Technology has made a huge impact on the way the B2B market operates in the modern era. According to Statista, the global B2B eCommerce market is valuing at US$12.2 trillion in 2019, over 6 times that of the B2C market. However, research from the World Business Review (WBR) found that only 34% of B2B businesses are eCommerce-ready. However, 66% of B2B businesses’ online presence provides information without any transactions. For these businesses even simple transactions would require a sales representative, making the sales process even more tedious. Any B2B business who invests in improving their digital presence by using a robust eCommerce solution can ride this current wave and seize the opportunity.
Seamless B2C online processes have set the bar very high (in terms of customer expectations) for B2B businesses. B2C giants like Amazon marketplace, who have customer obsession at the core of everything they do, have spoiled us with their eCommerce services. In the modern era, any type of eCommerce must emulate that experience, whether it be B2C or B2B. Failure to do so often leads to lower conversion rates as buyers decide it is not worth the hassle, especially when a competitor has a better streamlined purchasing experience.
Another significant market insight is a growing proportion of millennials who are now making B2B buying decisions. According to research conducted by Google, 89% of B2B buyers use the internet during the B2B supplier research process. 46% of these buyers are aged from 18 – 34, also known as millennials. Why is this important? Millennials grew up with the internet, their behaviours are intertwined with connectivity, convenience and efficiency. Clearly, it is time to also focus marketing to millennials and the best foot forward is to have a solid and smooth eCommerce platform.
Having an eCommerce solution also allows your business to access new customers. Data shows that 50% of buyers will search for a week or more for a suitable buyer. While 38% of B2B buyers visit at least four other websites before making a purchase. It is more likely that your business will be searched and compared to your competitors. Finally, providing a superior purchasing experience will often secure the sale.
Capture the ever-growing B2B market today with A&H Digital Solutions! We are here to help build and improve your B2B eCommerce solution. Book a no obligation consultation with us today!
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