When we were looking ahead to the future of B2B customer experience last year, we could have never foreseen the massive changes ahead. Many businesses had to quickly change their entire business models in order to survive amidst changing demands and circumstances. However, despite the many changes B2B sellers have experienced this year, one truth remains unaffected.
Sellers must prioritize creating the best experience for their buyers.
The unexpected shift to remote work, learning, and--really--living, has accelerated the need for sellers to provide their buyers an experience that makes purchasing straightforward and efficient.
21 Statistics About The Future of Digital B2B Commerce
Take a quick look at these 21 key statistics, including emerging business trends in the wake of the pandemic, that will help guide B2B organizations in their move toward digital commerce.
The Lasting Effect of COVID-19 on B2B Commerce
- The pandemic forced B2B buyers to go digital, moving traditional interactions to voice and chat. But in a survey conducted by McKinsey, over 89% of survey respondents expect to stay with these new go-to-market models for at least the next year. (McKinsey)
- 89% of purchasing managers are spending the same amount, or more, on B2B marketplaces as a result of COVID-19. This growing preference for B2B marketplaces is due to buyers finding better experiences through those channels. (DigitalCommerce 360)
- 70-80% of B2B decision makers prefer remote human interactions or digital self-service to in-person. (McKinsey)
- Over 50% of buyers are willing to spend over $50K entirely through end-to-end digital self-service. (McKinsey)
- There has been an increase in direct-to-consumer channels because they have been more successful in persisting through the pandemic. 80% of traditional retailers have seen sales decline since the pandemic started, whereas only 20% of D2C brands have seen a dip. (Forbes)
As a result of the pandemic, there was an increase in time spent with reports and webinars (123.2% and 19.9% increase respectively). (Marketing Charts)
Prevalence of Digital Channels
- 61% of all B2B transactions now start online. (Accenture)
- 80% of B2B sales interactions between suppliers and buyers will occur in digital channels. (Gartner)
Across industries, 69% of customers want omnichannel and multichannel services. These customers are typically 15% more profitable than digital-only customers and 25% more profitable than customers with only in-person interactions. (Accenture)
Continual Growth of B2B Commerce
- B2B eCommerce will reach $1.8 trillion and account for 17% of all B2B sales in the US by 2023. (Forrester)
- 60% of B2B sales organizations will transition from experience- and intuition-based selling to data-driven selling by 2025. (Gartner)
- Gartner has predicted that B2B companies with e-commerce personalization will outsell by 30% competitors that are not providing a personalized experience. (Lumoa)
The top priority for over 50% of B2B organizations for the next two years is providing an omnichannel experience. (Accenture)
B2B Customer Experience Needs to Be Better
- 90% of B2B leaders already believe that customer experience is crucial to their companies’ strategic priorities. (Accenture)
- An average of 11 individual stakeholders are involved in a B2B purchase and that number can go up to nearly 20, making the buying process very complicated. (Gartner)
- However 45% said B2B buying online is more complicated than buying offline in the US. (Gartner)
Over 90% of B2B buyers desire personalized pricing and recommendations and over 50% are willing to pay a premium in order to receive these personalized offers. (Pros)
Heightened Buyer Preferences
- 33% of all buyers desire a sell-free sales experience. (Gartner)
- 73% of businesses know that customer expectations for more meaningful products, services and experiences are significantly higher than they were just a few years ago. (Accenture)
- 73% of Millennials are now involved in B2B purchasing decisions. (Forrester)
- 44% of millennials prefer no sales rep interaction in a B2B purchase setting. (Gartner)
Start Delivering Excellent Experiences
2020 should be a wake-up call for B2B sellers who either haven’t moved to digital commerce or are considering improving their digital channels. It’s time; your customers and the industry are moving at a rate that you can’t afford to miss.