(Image Source: www.akeneo.com)
Akeneo, a leader in Product Information Management (PIM) solutions, has released its 2024 B2B Survey, conducted by 3Gem. The survey, featuring insights from 650 industry leaders across the U.S., U.K., France, and Germany, highlights key challenges in B2B digital transformation, product information management, and regulatory compliance.
B2B customers now expect the same seamless and personalized experience they encounter in B2C transactions. According to the survey, 90% of B2B companies plan to expand their digital sales strategies in the next two years. Digital self-serve portals (51%), social media (46%), and product websites (45%) are the top pre-purchase channels. Two-thirds of leaders also believe product and brand values will become more important, emphasizing the need for consistent, personalized product experiences.
Product Information Management Remains a Struggle
A staggering 99% of business leaders face product information management challenges, with automation and AI (37%), team collaboration (31%), and timely product launches (28%) as the main issues. Despite the availability of PIM systems and AI tools, 40% of companies still manage product information manually. On average, it takes two weeks to gather product data for a launch, with 12% needing over a month.
Compliance and Regulatory Hurdles
Compliance is a significant concern for 99% of B2B companies, with 50% highlighting supply chain management as their top challenge. Automation in compliance processes remains a struggle for 45% of organizations, slowing product launches for 36%. Other key challenges include data protection, security, and ensuring data accuracy.
High-Quality Product Experiences Drive Growth
Delivering high-quality, consistent product experiences is crucial for boosting customer loyalty and increasing conversions. Senior managers identified clear product descriptions, technical data sheets, and customer testimonials as essential components of a compelling product experience.
The Digital Future of B2B
The future of B2B is digital, with 85% of companies already embracing digital sales strategies. Digital sales now account for nearly half (48%) of company revenue. Innovations such as AI (42%), hyper-personalization (40%), and AR/VR integration (40%) are expected to shape the future of the industry.
Read the full 2024 B2B Survey Report for more detailed insights.
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