Making an online purchase is a complex process that involves multiple parties and lots of research before procurement directors and other decision make a final buying decision, according to new research and analysis from B2BecNews.
The B2B buyer at many organizations is the manager and director in charge of purchasing, but an executive who also often interacts with other managers and departments within their organization to research and buy products online. For example, the B2BecNews survey found that at 43.2% of companies the executive in charge of making purchases online was the executive vice president, senior vice president, vice president or director of purchasing.
These and other data points are analyzed in-depth in the newly published 91-page 2018 B2B E-Commerce Buyer Expectations Report.
At about 30% of other companies researching, selecting and making B2B e-commerce purchases was handled by the senior procurement manager with a title of director, vice president or higher. Purchasing and procurement managers also get lots of input from within their organization before making a purchase. They spend significant time researching B2B websites, looking for the best price, readily available and custom products, and the best user experience before placing an order.
For nearly three-fourths of the companies taking the B2BecNews survey, at least two to three managers are involved in the online purchasing process at their company with 11% of managers involving four to five other departments or staff before making a decision.
60% of companies also research and evaluate 2-3 sites before making a first-time purchase on a B2B e-commerce site, while 30% of organizations will look closely at between four and seven websites before making a final online buying decision. B2B buyers aren’t prone to making hasty decisions when making online purchases.
Only about 2% of companies make a purchase on a B2B website on the same day they complete their final research and internal discussion and approval process, says the B2BecNews survey. That compares with 27% of business organizations that purchase online within two or three days and 37% that take anywhere from a week to a month.
“B2B is typically not an impulse buy but rather a considered purchase,” says Lauren Freedman, president of e-commerce research firm The E-tailing Group and author of the2018 B2B E-Commerce Buyer Expectations Report .survey. “Buyers do their homework in order to be confident they are making the right decision.”
B2B buyers take time selecting and purchasing products online because they have expectations for an easy, convenient and in many cases highly specialized buying experience once they’ve found the right e-commerce site. “There’s no substitute for doing one’s homework and digital facilitates taking a deeper dive to ensure companies make wise decisions,” Freedman says.
For many B2B buyers, the highest expectations for B2B e-commerce focus on pricing, product availability, product search and purchasing from a trusted and reputable seller. For example, the top expectation B2B buyers have for conducting business on an e-commerce site is site search. 61% of companies list ease of finding products via search and navigation as very or somewhat important when buying online, according to research and analysis in the 2018 B2B E-Commerce Buyer Expectations Report.
Sign up for a complimentary subscription to B2BecNews, a twice-weekly newsletter that covers technology and business trends in the growing B2B e-commerce industry. B2BecNews is published by Vertical Web Media LLC, which also publishes DigitalCommerce360.com, Internet Retailer and Internet Health Management. Follow Mark Brohan, senior editor for B2BecNews editor of Internet Health Management, on Twitter @markbrohan.
Follow us on LinkedIn and be the first to know when new B2BecNews content is published.