How COVID-19 impacted sales – key metric from McKinsey&Company report

Not surprised at all – COVID-19 has affected the whole globe. Buyers and sellers included. Like most people, they also had to switch to digital. This was the initial reaction to the closure of many brick-and-mortar stores. However, now for many of them, ecommerce has become normal. How has the pandemic changed sales? McKinsey&Company has prepared some insights that you can read as a whole here. In this article, you will read some highlights. 

The digital revolution is real

Approximately 75% of sellers and buyers prefer digital self-service or remote order processing. Fortunately, or not, in-person interactions are no longer seen as an important factor in B2B contact. It is primarily the convenience and speed that cause such a turn of the situation. It is also hard to deny that such a model improves information flow, reduces transport expenses, and is more secure.

Digital has taken over the whole world, not only customers but most of all sellers have found out. This trend continues, and more and more B2B sellers decide to be online, which brings quite good results.

Customers are staying online and remote

What makes online solutions so popular? Consumers speak clearly; convenience and speed are game-changers here. Therefore, more and more often, in addition to small purchases, they also choose ecommerce as part of large investments. McKinsey&Company in its report, shows that about 27% of customers would spend more than $500,000 on remote or self-service purchases.

Digital supports acquiring new customers and ensuring an appropriate level of service for those present. Many salespeople also say that online meetings are as effective as in person.

Digital means being live 

In connection with digital development in the B2B sector, new solutions have appeared, such as live chats or videoconferences. After all, online meetings have to be done somehow. In-person meetings dropped by more than half, while videoconferences and online chats increased significantly.

Thanks to such technologies, it is possible to establish a connection with clients from all over the world and, as long as time zones do not make it very difficult, you can meet in real-time. The pandemic has greatly accelerated the popularization of these solutions, which will certainly become even more popular over time.

Such remote solutions are also preferred over phone calls. Sometimes it is better to see your interocular or to write than speak. 

To sum up

The value of remote working is increasing. In the United States, before the pandemic, only 17% of employees were allowed to works remotely 5+ days a week. Now, this number increased up to 44%! So this way of working would stay with us a little longer, and it may change the works patters all over the world.

B2B sale market is unique, but it follows the global trend – digital. If you want to find out more about this case, feel free to read the full report.