Digital is Inevitable, and it has started showing its dominance across every type of business model. The technological revolution across the globe has entirely changed the dynamics of doing business.
This is not going to stop anytime soon, and we’d be lying if we said each business model will flourish if they continue practicing their old, traditional ways.
The demand for incredibly fast-paced, always-on buying power shows no signs of slowing down.
This makes the maximizing value in digital channels essential for success and it also positions digital to become a primary engagement channel in the B2B universe.
To understand where today’s businesses find value in online channels, Salesforce B2B Commerce (CloudCraze) surveyed more than 400 B2B consumer packaged goods (CPG), manufacturing, and software decision-makers across the US and Europe.
The findings indicate that B2B organizations that invested early in improved digital channels are beginning to reap the benefits. B2B businesses across the board view the move to digital as a major opportunity for continued growth.
Here are some highlights from the survey carried by Salesforce B2B Commerce with some statistics to validate the points.
1) DIGITAL IS NO LONGER VIEWED AS AN AUXILIARY CHANNEL BY BUSINESS LEADERS:
88% of B2B decision-makers anticipate offering products in the next five years that will be primarily sold online.
2) BUSINESSES ATTRIBUTE GROWTH TO THEIR DIGITAL PROGRAMS:
89% of B2B decision-makers attribute expected business growth to the success of digital commerce.
3) CHANGING CUSTOMER EXPECTATIONS DRIVE DIGITAL TRANSFORMATION:
More than half (52%) of B2B decision-makers believe their customers are eager to adopt new technologies and processes.
4) BUSINESSES UNDERSTAND THE VALUE OF B2B COMMERCE:
B2B decision-makers believe customer retention (56%) is the biggest value digital brings to their business, followed by customer acquisition (54%).
5) DIGITAL COMMERCE STREAMLINES COMPLEX B2B CUSTOMER NEEDS:
B2B decision-makers say the biggest value digital brings to their customers is tailored product offerings (52%), followed by order automation (48%).
Growth with Digital
All these claims and surveys hold no importance until they enhance the business. They must benefit the business owners in order to make any significant impact on their mindsets.
Does digital really stand tall on these claims or is it just another marketing fad? Let’s find out!
Upon Digitalizing the B2B Business Model, these are the areas that have been massively impacted. We have also put some staggering numbers that will emphasize the power of digital.
1) Acquiring New Customers
59% of B2B decision-makers believe that they were able to acquire customers more easily.
2) Upsell/Cross-Sell with Current Customers
51% believe they can upsell/cross-sell with current customers more easily.
3) Customer Self-Service
51% believe their customers can more easily serve themselves.
4) Automated Ordering System
39% said their automated ordering system gives them more recurring orders.
5) Product Offerings
26% inferred they can more easily expand/scale product offerings.
6) Increase in Sales
48% of B2B businesses sell their full line of products online – a number that is only expected to increase.
How the B2C Experience Has Impacted B2B
B2C has unknowingly acted as beta for B2B when it comes to shifting business online. The massive B2C success has obviously created an online-friendly environment in the minds of B2B business owners.
As a result, companies at the forefront of the digital revolution have made significant updates to their ordering systems, creating key features that have emerged as value heightens for both business buyers and B2B organizations.
After B2C digital’s success, let’s take a look at the core values that B2C decision makers are eyeing in their current e-commerce programs:
- 52% of decision-makers see tailored product offerings in their current e-commerce programs.
- 47% of decision-makers see Contracted Pricing in their current e-commerce programs.
- 48% of decision-makers see Order Automation in their current e-commerce programs.
- Fast Customer Service through Online Chat
36% said Fast Customer Service through Online Chat can make a massive difference.
- 35% of decision-makers see Self-Service Ordering in their current e-commerce programs.
- 31% of B2B businesses see Exclusive Online-only Products.
- 26% believe Order History from Previous Interactions is a major value and must be introduced in their current e-commerce programs.
- 37% see Tailored Recommendations in their current e-commerce programs.
- 39 percent decision makers see One-Click Checkout in their current e-commerce programs.
The Right Digital Commerce Platforms
Even the most perfect ideas fail if they aren’t done with the appropriate platform, skillset, practice, technique, and so many other factors.
Here we are going to take a look at the areas that can jeopardize the B2B Digital Journey, primarily because of the choice of Digital Commerce Platform.
- 53% say their E-commerce system provides very little insight into customer data. The right digital commerce platform will allow appropriate insight into customer data.
- 51% report their current systems don’t allow them to scale and add new products. The right digital commerce platform will allow scaling and new products.
- 51% have an opinion that their E-commerce system is too rigid to update and adapt easily as trends and customer needs change. The right one will be more flexible to change.
- 41% said their E-commerce system is too difficult for customers to navigate. The right one will allow easier navigation.
Digital is inevitable, and you must not delay the revolution or you may lose the opportunity to blossom your B2B Business as you’ve never experienced before.
However, before going digital, you must choose the right kind of digital commerce platform and understand the market’s condition for your unique business. It’s time to adapt and improvise because digital is here to say.