Looking to the future & trends in B2B eCommerce

B2B e-commerce is a huge growth market in the US and Europe and continues to flourish post-Corona. Investments in digital sales channels and optimised customer experiences will pay off in the long run.

B2B e-commerce market forecast 2022

The B2B e-commerce market continues to grow rapidly. In recent years, companies have increasingly focused on user needs and optimised the user experience (UX) and user interface (UI). This trend is set to continue in 2022.

According to a study by research firm Forrester, online B2B e-commerce sales in the US will grow at a CAGR of 10.7% over the next five years, accounting for approximately 24% of total B2B sales (online & offline) in the US in 2027, up from 16% in 2021.

Increasing sales are also reflected in business investment activity. According to the study, one in three companies plan to invest in optimising their digital sales channels over the next 12 months. This investment will primarily go towards developing the UX and UI. The focus is on functionality and usability. More and more companies are recognising that an optimal user experience is critical to the success of their online business.

While investment in UX and UI continues to grow, one thing is clear: the challenges of B2B e-commerce remain. That's because customer demands for user experience continue to grow. To succeed, companies must therefore continue to strive to constantly improve their digital sales channels.

01. Customer journeys remain essential for digital product optimisation

On average, around 60% of today's B2B purchases are already influenced or made directly by millennials. As a result, we can expect user experience to continue to grow in importance for B2B retailers. In the millennial sector in particular, online shopping is dominated by household names such as Amazon, and this means that B2B shops will expect their target users to have a similarly smooth and tailored experience to that which is now commonplace in many B2C online shops.

The simplicity, ease of use and intuitive information architecture in the B2C space allows shoppers to quickly browse and navigate the site. This allows them to quickly find the items and/or information they are looking for and to place or customise their order. The checkout and payment process is also as smooth as possible.

"We see our customers as invited guests to a party, and we are the hosts. It’s our job every day to make every important aspect of the customer experience a little bit better."

— Jeff Bezos

02. Mobile commerce

The importance of an omnichannel strategy in B2B e-commerce is clear, as evidenced by the increasing use of mobile phones for B2B research and purchasing. According to Google and BCG, at least 70% of B2B searches on mobile devices account for 40% of sales.

While many B2B companies have been quick to recognise and capitalise on the benefits of a mobile strategy, others have hesitated due to fears. 90% of B2B buyers say they would be more likely to buy again from a company with an excellent mobile offering. Adopting and investing in a mobile strategy is critical for any B2B company looking to increase its eCommerce sales in the future, especially as more millennials and younger digital generations play a critical role in B2B eCommerce.

03. Digital self-service

B2C brands that deliver the best customer experience combine self-service with assisted sales or service. The best B2C brands recognised this early on and built online direct-to-consumer (DTC) channels that give them full control over their customers' experience.

Based on their consumer experiences, B2B buyers are increasingly looking for the same attributes in their business partners. According to McKinsey, a slight majority of B2B buyers prefer "some form of online self-service", with 46% choosing to buy directly from the supplier's website.

Self-service may be the goal, but many B2B purchases and services still require some assistance. A recent study found that nearly 90% of all first-time B2B SaaS purchases require some form of assistance.

04. Let's get personal – even in B2B

A key element of a good customer experience is some degree of personalisation. It is ubiquitous in many B2C and retail businesses, but the complexity involved makes it difficult for B2B companies to fully understand and implement.

However, the rise of account-based marketing (ABM) has helped to bridge this gap. With 50% of B2B customers wanting a personalised B2C experience, commercial organisations need to deploy the right data, strategy and technology to shift the focus from the account to the individual customer.

Customer data platforms (CDPs) and machine learning models are two essential components that enable the collection and synthesis of a wide range of customer and operational data. These platforms provide a single view of the customer and can deliver real-time, contextual recommendations and experiences across all channels - including in-store.

05. Omnichannel: the new standard

McKinsey recently reported that the customer-centric omnichannel experience is becoming the new standard. 80% of B2B executives prefer it to the traditional model, and 64% plan to increase the number of hybrid sellers in the next 6 months.

With omnichannel purchases up 43% in the last year, it's not just B2B sellers who are embracing the new model. Buyers* are also embracing omnichannel and are more willing to make large purchases through a digital sales model. 20% are now willing to make purchases of $500,000 or more through this non-traditional channel. For customers, the benefits are clear: personal relationships with familiar salespeople, coupled with the digital speed and efficiency of digitising sales and processes.

Overall, the following always applies: If you want to be successful in B2B e-commerce, you need to know your target groups and their needs. If you know what they do and what problems they face, you can find the right (digital) solutions.