The “Business to Business” segment has always been very different in nature from “Business to Consumer”: complex products or services, long sales processes with different touchpoints, and specific, specialized niches. All these characteristics, together with technology poorly suited to selling non-standard products, have meant digitalization has taken a little longer to arrive.
Even so, the trend has been changing for a few years now and B2B eCommerce is booming, to the point that, according to Gartner market research:
“80% of B2B sales interactions between suppliers and buyers will occur in digital channels by 2025”
Gartner study “Sales Transformation: The Future of Sales”
Record figures for B2B commerce in the digital world
Gartner’s study “Sales Transformation: The Future of Sales” reveals clear and interesting data. Digitalization is the future of B2B business:
- 33% of all buyers want a seller-free sales experience, a preference that rises to 44% among millennials.
- Buyers spend only 17% of their time meeting with potential suppliers when considering a purchase. With less face-to-face time with customers, sales through digital channels are growing.
- By 2024, 15% of B2B organizations will use eCommerce platforms to support both customers and sales reps across all sales activities.
- Spending on B2B eCommerce technologies continues to grow more than twice as fast as the B2C eCommerce market.
- 74% of B2B buyers research online for 50% of their work purchases before buying, according to a recent Forrester study.
- The same study shows that 30% make half or more of their work purchases online, and 56% expect to make half or more of their work purchases online within 3 years.
- B2B customers prefer not to have to call to make a purchase. 93% of B2B buyers prefer buying online, and 75% say buying online is more convenient than buying from a sales rep (Forrester survey)
B2B customer expectations are increasingly like B2C
Consumer shopping has become a fast, simple self-service experience where instant gratification is not just expected but demanded. B2B transaction expectations have shifted to look much more like retail consumer demands. This change has happened mainly because B2B buyers are also retail consumers, and many retail expectations and behaviors carry over into the B2B buying experience, which is becoming increasingly similar to B2C.
Related to this trend, here are five characteristics making the B2B world increasingly similar to B2C:
- B2B omnichannel experience: B2B buyers expect to view product information, analyze activity, receive deliveries and handle returns or exchanges across all channels through a unified interaction.
- Convenience and immediacy: B2B buyers now also expect instant gratification from their purchases.
- Self-service: B2B customers prefer not to have to call to buy, and want flexibility.
- Reliance on reviews: as in B2C sales, reviews are becoming relevant. Customer references are increasingly requested as part of a proposal.
- Shift to mobile: mobile is becoming an increasingly relevant channel in B2B.
B2B sales and service expectations are not exactly the same as B2C and will probably never align perfectly. However, every B2B company should keep up with relevant changes in the consumer space and act accordingly.
