Summary
- • 95% of B2B buyers prefer to purchase online with self-serve information and ordering options
- • 80% of B2B buyers now expect the same buying experience as B2C customers
- • 73% of B2B buyers say they prefer a customized buying experience
- • 75% of B2B buyers prefer digital self-serve and remote human interactions over face-to-face interactions
- • 70% of B2B decision-makers say they are open to making new, fully self-serve or remote purchases in excess of $50,000
- • Global B2B e-commerce sales are expected to reach $20.9 trillion by 2027
- • The B2B e-commerce market is projected to grow at a CAGR of 18.7% from 2021 to 2028
- • B2B e-commerce sales in the US are expected to reach $1.8 trillion by 2023
- • The global B2B e-commerce market size was valued at $6.64 trillion in 2020
- • B2B e-commerce is expected to account for 17% of all B2B sales in the US by 2023
- • 80% of B2B sales interactions between suppliers and buyers will occur in digital channels by 2025
- • 93% of B2B companies are fully committed to implementing digital transformation
- • 65% of B2B companies across industry sectors offer e-commerce capabilities
- • 56% of B2B companies have implemented e-commerce platforms
- • 90% of B2B leaders say that new digital and remote sales models are as effective or more than traditional models
Move over B2C, the B2B world is demanding a piece of the e-commerce pie with stats that will make any online retailers heart skip a beat. From B2B buyers preferring digital self-serve options over face-to-face interactions to the projected $20.9 trillion global B2B e-commerce sales by 2027, its clear that the business landscape is rapidly evolving. With 80% of B2B buyers expecting a seamless online buying experience akin to their B2C counterparts and a whopping 73% seeking personalized interactions, its time for businesses to buckle up and embrace the digital revolution… or risk being left in the dust of outdated sales models.
Buyer Behavior
- 59% of B2B buyers prefer to research online rather than interact with a sales rep
- 74% of B2B buyers research at least half of their work purchases online
- 33% of all B2B buyers complete at least half of their purchases online
- 70% of B2B buyers fully define their needs before engaging with a sales representative
- 62% of B2B buyers say they can now develop selection criteria or finalize a vendor list based solely on digital content
- 67% of the B2B buying process is completed digitally
- B2B buyers typically use six different interaction channels throughout the decision journey
- 77% of B2B buyers state that their latest purchase was very complex or difficult
- 45% of B2B buyers spend more time researching purchases than they did a year ago
- The average B2B buyer is 57% through the purchase process before engaging with a supplier sales rep
- 71% of B2B researchers start their research with a generic search
- B2B researchers conduct an average of 12 searches before engaging on a specific brand's site
- 46% of B2B buyers are millennials
- 73% of millennials are involved in B2B purchasing decisions
Interpretation
In a digital age where buyers wield their research skills like superheroes, B2B purchasing behavior is undergoing a revolution. Sales reps, beware: a whopping 59% of buyers would rather surf the web solo than engage with you. The days of blind trust in a sales pitch are over; 70% of buyers come prepared with a well-defined shopping list before even saying hello. With 33% of purchases completed entirely online and 62% forming decisions based solely on digital content, it's clear that the keyboard is mightier than the handshake in today's B2B arena. So, if you're a sales rep twiddling your thumbs waiting for a call, know this: the modern B2B buyer is a savvy, search-savvy, multi-channel surfing ninja - and they'll find you when they're good and ready.
Buyer Preferences
- 95% of B2B buyers prefer to purchase online with self-serve information and ordering options
- 80% of B2B buyers now expect the same buying experience as B2C customers
- 73% of B2B buyers say they prefer a customized buying experience
- 75% of B2B buyers prefer digital self-serve and remote human interactions over face-to-face interactions
- 70% of B2B decision-makers say they are open to making new, fully self-serve or remote purchases in excess of $50,000
- 48% of B2B buyers say their purchasing decisions are influenced by social media
- 72% of B2B buyers expect vendors to personalize engagement to their needs
- 86% of B2B buyers prefer to use self-service tools for reordering, rather than talking to a sales representative
- 35% of B2B buyers would rather order from an e-commerce site than a sales representative
- 50% of B2B buyers identified improved personalization as a key feature for suppliers to offer
- 68% of B2B buyers say they value vendors that demonstrate experience with and knowledge of their industry
- 76% of B2B buyers expect vendors to anticipate their needs and make relevant suggestions
Interpretation
In a world where B2B buyers are calling the shots, the numbers speak volumes. With 95% preferring the convenience of online self-service options and 80% demanding a B2C-like experience, it's clear that the customer is king. Gone are the days of lengthy sales pitches and face-to-face meetings, with 75% opting for digital interactions over in-person ones. The era of tailored experiences is here, with 73% craving customization and 72% expecting vendors to meet their unique needs. It's a brave new world where social media sways nearly half of decisions, and personalization is not just a nice-to-have, but a must. Vendors, take note – the key to success lies in understanding your buyers, anticipating their needs, and delivering a seamless, personalized experience every step of the way.
