Why Buyers love B2B E-Commerce; Brands need to know it
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Reasons why Buyers prefer B2B E-Commerce
In our previous article, “Busting top 3 myths about B2B E-Commerce for Sales Teams”, we mentioned that buyers prefer digital channels when given a choice and B2B E-Commerce has surpassed in-person as the single most effective channel according to McKinsey & Co.
Business landscape is rapidly evolving and the way buyers interact and transact has undergone a significant transformation. With the technological advancements and changing buyer demographics, new generation buyers are increasingly turning to B2B E-Commerce platforms instead of relying solely on traditional channels such as telephone, email, and fax.
Having a simple B2B E-Commerce platform may not be enough to lure new generation buyers as 92% of them want a similar experience on B2B sites as they get on B2C sites, as per Wunderman Thompson.
Image credit: Wunderman Thompson
There are many drivers of the shifting buyer behaviour including changing demographics, advancements in artificial intelligence, and the overall convenience and efficiency offered by B2B E-Commerce. Let’s dive into top 5 key drivers that are attracting buyers to interact and transact on B2B E-Commerce instead of relying on traditional sales channels.
1. The changing buyer behaviours and demographics:
One of the key factors driving the preference of new generation buyers for B2B E-Commerce is the changing demographics of the business world. According to Forrester Research, 73% of Millennials are involved in B2B purchasing decisions. As these millennials and Generation Z individuals step into decision-making roles within companies, their digital native mindset influences their purchasing behaviour.
B2B E-Commerce platforms offer advanced analytics and reporting tools that provide buyers with valuable insights into their purchasing patterns, trends, and opportunities. These insights enable buyers to optimise their procurement strategies, identify cost-saving measures, and improve operational efficiency.
2. Advancement in Artificial Intelligence:
The rapid advancements in artificial intelligence have revolutionised the way businesses operate and communicate. B2B E-Commerce platforms leverage these technological advancements, offering features such as advanced search capabilities, and personalised recommendations. These features enable buyers to find and purchase products more efficiently, saving time and effort compared to traditional channels.
B2B E-Commerce platforms leverage data-driven insights to provide personalised experiences for buyers. Through machine learning algorithms and analytics, platforms can recommend relevant products based on a buyer's preferences and past purchase history. This personalisation enhances the overall user-experience, making it easier for buyers to find the products they need.
3. Transparent information:
Unlike traditional channels, where information may be limited or fragmented, B2B E-Commerce platforms provide comprehensive and transparent product information. Buyers can access detailed specifications, images, videos, and customer reviews. This transparency helps buyers make informed decisions and reduces the risk of purchasing unsuitable products.
With just a few clicks, buyers can access a vast range of products, compare prices, read product descriptions, and place orders. This convenience and efficiency, coupled with the ability to complete transactions at any time and from anywhere, make B2B E-Commerce an attractive option for new generation buyers.
4. Real-time interactions:
B2B E-Commerce platforms facilitate real-time communication between buyers and sellers. Integrated chat systems, messaging tools, and customer support services enable buyers to seek clarification, request quotes, and resolve issues promptly.
Features such as shared project spaces, collaborative documentation, and integration with procurement systems (punchout), help improve efficiency and foster stronger relationships between buyers and sellers.
5. Streamlined purchasing process:
The widespread adoption of smartphones and tablets have evolved B2B E-Commerce platforms to be mobile-friendly. Buyers can access these platforms on-the-go, enabling them to browse products, place orders, and manage their accounts conveniently from anywhere, on any device, and 24/7.
B2B E-Commerce platforms streamline the purchasing process, eliminating paperwork, manual order processing, and time-consuming negotiations. Buyers can easily place orders, track shipments, and manage their accounts through a centralised system. This efficiency reduces the administrative burden on buyers, allowing them to focus on more strategic tasks.
Conclusion
The new generation of buyers are gravitating towards B2B E-Commerce platforms due to the convenience, efficiency, and numerous benefits they offer. The shift in buyer behaviour is driven by changing demographics, advancements in artificial intelligence, and the desire for streamlined processes. However, businesses would need to have both online and offline channels in order to meet the ever-changing expectations of new generation buyers. Having an omni-channel strategy is critical for success of the business in driving revenue growth.
Image credit: Wunderman Thompson
Source: McKinsey & Co; Wunderman Thompson; Forrester Research;