B2B e-commerce market size reaches $6.7 trillion in 2021: its…
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Once upon a time, B2B sales were very old school in their own way. B2B marketplaces and online websites were unheard of – until the new generation of buyers entered the market with the digital shift that business in general is experiencing to create the world of B2B e-commerce. Even though the B2B world has been slow to embrace e-commerce, we are seeing a move towards online sales to make the buying experience less complicated and more seamless.
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Below, we’ll look at why B2B e-commerce is booming and what changes you can expect to see in the future.
Contents Pin up
1. Millennials have become the driving force
2. Sales have become more focused on the buyer experience
3. The rise of digital marketing for B2B
Millennials have become the driving force
Millennials are undoubtedly driving the transition to B2B e-commerce. 73% of people involved in buying decisions in the B2B industry are millennials, and some studies have shown that millennials prefer getting their information online because they grew up with the rise of technology – over 83% will admit buying the latest technology to keep up to date.
And other studies show that millennials perform an average of 12 online searches before landing on a website and consume 24% more content online than in 2020. Millennials expect to find what she needs online. They don’t want spec sheets, long emails, or long phone calls – they want a one-stop-shop online leading to the rise of e-commerce for the B2B industry.
Plus, you have the introduction of Amazon Business for B2B which has taken B2B sales in a new direction. It’s so popular that 40% of shoppers who use the marketplace say they would use it again.
Sales have become more focused on the buyer experience
Sales have always been buyer-centric, but in recent years the trend has shifted towards the buyer’s experience when shopping. This has led to an increase in the number of businesses asking themselves what they can do to improve the shopping experience and reward – and thus b2b loyalty and sales reward programs were born. . It’s a common B2C tactic that many big brands like Starbucks use and can help promote brand image and awareness and encourage future sales.
When you consider the statistics, it makes sense. 57% of shoppers will stop using your brand if you fail to engage with them, and 75% will favor you if you have a good loyalty program in place. Not only that, but they also protect your profit margin and encourage you to spend more than a discount would.
The rise of digital marketing for B2B
In a pre-2010 world, marketing would involve multiple cold calls — which studies show took eight before a customer actually responded, trade shows, and flyers in the mail. Today, the rise of digital marketing has helped the e-commerce side of B2B grow. It’s an essential part of B2B marketing, and 55% of marketing budgets are spent on it. From social media to search engine optimization, tons of digital marketing tools help drive traffic to online sales.
Probably, B2B e-commerce will slowly dominate all B2B sales. It’s simple, transparent and appeals to the new generation of buyers. Sophisticated marketplaces like Amazon Business and the rise of B2B websites that create a one-stop shop experience have created a new era of B2B sales that is here to stay.
Updated on January 27, 2022 at 12:12 p.m.
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