As the business landscape continues to shift and evolve, it’s crucial for B2B companies to adapt to these changes in order to thrive.
With technological advancements, the needs and expectations of B2B buyers are constantly evolving, and it is up to businesses to find ways to meet these new demands.
But what does the future hold for B2B companies, and how can you ensure that your business remains relevant and adaptable?
Let’s have a look!
Trends Shaping B2B Future
Hybrid Sales
As the Internet continues to change the way businesses operate, B2B eCommerce has emerged as a major player in the world of commerce.
Many B2B companies are turning to online mediums to run their businesses, and for a good reason.
According to research by Forrester, 73% of B2B decision-makers are millennials—a generation that has grown up in a digital world and has seen the Internet and social media rise.
And as Forbes reports, 84% of these millennials don’t trust traditional advertising, instead relying on online mediums for information and purchases.
This shift towards online sales is helping to reduce the need for in-person visits to brick-and-mortar stores.
As a result, b2b companies would be wise to adopt the B2B eCommerce model and start selling online in addition to (or even instead of) operating a cash-and-carry store or warehouse.
In this digital age, it’s more important than ever for businesses to acquire leads and reach customers where they are, and for many of today’s buyers, that means online.
Self-Service
Nowadays, most B2B buyers prefer interacting remotely with vendors instead of in-person meetings and visiting stores.
According to a study conducted by McKinsey & Co., a staggering 70-80% of B2B buyers prefer to use digital self-service or communicate with sellers online.
What’s more, these buyers are even willing to pay handsomely for the convenience of self-service, with 27% saying they would be willing to spend up to $500,000 for this feature.
Today’s B2B Buyers feel it convenient to:
- Access information through online means
- Conduct their own research
- Download invoices
- Place online orders
- Track the progress of their order delivery
There are two key ways that businesses can take advantage of this trend.
Firstly, by producing online content in the form of blogs, case studies, testimonials, and product demonstrations, companies can reach buyers in written and video formats.
This can be a powerful way to educate and engage potential customers and build trust and credibility.
Secondly, businesses can develop an eCommerce platform that allows buyers to view and purchase products and track the progress of their orders.
This can streamline the buying process and make buying more convenient for customers while also providing valuable insights and data for both the seller and buyer.
Better Standards of Customer Service
B2B buyers want a great experience interacting with vendors and buying products from them.
And with buyers becoming more innovative and their expectations increasing, it’s crucial for companies to deliver.
According to Salesforce, 85% of B2B buyers say that a company’s customer experience is just as important to them as its products or services.
So, what can vendors do to satisfy their buyers and provide a great experience?
A key strategy is to be polite and responsive to customer inquiries.
The customer support team should have complete knowledge about the products and services of the company’s products to give proper guidance to the customers.
Additionally, it’s important to make sure that orders are delivered quickly and safely, as this adds to the overall customer experience.
Furthermore, if you have an eCommerce website, provide your users with a convenient user interface (UI) and user experience (UX) design, as it makes it easy for users to navigate and make purchases.
The Rapidly Evolving World of B2B Online Marketplaces
B2B marketplaces are becoming increasingly popular among both sellers and buyers.
These platforms are currently among the fastest-growing selling channels, with research by Digital Commerce 360 showing that cumulative sales reached $56 billion in 2021, a 130% increase from the previous year.
For vendors, the appeal of these marketplaces is clear.
They provide an easy way to establish an online presence and can be less expensive and more convenient than setting up a standalone website.
Personalized Approach
Business buyers have needs that are often more complex and specific than everyday consumers, so sellers need to approach each buyer differently and personalize their interactions.
In response to this demand, marketers are increasingly personalizing their marketing campaigns and content to target their customers better.
And it’s paying off—customers respond very well to personalized content.
Instapage reports that 82% of marketers who personalize their email campaigns experience a higher open rate than those who send more general emails.
To implement personalization, you need to segment customers with similar interests and create personalized campaigns tailored to meet the specific needs of these segments.
Predictions About the Future State of B2B
Increasing Share of eCommerce in B2B Sales
The B2B eCommerce market is on the rise, with projections showing that it will reach $20.9 trillion by 2027.
Last year alone, B2B eCommerce grew 1.17 times more than U.S. manufacturing and distributor sales growth, indicating just how quickly this model is gaining traction.
Online buying and selling are now commonplace and widespread within the B2B community with the rise of online B2B portals such as websites and marketplaces.
Omnichannel Marketing
As online mediums continue to grow, businesses are taking advantage of this trend to connect with their customers and clients.
In fact, a recent study by Gartner predicts that by 2025, 80% of B2B transactions will occur through digital channels.
This trend towards omnichannel marketing is particularly popular among B2B buyers, with McKinsey & Co. suggesting that B2B buyers use over ten different digital channels to contact vendors.
Some of the most popular digital channels for B2B marketing include:
- Emails
- Mobile applications
- Search engines
- Social media platforms such as Facebook, Instagram, LinkedIn and YouTube
Global Growth of B2B eCommerce
B2B eCommerce is growing like wildfire. Jack Ma introduced this revolution in 1999, which has now spread worldwide.
Entrepreneurs are launching online B2B marketplaces in various countries such as the U.S., U.K., Germany, Turkey, India, and New Zealand.
Already valued at $17.9 trillion as per Statista, the B2B eCommerce industry will expectedly grow to $33.32 trillion by 2030 as per Research And Markets study.
Final Verdict
The attitudes of buyers are changing as technology has made processes easier.
In a world still reeling from the COVID-19 pandemic, online transactions have become the norm for B2B operations.
To thrive, vendors must modernize their business practices with technological solutions to cater to millennials and Generation Z, who are highly reliant on technology.
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