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Digital transformation has revolutionized the B2B marketplace and created new customer expectations. In this era of technological advancement, it is clear that companies that understand and adapt to their customers' needs and behaviors are ahead of the game. Consumerization, the application of B2C practices to the business of the B2B universe, has become a key competitive advantage.
The change in consumer behavior in the B2B sector
In recent years, consumer behavior has changed fundamentally. Increasing digitalization and the availability of information have led to consumers becoming more and more demanding. This trend has also spread to the B2B sector, leading to what is known as B2B consumerization. This refers to the use of customer-centric technology as a digital interface to B2B customers.
Studies show that companies that focus on their customers are more successful than those that do not. According to a study by Accenture, 91% of B2B buyers abandoned a purchase in the last 12 months because the buying process was too complicated (source). In addition, a study by Salesforce found that 80% of B2B buyers compare their experiences to those they had as consumers. Therefore, B2B companies need to provide their customers with an experience similar to that of B2C companies (source).
In the age of B2B consumerization, it is of great importance that companies offer their customers the possibility to act independently - just like in commonly known digital solutions from everyday life. The implementation of self-service solutions plays a central role in this by providing companies with a personalized platform for their customers to place orders, view order histories and solve problems on their own - creating a new level of autonomy and freedom. These self-service platforms enable customers to address their concerns quickly and easily, while reducing the burden on the business.
One company that has recognized the benefits of self-service is Cisco. By implementing a self-service portal, Cisco was able to not only increase customer satisfaction, but also reduce its operating costs. The ability to place orders, track deliveries, and submit support requests on their own has increased customer satisfaction and allowed Cisco to position itself as a leader in the industry.
Another aspect of B2B consumerization is the implementation of enterprise marketplaces. Amann Girrbach is one example of this. These centralized platforms allow customers to make purchases in one place. With features such as price comparisons and product reviews, they support customers in their decision-making. Siemens is an outstanding example of a company that has increased the efficiency of its procurement processes through its Enterprise Marketplace. Customers benefit from a simplified ordering process and a wider choice of products and services.
"Digitalization has changed the rules of the game in B2B. It is critical that companies understand the needs of their customers and deliver digital solutions that provide them with a first-class experience. Those that rise to these challenges and continuously evolve will successfully shape the market.
The Power of Self-Service Platforms and Customer Portals
Over the past few years, the importance of changing user needs in the B2B space has been highlighted by the introduction of self-service capabilities.
We all know the feeling of spending hours on hold or waiting days for a support email. But imagine if, after a long day at Amazon, a B2B buyer could simply print out her own return label and have the support chat respond in minutes.
Why should her B2B experience be any worse? This is exactly the point that many of our customers are making: Users should have as smooth and efficient an experience in B2B as they do in (familiar) B2C.
The road to implementing effective B2B self-service solutions is undoubtedly challenging. Companies need to carefully analyze and align their target audiences and customer journeys in a digital context in order to develop customized self-service solutions that are best suited to their individual business model.
The ultimate goal, as described above, is to provide customers with a seamless and satisfying "Amazon experience" where they can take care of their needs independently and conveniently.
"The B2B self-service revolution is in full swing. Customers now expect a seamlessly coordinated overall experience and the freedom to act independently and conduct digital interactions on their own. Companies must adapt to this change and provide world-class interfaces for customer:inside and service innovation in order to compete successfully."
The benefits are clear
The benefits of self-service in B2B are many, and offer companies the opportunity to increase efficiency while improving customer satisfaction. Imagine a customer portal for your B2B business, where your customers can access information, place orders, and complete transactions 24/7-without the need for office or field staff.
Not only does this reduce the workload on employees, it also frees them up to focus on more complex tasks and provide better customer service. This makes better use of existing internal resources and saves costs.
Automated functions can be expanded in subsequent stages. From custom price quotes (CPQ) to digital returns and automatic reordering to scan-and-buy systems: B2B retailers can gain a big advantage over their competitors in many ways. In B2C areas such as retail or D2C, such functionalities have become standard, without which high profits would not be possible - yet many B2B companies are just now facing this challenge.
How to: Self Service? The B2B Customer Portal
B2B customer portals play a critical role in the customer experience and are a key component in providing customers with a personalized and interactive platform to access their unique self-service capabilities.
This allows customers to access their account information, orders, invoices, and other relevant data through a single point of contact. Personalized features enable companies to deliver a tailored experience to their customers while automating administrative tasks. In addition to independent orders, personalized marketing campaigns or special promotions can be controlled and executed. It should be noted that in the B2B sector, very large existing customers are often connected directly to the company's ERP systems via EDI, and a customer portal is not ideal for every customer size.
Of course, any self-service customer portal needs a starting point - we recommend that our customers first engage in a joint project to identify the exact needs of the target audience and then build initial prototypes to test with real customers. This is the only way to create real digital value without running the risk of ignoring customer needs - after all, a customer portal is only useful if it is actually used by customers.
With Welser Profile, we successfully conceptualized, designed and tested a customer portal with a strong customer focus within a 3-day design sprint.
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