62% of B2B buyers purchase online (and you should too)
In late July 2024, MasterB2B gurus Andy Hoar and Brian Back dropped their second annual State of B2B eCommerce survey. The big takeaway? B2B companies are now chasing higher profits instead of just more sales. Fun fact: 63% of respondents saw more orders from their existing customers. As we’ve always said, keeping your current clients happy is a goldmine! This blog highlights how crucial smooth online purchasing is for making re-ordering a breeze for your existing customers. It’s all about keeping them happy and coming back for more!
The shift towards online purchasing
In the fast-paced world, there’s no room for digital investment fatigue. Your customers are demanding increasingly sophisticated self-service and digital experiences, and the shift to online purchasing is accelerating at an unprecedented rate.
According to the MasterB2B 2024 State of B2B eCommerce report, a whopping 62% of B2B buyers now prefer to restock their supplies online because it’s quick and hassle-free. Digital Commerce 360 backs this up, revealing that 70% of B2B buyers find online shopping more convenient than the old-school methods and choose vendors who offer online channels when they’re ready to buy.
The takeaway? Buyers want online purchasing options, and sellers who get on board are reaping the rewards!
Benefits of online purchasing for replenishment orders
Online purchasing offers several advantages for lower consideration replenishment orders:
- Time Savings: Buyers can quickly reorder products with just a few clicks, thanks to stored purchase information.
- Reduced Errors: Automated systems minimize the risk of errors that can occur with manual order entry via telephone or fax.
- Convenience: Buyers can place orders at any time, from anywhere, without needing to contact a sales representative.
Case studies on B2B online purchasing: The Granite Group increases online orders by over 50%
The Granite Group initially offered a simple web portal through their ERP, which saw an 80% abandonment rate. Customers found the system confusing and rarely used it. The Granite Group needed a customer-centric solution.
After incorporating Optimizely B2B Commerce Cloud, The Granite Group analyzed the shift from traditional full-service to self-service channels. They saw a year-over-year increase in online orders by more than 50% and estimated that eCommerce could account for up to 20% of their business in 2020.
Sales associates, previously occupied with mundane tasks, now focus on adding value to customers. The website is available 24/7, leading to a significant channel shift and freeing sales representatives to foster deeper, more meaningful relationships.
Where to invest
- Mobile and Tablet Optimization: A top-notch mobile experience is a must-have. For manufacturers and distributors, having strong mobile capabilities is crucial since a lot of buying happens on the go. Think of it as having a mini office in your pocket!
- User Experience (UX): B2B buyers want a website that’s as easy to navigate as their favorite online store. Smooth online processes make life simpler for customers, whether they’re ordering a part for maintenance, researching options, creating lists, or making returns.
- Personalization: Personalization, especially in search, is key. In industries like manufacturing and distribution, where companies have thousands of products, making sure the right items pop up for the right people is essential. It’s like having a personal shopper who knows exactly what you need.
- Imagery: Great product images are a game-changer. Multiple views, application images, 360° rotators, and videos can really grab a buyer’s attention. It’s like window shopping, but way cooler!
Future trends and predictions
As technology evolves, online purchasing will become even more integral to B2B commerce. Advancements in AI and machine learning will streamline the purchasing process. AI-driven chatbots and recommendation engines will provide personalized buying experiences, making it easier for buyers to find and reorder products.
The integration of omnichannel strategies will allow buyers to seamlessly transition between online and offline channels, ensuring a consistent and convenient purchasing experience.
State of B2B eCommerce report
The latest State of B2B eCommerce report highlights the growing preference for online purchasing among B2B buyers, particularly for replenishment orders. The convenience, speed, and accuracy of online purchasing make it essential for retaining and expanding business with existing customers.
Download the report for additional insights about building digital experiences, driving customer loyalty, and achieving higher profitability!
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