Leaping into 2024 and Beyond
Learn about the B2B Pressures Challenging Marketers’ Strategy and Solutions to Meet B2B Buyers’ Expectations
According to a 2022 Forrester Research report, B2B e-commerce revenue is predicted to reach $3 trillion by 2027. This forecast is driven by a number of factors, including the increasing adoption of digital technologies by businesses of all sizes as well as B2B buyers. B2B buyer’s expectations will continue to increase in the coming years. To help B2B businesses meet the rising B2B buyer expectations, Google commissioned Forrester Consulting to conduct a study which uncovered three key trends in this landscape:
Accelerating Trend: Consumerization of B2B. Today’s B2B buyers are looking for B2B digital experiences to mirror their B2C experience. Whether researching products, comparing prices, or communicating with vendors, buyers expect a seamless, frictionless journey across digital channels. And these expectations for digital experiences have only heightened since January 2022. There is considerable upside for the B2B businesses rising to the occasion, with 65% of B2B buyers willing to pay more for a supplier/vendor that has strong digital capabilities. 1 B2B buyers expect personalized buying and seamless web experiences and the Forrester study recommends modern marketing teams prioritize a frictionless digital experience.
Dynamic Trend: B2B buyers are concerned about product assortment and product innovation. 85% of B2B Buyers are equally or more concerned with product assortment since January of 2022. Of those with changed expectations as of January 2022, 25% of B2B buyers expect a more robust product catalog. 1 Buyers should not have to dig for a product on your website, nor will they. This requires your B2B merchandising and finance teams to work more closely together to ensure the product catalog is accessible, easy to use and robust in order to monetize against all their SKUs – whether B2B buyers are just starting to explore brands or ready to purchase specific SKUs. Once the entire product catalog is accessible online, showcase your full product assortment with shopping ads.
Static Trend: Loyalty is affected by poor digital capabilities. 70% of B2B Buyers agree that they prefer repeat purchases with a vendor/supplier instead of finding a new partnership. 1 But, according to the Forrester survey, only 53% of B2B Buyers purchase from the same suppliers. 1 Of those that switch providers, they do so because of the digital experience. The #1 reason buyers switch is an easy to navigate digital experience and #2 reason is the company’s digital capabilities. 1 So once a vendor engages with a buyer, it is essential to foster that relationship in the ways that matter most for the buyer – which is increasingly through digital touchpoints.
Want to learn more about how to stay ahead of the curve and win in the digital-first B2B world? Read the Google study, Digital Buying Experiences Win Business.
About the Survey
The Google-commissioned Forrester Consulting survey was conducted from June 2023 through July 2023. Our aim was to evaluate the B2B buying process, as it pertains to B2B buyers that purchase maintenance, repair and operations, office supplies, printing and promotional products, and logistics or payments products/services. It asked 411 respondents and conducted 4 qualitative interviews.
1 A Google-commissioned Survey conducted by Forrester Consulting, July 2023, Business and Industrial B2B Buyer Decision Makers for Office Supplies, Printing/Promo, Logistics and MRO who made a purchase in the first half of 2023, US Only, n=411Favorite