How to transform your B2B digital commerce business to profitability and grow
Digital commerce is becoming a greater percentage of overall B2B sales – learn what it takes to stand out from the crowd.
It’s no secret that B2B companies operate in an extremely dynamic environment, and with more dynamism comes more complexity for a multitude of reasons. (In other words: mo’ dynamism, mo’ complexity). Despite the quagmires of the path to purchase, it’s imperative that brands sort it out because the B2B buyer journey makes – or breaks – sales and engagement with potential customers.
As in the B2C space, today’s B2B customers have high expectations – the power of choice is at their fingertips. Since it’s so easy for anyone to search for alternative products these days, B2B companies HAVE to deliver the best possible customer experience or risk losing out to the competition.
And let’s face it, brands have a lot of room to improve when it comes to CX. B2B buyers often experience a nearly never-ending swirl throughout the sales process. In many industries, buyers are still placing orders through email, phone calls, and even fax. That back-and-forth process can be exhausting. Whether it’s getting information or simply reordering the same inventory time and again, the communication cyclone is daunting.
Then tack on challenges with disparate systems. Buyers are trying to get the best, most accurate information about the products or services they’re purchasing, but getting what they need can take a lot of time. Part of the problem is that companies often have siloed systems and as a result, sellers – and employees – have to hunt down information.
Understanding the modern B2B buyer: Expectations and needs
The B2B buyer journey is the complete process a buyer navigates, from initial awareness, to the evaluation of reviews, products, and services, to the final stage of making a decision to purchase.
A great number of B2B buyers today are digital natives who don’t have patience for the traditional slow, complicated buying processes. They expect readily accessible information — and to be able to get it themselves.
Several studies reveal the needs of the modern buyer. For example, a Deloitte study found that 83% of B2B buyers have shifted to interacting with sellers via digital channels.
According to a Gartner report on B2B buying, 75% of B2B buyers prefer a rep-free sales experience. At the same time, 43% of those surveyed by Gartner have regretted entirely self-service digital purchases.Clearly, there’s a fine line. So what’s the right way to approach selling for the best B2B commerce experience?
Reducing complexity: Hybrid selling merges automation and human interaction
Relationships have driven commerce transactions as far as history goes. But in the age of efficiency and immediate gratification, transactions solely through human communications can only take you so far.
But it’s also clear from the Gartner report that digital innovation alone isn’t enough. To address this, Gartner suggests taking a hybrid approach to selling, offering digital self-service, but with plenty of room for human interaction.
Digital self-service is powerful in that it empowers the buyer to discover products, place orders, and get automated customer service on things like order tracking or paying an invoice — at any time during the B2B buyer journey.
One study found that 66% of B2B buyers expect a B2C-like digital experience. When customers can get answers online to questions like order status, it opens the door for more detailed conversations with sellers.
In turn, sellers aren’t mired down in routine paperwork, but can focus on the customer relationship and providing personalized experiences for the best outcomes.
And when you deploy this kind of hybrid selling approach, you drive operational efficiencies that improve customer experience. For the buyer, you ensure that orders are processed and fulfilled in a timely manner and for your business, you’re collecting coveted contextual data about your buyers to fuel the B2B personalization journey.
Building a sustainable B2B commerce strategy for the future
With the growth of B2B e-commerce picking up even more steam, it only makes sense for companies to build out their digital capabilities.
According to Forrester, the B2B e-commerce market just in the US will grow to $3.076 trillion by 2027, up from 1.7 trillion in 2021. But only 13% of B2B decision makers view digital commerce as their main revenue source.
“The numbers don’t lie — the market potential is colossal, and the time to claim your share is now,” said Christina Schmitt, principal analyst at Forrester.
It’s a no brainer when a buyer’s needs are met and they’re getting what they need from a digital standpoint and their sellers, they’re more likely to be a repeat buyer and spend more when they do buy again.
