As digital commerce has affected our daily lives as consumers, it’s also shaped the expectations of B2B buyers. Buyers in B2B are more accustomed to a buyer’s journey that includes digital experiences well before and long after the sale.
68% of B2B buyers prefer to research online on their own, up from 53% in 20151
What makes B2B commerce transactions unique is that they typically involve multiple decision makers and cover a complex range of applications so organizations can form both offline and online relationships with suppliers, customers, distributors, resellers and other partners.
Traditional B2B selling channels continue to drive significant influence. However, abundant digital technologies and increasing buyer expectations have led to a rapid shift towards digital B2B commerce. B2B sellers are re-thinking their marketing and sales strategies and the corresponding core investments around customer engagement and commerce platforms.
Sound familiar? If so, then there is no time like the present to digitally transform your business.
Digital transformation is a journey, not a destination. Success in the age of the customer calls for new technologies, new strategies, and a new psychology that embraces both. Consider this:
- Digital channels have evolved from static websites of the 1990s into sophisticated service and transaction systems that, on average, support more than 25% of our clients’ business revenues.
- By 2020, Forrester believes all companies will become either digital predators or digital prey.2
- Using the stock market as an indicator, Watermark Consulting found that customer experience leaders in all markets had a 43% average value gain over six years, compared to laggards who lost 33.9% of their value in that same time.
- Millennials generally lead digital lives and expect brands to provide a seamless experience across all channels.
Big change intimidates even the most innovative companies, and digitally transforming your B2B commerce capability requires a significant, overarching commitment for it to succeed. Do you have what it takes?
Read our latest guide, Transforming the Digital Experience for B2B Commerce, to understand:
- The impact of digital on B2B sales channels
- Why B2B companies need an omni-channel strategy
- The importance of integrated content and commerce in B2B
- The path to converging content and commerce
Sources:
1 “Death of a (B2B) Salesman: Two Years Later,” Forrester
2 “State of Digital Business: 2016 to 2020,” Forrester
