The Future of E-commerce Is B2B

BigCommerce is a Business Reporter client.

BigCommerce surveyed over 1,000 B2B buyers to see what they value most when shopping online.

According to eMarketer, e-commerce is the fastest-growing channel for B2B product sales, and US B2B e-commerce sales will exceed $2 trillion by 2024. While B2B e-commerce still plays a limited role in overall B2B transactions, eMarketer states that the room for growth is enormous.

This opportunity is reflected in the latest research from BigCommerce. The results of its Global B2B Buyer Behavior Report, which surveyed B2B buyers across the United States, United Kingdom and Australia, show that 74% of B2B buyers transact or purchase using online platforms, and 80% of buyers are making purchases online at least once per week.

“The way B2B buyers shop is changing. They’re turning to online channels to research, compare and purchase products,” says Lance Owide, General Manager of B2B at BigCommerce. “B2B merchants need to have a strong online presence and offer a seamless omnichannel shopping experience to keep buyers loyal and converting.”

The buyer journey is a mix of physical and digital interactions. While an internet search result (65%) is the most frequent way that respondents find products, 42% find products for their business from online marketplaces and 40% find them in catalogues.

When it comes to the channels used to make purchases, supplier websites and apps (75%) and B2B marketplaces (60%) were the most used by respondents, with purchases in-store/at a vendor’s warehouse reported by 47%, and purchases through a sales representative reported by 42%.

Even though investing in e-commerce is paramount, buyers still value a personal touch. Those who can effectively arm their sales teams with the advantages of online channels will have the most success in the coming years.

As for why more B2B buyers are purchasing online versus other channels, most respondents indicated that being able to compare products and prices drives their purchasing decisions when compared with other value propositions. 

Respondents also indicated that the two most important factors in their online purchasing experience are detailed product information, defined as technical specifications, high-quality imagery and customer reviews, and custom pricing and discounts, defined as the ability to see pricing and discounts based on order history and volume.

However, when asked about the most frustrating part of the online shopping experience, respondents deemed inaccurate pricing and shipping costs (40%) most frustrating, followed by slow website loading times (29%) and difficulty contacting customer support (28%).

It’s clear that businesses should be investing in e-commerce technology that provides modern, customer-centric experiences. Remaining on decades-old legacy or bespoke platforms can prove to be costly—so now is the right time to start looking for alternatives.

“B2B buying habits have been through a tremendous transformation over the past few years, and BigCommerce’s platform makes it easy for merchants to meet those buyer expectations,” says Owide.

The checkout process is a critical step in e-commerce because even the slightest bit of friction can cause buyers to abandon their carts. Surpassing all other reasons by a fairly wide margin, the top reason the surveyed B2B buyers abandoned their carts was because of technical issues faced at checkout (31%). Lack of a secure checkout was the second-biggest reason for abandoned carts.

“B2B buyers want a checkout that’s fast and easy to navigate. They also need a checkout that’s safe, secure and allows them to pay in ways that make the most sense for them,” explains Airon White, Senior Manager of Product Marketing at BigCommerce. “Looking for an e-commerce platform such as BigCommerce, with PCI-compliant, optimized one-page checkout, enables B2B businesses to address these wants and needs.”

Overall, the report’s results reflect a continued blurring of lines between consumer retail and B2B e-commerce trends. B2B buyers increasingly expect the same experience they get as consumers: engaging, mobile-responsive sites, product and pricing transparency and a frictionless checkout experience.

Businesses that can accelerate their digital maturity to deliver on these expectations are poised to become leaders in the next era of B2B e-commerce. 

To get more insights, download the full Global B2B Buyer Behavior Report from BigCommerce.

This article originally appeared in Business Reporter.

Image: iStock id1165069944