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Why B2B Companies Have to Invest Online To Stay Competitive blog post

Category: ECOMMERCE
April 1st 2021
5:32:05 pm

74% of B2B buyers today research at least one-half of work-related purchases online, and 30% complete at least half of their work-related purchases online. Citing data collected last year in a study conducted with Internet Retailer, Forrester says it expects the percentage of B2B buyers completing at least half of their work-related purchases online will nearly double to 56% by 2017. It adds that the trend to increased online purchasing will accelerate partly because of the increased use of smartphones and other mobile devices to discover and research products, and place orders.

B2B companies can slash the costs of serving and selling to customers by as much as 90% by introducing self-service e-commerce features, Forrester says. It notes that 52% of B2B executives say they have reduced their customer-support costs by migrating offline customers online, and that 56% say they have customers they can only serve profitably online.

When B2B customers buy online as well as offline, they spend more in total and per order, and become more engaged and loyal customers, Forrester says. It notes that 60% of B2B companies say their B2B buyers spend more overall when they interact with sellers through multiple sales channels. “Multichannel B2B customers are also more likely to become repeat and long-term customers, as well as try new products and reconsider lapsed or mature brands.”.

Gone are the days of a personal relationship guaranteeing you business. People are looking to find the best deals and the most convenient ways to buy. This is moving online with major players like Amazon and Wayfair moving into B2B. If you don’t make it easy for them to buy online they may look elsewhere to buy.