Digital Transformation
- 80% of B2B sales interactions between suppliers and buyers will occur in digital channels by 2025
- 93% of B2B companies are fully committed to implementing digital transformation
- 65% of B2B companies across industry sectors offer e-commerce capabilities
- 56% of B2B companies have implemented e-commerce platforms
- 90% of B2B leaders say that new digital and remote sales models are as effective or more than traditional models
- 55% of B2B companies use artificial intelligence in their e-commerce operations
- 80% of B2B companies plan to increase their use of artificial intelligence in sales by 2023
- Mobile devices account for 50% of all B2B e-commerce transactions
- 73% of B2B companies currently use or plan to implement augmented reality (AR) or virtual reality (VR) technologies in their sales process
- 84% of B2B decision-makers say that increasing digital interaction with customers is crucial to their company's success
- 70% of B2B marketers say they increased their use of digital content in 2020 compared to the previous year
Interpretation
As B2B commerce hurtles towards a digital future, it appears that the traditional handshake has been replaced by a virtual "click." With a whopping 80% of sales interactions expected to take place in digital channels by 2025, it's no surprise that 93% of companies are diving headfirst into digital transformation. From e-commerce capabilities to artificial intelligence and even AR/VR technologies, the B2B landscape is morphing into a digital playground where mobile devices reign supreme. The message is clear: adapt or risk being left behind. As 84% of decision-makers emphasize the importance of ramping up digital interactions and 70% of marketers increase their digital content usage, it's safe to say that the future of B2B is anything but business as usual.
E-commerce Strategy
- 73% of B2B companies report that e-commerce is critical for their long-term success
- 87% of B2B companies have a digital transformation strategy in place
- 60% of B2B companies report that their e-commerce channel is more profitable than traditional sales channels
- 82% of B2B leaders believe that social media is an effective channel for B2B sales
- 54% of B2B companies say improving digital commerce is a top priority
- B2B companies with e-commerce sites report an average of 55% of their customers are repeat buyers
- 64% of B2B companies offer customer portals for easy online ordering
- 70% of B2B companies say they offer customers the ability to make purchases online
- 61% of B2B marketers report that generating high-quality leads is their biggest challenge
- 90% of B2B companies say customer experience is a critical focus for them in the coming years
- The average B2B company allocates 26% of its total marketing budget to content marketing
- 93% of B2B companies use email marketing as part of their content marketing strategy
Interpretation
In a world where B2B dynamics are shifting faster than you can say "ROI," these statistics paint a crystal clear picture: e-commerce is no longer just a buzzword, it's the oxygen sustaining the lifeblood of businesses. With the majority of B2B companies preaching the gospel of digital transformation and reaping the benefits of a profitable e-commerce channel, it's apparent that the train to success is departing from the platform of traditional sales methods. Add in the belief in the power of social media, the quest to improve digital commerce, and the focus on customer experience, and you've got yourself a high-stakes poker game where the cards are quality leads and content marketing. So, buckle up and hold on tight, because in this game of B2B evolution, it's adapt or risk extinction.
Market Growth
- Global B2B e-commerce sales are expected to reach $20.9 trillion by 2027
- The B2B e-commerce market is projected to grow at a CAGR of 18.7% from 2021 to 2028
- B2B e-commerce sales in the US are expected to reach $1.8 trillion by 2023
- The global B2B e-commerce market size was valued at $6.64 trillion in 2020
- B2B e-commerce is expected to account for 17% of all B2B sales in the US by 2023
- The B2B e-commerce market in Asia Pacific is expected to grow at a CAGR of 19.7% from 2021 to 2028
- North America accounted for 33.7% of the global B2B e-commerce market share in 2020
- The wholesale and distribution sector is expected to dominate the B2B e-commerce market with a share of 33.5% by 2028
Interpretation
In the high-stakes world of B2B e-commerce, the numbers don't lie, but they do dazzle. With sales figures skyrocketing faster than a startup's valuation after a successful funding round, it's clear that the digital playing field is where the real money is being made. The rapid growth projections seem to suggest that traditional handshakes and business cards are being replaced by virtual handshakes and online carts. As the wholesale and distribution sector gears up to rule the B2B e-commerce kingdom, it's clear that the crown jewels are up for grabs, and only those who can adapt and innovate will emerge victorious in this digital gold rush.
Marketplace Influence
- 75% of B2B product searches start on Amazon or Google
- Amazon Business reached $25 billion in annual sales in 2021
- 40% of B2B buyers use Amazon Business to make work-related purchases
- 87% of B2B buyers purchase on marketplaces
- B2B marketplaces are expected to account for 30% of all global online B2B sales by 2024
Interpretation
In the competitive world of B2B Ecommerce, Amazon and Google appear to be leading the charge as the ultimate gateways to online product discovery. With 75% of B2B product searches kicking off on these behemoths, it's no wonder that Amazon Business achieved a staggering $25 billion in annual sales in 2021. The fact that 40% of B2B buyers are turning to Amazon Business for their work-related purchases further solidifies its dominance. Additionally, the overwhelming trend towards marketplace purchasing is undeniable, with a whopping 87% of B2B buyers leveraging these platforms. As we look ahead to the future, the rise of B2B marketplaces is forecasted to represent 30% of all global online B2B sales by 2024, signaling a seismic shift in the way businesses conduct their transactions. In this digital age, adaptation and optimization in the landscape of B2B Ecommerce are not just advantageous but imperative for success.
