Businesses have seen rapid change in recent years, especially in the world of B2B buying. To understand the challenges B2B organizations face when bringing their products to market, Sana went to the ones who know how they’re doing – their customers.
So, if you want to find out what challenges B2B’s challenges when buying online, check out the 2022 B2B Buyer Report from Sana!
Changes are on the way
The B2B sector is developing. Now, buyers can access an infinite number of suppliers regardless of their geographic location or business profile. In addition, the millennial generation of buyers has different views and perceptions; therefore, they also change how B2B is done. What’s more, digital acceleration over the past few years has increased the tools available to buyers and contributed to a massive state of change too.
Source: 2022 B2B Buyer Report from Sana
The purpose of B2B web stores isn’t just to sell. Nearly 90% of buyers use online channels to identify new suppliers, while 74% use them to evaluate new ones. Both of these figures have increased since pre-pandemic times. As a result, websites must be capable of serving a variety of requirements and scenarios.
Source: 2022 B2B Buyer Report from Sana
Source: 2022 B2B Buyer Report from Sana
Clients’ buying habits are also changing. Research shows that they are no longer reticent about buying products online, as all types of products can be purchased now. This is why sellers must make purchasing these items easy for buyers. Repeat purchases are made primarily through online web stores by 81%.
Source: 2022 B2B Buyer Report from Sana
Buyers are being let down by poor B2B e-commerce
There is a 50% failure rate for e-commerce sites to meet B2B buyers’ expectations. Further, 94 percent of B2B buyers face challenges with customer service.
Source: 2022 B2B Buyer Report from Sana
Buyers’ disappointment has multiple causes, e.g., delivery and tracking issues. However, the relationship challenge may be harder to overcome than these issues.
Moreover, 33% of buyers find e-commerce purchase functional elements frustrating. All of these factors make a list:
- visibility of product features,
- ease of checkout,
- repeat order ease,
- and even access to order history.
But, these are easy to fix with the right software provider. The platform you choose should build relationships, not only sales, and it should deliver:
- transparency,
- reliability,
- convenience,
- personalization,
- trust.
Source: 2022 B2B Buyer Report from Sana
Increasing volumes and values of orders have led to an increase in errors. On a weekly basis, 37% of buyers experience errors compared to 28% in 2019. According to the number of orders placed each day by individual companies, orders valued at USD 1.8m are impacted per company per year.
Relationships between buyers and sellers are crucial
Buyers emphasized the importance of the relationship between the buyer and the supplier. Buyer-seller relationships are considered necessary by four out of five respondents.
Source: 2022 B2B Buyer Report from Sana
Furthermore, 84% would buy from a supplier that they had a good relationship, even if the business terms were less favorable.
Question: Would you be more inclined to buy from a supplier you had a great relationship with, even if the terms of sale were not as good as another supplier?
Result:
Source: 2022 B2B Buyer Report from Sana
As we can see. B2B customers prefer long-term relationships that do not end with the purchase. Therefore, a B2B buyer’s lifetime value is much higher than a B2C buyer’s.
The relationship between professionals and B2B suppliers is perceived to be better than the relationship between consumers and consumer brands. Almost half said that they have a good relationship with their suppliers.
What’s next for B2B e-commerce?
It’s worth knowing that businesses and customer habits evolve so fast. For example, two years ago, email dominated the buying process, then came e-commerce, and then phone orders. In today’s top two, the positions have switched. But it is challenging for suppliers to manage these volumes and provide great customer service at the same time.
Providing buyers with the experience they want requires:
- minimizing order errors,
- presenting buyer-specific product information,
- and applying buyer-specific terms.
But it’s not all, as improvements should be continuously developed in all fields.
MarketWatch projects the global B2B e-commerce market size to reach USD 13,630b by 2027, with a compound annual growth rate of 8.5%. That forecast suggests online purchases will increase from 75% to 80% or even 90% in the next few years.
Over to you
E-commerce matters if you want to buy or sell in B2B spheres. With e-commerce platforms, sellers can provide convenience, reliability, and transparency and ultimately build strong buyer relationships that will withstand and overcome challenges in the future. However, B2B organizations should invest and prioritize e-commerce platforms today if they want to reap the benefits. So don’t waste any time!
