Research has shown that the global B2B e-commerce market is expected to grow at an annual rate of 19.7% from 2021 to 2030. It’s a clear indication that e-commerce is not just a pandemic solution but is here to stay.
Digital Natives are taking over buying
As “digital natives,” Millennials have transformed the B2B buying process, from qualifying vendors to making purchases. 73% of Millennials are involved in the B2B buying process at their companies with one-third of them saying they are the decision-maker for their department.
Remote or digital is now the preferred sales channel
As buyers engage with B2B suppliers through online channels, they find that there’s a lot to like — so much so that the use of remote or digital channels for e-commerce has grown since August 2020. In fact, two-thirds of buyers choose remote human interactions or digital self-service.
Digital dominates B2B search and discovery
As buyers shift to making purchases online, e-commerce marketplaces become a vital point for them to find what they need. A good e-commerce marketplace connects prospective buyers with products as quickly and seamlessly as possible. This means maintaining an online marketplace where products are easily searched, categorized, and displayed to make prospective buyers’ shopping trips more rewarding and successful.
The proliferation of efficient digital channels
According to McKinsey, B2B customers frequently use ten or more channels in their decision journeys — up from just five in 2016. The research also shows that buyers are more open to spending via remote or online sales channels, with 35% willing to spend half a million dollars or more per transaction – up from 27% in February 2021.
In 2021, Argyle Executive Forum saw several trends in B2B e-commerce emerge and gain traction, and we’re likely to see a few more come out in 2022. Argyle CEO Paul Price discusses some of the trends in e-commerce that can impact your B2B business – we’ve summarized his thoughts below.
While consumer-facing businesses have long pursued customers on social media, B2Bs are now turning to these channels as well. According to Gartner, nearly half of B2B buyers begin their customer journey on social media. This means maintaining your presence on the top social platforms is a crucial step to capitalizing on the growth of e-commerce in B2B industries.
But which platforms are a match for your business? As an Argyle Member and Partner, you get access to our Intelligence Platform where you can leverage our comprehensive market data to know exactly where to meet your customers.
According to McKinsey, the pandemic has caused a sharp increase of 250% in mobile app orders in the B2B market, making it vital that your customer’s mobile purchases are fast, easy, and secure. A well-developed mobile app and wallet can contribute greatly to your e-commerce capabilities as you strive to meet your market’s digital demands.
Attracting and engaging customers today means being visible on multiple channels, as buyers are constantly moving from one channel and device to another—face-to-face, videoconferencing, online chat, or online marketplaces. They want to have access to multiple shopping choices, and expect seamless transitions as the migrate across channels
If you haven’t started to explore the above-mentioned strategies, being part of the Argyle Executive Forum can help you develop an omnichannel presence through our integrated marketing approach. As a sponsor or partner, we can help you reach your target audience wherever they are on the sales journey.
Argyle can help amplify your reach through our network of Fortune 1000 companies with several industry summits and events. We create opportunities for senior-level executives, innovators, thought leaders, and solution providers to forge relationships, gain insights, and knowledge that can transform your organization.
Learn more about the trends in the B2B e-commerce industry and why Argyle Executive Forums is the right partner for you by joining one of our upcoming forums as a speaker or sponsor. Visit our 2022 Events Calendar or learn how you can sponsor an event here.