The rise of e-commerce initially led to a shift in the way individual customers started transaction business online. Now this is also visible in how companies are transacting business.
The traditional “sales” model is giving way to a more consultative approach, which enables companies to offer products that are better suited for the needs of their customers.
This shift has created an opportunity for marketers who can provide valuable insights into how customers want to interact with their brands and help them deliver relevant content at the right time.
Today, customers are increasingly turning to the internet to research and purchase products. This is creating a profound impact on the b2b distribution landscape as well.
It’s only been in the last few years that b2b eCommerce has really taken off. According to a report by Forrester, spending on b2b eCommerce platforms is expected to grow to $1.5 trillion by 2023.
Thanks to the advancement of, and much greater access to technology, businesses now have many more options when it comes to b2b eCommerce platforms. Outdated legacy systems are getting replaced at a much faster pace.
Research company Statista research believes that in 2023, an estimated 17% of global b2b sales are expected to be generated digitally.
So what can be expected in 2023…..
-The number of Millenials in the workforce is rising rapidly. This is the generation who finds extreme comfort in shopping online. And a fair number of them are getting into b2b buying decision roles.
– More and more forward thinking and pro-active businesses are provisioning for adequate funds to keep investing in digital transformation at regular and frequent intervals in order to keep up with local, regional and global competition. B2B sales channels will need to match the seamless, easy and informative standard of B2C digital platforms. Such transformative changes take time, but they are beginning to happen
– Investments in Artificial Intelligence and Robotics are on the rise. Artificial intelligence (AI) and robotics have become an increasingly important pre-requisite. AI will help businesses to automate processes, make better decisions in product development and marketing decisions, and also to significantly improve customer experience.
– As different industries begin to move towards B2B eCommerce, businesses will realize that they need to focus on specific niche segments in order to be more successful. A one-size-fits-all model may become too cost heavy.
-B2B marketing is rapidly evolving in a manner that is similar to how B2C marketing evolved. Online buyers wish to get the same look and feel that they are used to experiencing in B2C. Marketing may not be able to rely only on branding, reaching the highest possible number of people, and appealing to their emotions. Customers have already started to adopt the practice of doing their own research and making informed buying decisions. B2B companies are also having to move towards more of microtargeted marketing.
– Mobile commerce will continue to grow. With the continued growth of mobile commerce, businesses will need to make sure their websites are optimized for mobile devices. This means a focus on speed, convenience, and user experience.
– The shift from products to experiences is a trend that isn’t going away anytime soon. It will no longer be enough to just sell products. Companies will need to create experiences that bring value to customers.
-Influencers and partnerships are soon becoming the most effective ways to reach B2B buyers. Organizations and companies will have to tap into the trust that the audience has with industry experts, or people similar to them. This helps in building credibility, establish thought leadership and increase brand awareness.
– 2023 will be the transformation year when, over the next five years, high-end analytics will quickly become commonplace, and leading sales organizations will employ dynamic customer engagement models fueled by data sources from all buyer interactions.
– B2B purchase decisions also depend upon the ability of customers to navigate and get over the hurdles of current complex institutional culture, which may include disruptive operational barriers and market considerations. Successful companies will have to address this resistance to change, both in buying uncertainty and change uncertainty.