Sleep expand to an international audience. Wagento has delivered outstanding, customized solutions for a broad range of eCommerce stores, so Hunt felt confident that the experienced developers would continue to meet and exceed expectations for his own site.
Magento 2 KPIs
To measure the success of the Magento Commerce Cloud 2 upgrade, Soak & Sleep chose the following KPIs to track and monitor:
- The need for custom developments
- The page loading speeds
- AOV (Average Order Value)
- Conversion rates
By focusing on these 4 major points of interest, which affect both B2B and B2C consumers, Soak & Sleep set up a reliable system to measure their store’s success before and after the implementation of Magento 2. The platform upgrade occurred early in November of 2016, which allowed the brand to deliver an improved experience to its customers on Black Friday and throughout the rest of the holiday season. During this time period, Soak & Sleep experienced less than 10 minutes of downtime, their site speed was noticeably faster, and their AOV increased by 20%. The site additionally cut back on customizations, instead relying on a variety of third-party integrations and extensions, which are available through the Magento marketplace.
Along with the dramatic successes mentioned above, the merchant now had access to a wide range of unique B2B tools that were previously unavailable with Magento 1. The Magento 2 Commerce Cloud site provided all the features needed for B2B expansion and success right out of the box, including the ability to manage multiple B2C and B2B websites with different target markets, product types, and locations. Through Wagento’s implementation of Magento 2, Soak & Sleep was able to quickly transition to a new B2B marketplace with tools like:
- Backend integrations and extensions.
- Increased self-service tools and management for client accounts.
- Customized catalogs and pricing.
- Detailed reports that can track growth in 75 different business areas.
- A responsive, mobile-optimized website.
- Multiple payment options and integrations.
- Relevant and accurate marketing tools to meet the needs of B2B and B2C buyers.
- Quick re-ordering capabilities.
- Streamlined quote management tools for customized pricing deals with B2B clients.
Benefits of Online B2B Services
Although 56% of B2B companies had eCommerce sites in 2019, only 11% of these online sellers had their own marketplace. There is still a great opportunity for online merchants to start catering to this growing demand for online B2B services. If you choose to take the plunge and expand to the B2B marketplace, your company can experience the same positive results and benefits as Soak & Sleep, including:
- The capability to accurately determine the demand for new products and ideas.
- The opportunity to establish your business as an industry leader and expert.
- Unlimited customization for your website.
- Improved site performance and enhanced security features.
- Smart inventory management and order management solutions.
- A way to set yourself apart from your competition is through a convenient, modernized option that customers desire.
If you want your store to achieve the rapid growth and expansion that Soak & Sleep achieved through Magento 2, reach out to a Wagento developer to discover the best plan for your business!