Virtual workout classes, DIY haircuts, pet adoptions, and online shopping all accelerated during the global pandemic. But, while some quarantine fads were blessedly temporary and barbershops have opened their doors to right our “COVID cut” wrongs, contactless digital commerce is here to stay.
If you missed the first phase of ecommerce growth, this article is for you. Below are 23 reasons why you should consider implementing an ecommerce site for your B2B business.
Online sales exploded in 2020—radically transforming global commerce.
1. In 2020, global web sales accounted for over 20% of total retail sales worldwide. As online sales continue to claim a bigger share of the overall retail market, brands must develop a digital presence to remain competitive. (Digital Commerce 360)
2. Global ecommerce spending was up 24.1% year-over-year. Around the world, online sales surged as brick-and-mortar storefronts temporarily shuttered—signaling a new era of contactless commerce. (Digital Commerce 360)
3. The U.S. ecommerce sector grew more in just 90 days—from late 2019 through Q1 2020—than it did in the entire decade prior. The COVID-19 pandemic fundamentally changed consumer buying behavior. To remain relevant among buyers, launching a digital sales channel is a must for B2B brands. (McKinsey)
4. In the first quarter of 2021, U.S. ecommerce retail sales were up 39% year-over-year. While the pandemic may have accelerated ecommerce growth, ongoing consumer demand continues to drive it. (U.S. Census Bureau)
B2B buyers conduct extensive online research before choosing a supplier.
5. B2B consumers spend 27% of their time researching potential suppliers online. With thousands of digital storefronts at their fingertips, customers can afford to be selective. To earn buyer consideration, B2B brands must cultivate and maintain a strong digital presence. (Gartner)
6. One in three B2B buyers research 4-10 ecommerce sites before choosing a supplier. B2B consumers don’t make purchase decisions lightly. B2B companies can aid buyers in their research process by creating ecommerce sites with descriptive product pages. (Digital Commerce 360)
7. 86% of B2B buyers rely on digital channels for their supplier selection. B2B companies that don’t have an online sales channel risk missing out on key revenue opportunities. (Gartner)
8. 33% of B2B buyers prefer to make purchases without talking to a sales rep. Some prospective buyers don’t want to hear a traditional sales pitch. To get in front of these customers, B2B brands need to invest in digital marketing efforts. (Gartner)
Consumer expectations revolve around digital capabilities.
9. 65% of American consumers prefer to engage with brands online. Brands that lack online buying options may lose sales to competitors with prominent digital purchasing channels. (AP News)
10. Two out of three B2B buyers prefer virtual interactions or digital self-service over traditional sales interactions. While many B2B buyers are still comfortable with a hybrid of traditional and digital customer service channels, being able to provide both will give B2B companies an advantage over their competitors. (McKinsey)
11. In North America, the average ecommerce shopper spends $3,500 every year. Consumers are spending time and money online. To capitalize on these revenue opportunities, B2B brands must prioritize digital transformation. (PPRO)
12. Half of U.S. ecommerce sales take place on mobile devices. Consumers expect user-friendly digital experiences. By launching a buyer-friendly digital storefront, B2B retailers can more easily reach their target consumers. (Statista)
B2B buyers look for suppliers who simplify the purchase process.
13. 96% of B2B buyers who moved procurement online during the pandemic plan to continue digital procurement. Ultimately, B2B consumers want to work with suppliers who simplify the purchasing process. Having a fully integrated online sales channel can help brands do just that. (Business Wire)
14. “Easy repeat ordering” is one of the top priorities for B2B buyers in 2021. Customers want ecommerce solutions that anticipate their needs and help them expedite the purchasing process. Digital automation and digital order entry solutions take the hassle out of time-consuming manual order processes. (Digital Commerce 360)
15. 40% of B2B buyers are focused on increasing efficiency in 2021. When brands implement ecommerce solutions, B2B buyers notice the difference. On average, utilizing digital sales channels speeds up 70% of manual sales processes. (Business Wire)
Delivering a seamless customer experience is what sets brands apart.
16. 89% of millennials expect brands to utilize technology to shape the customer experience. Since millennials make up 73% of B2B decision-makers, this consumer expectation will play a significant role in B2B purchasing. (Appnovation / Harvard Business Review)
17. Over half of B2B buyers want their procurement process to include fast and free shipping. To facilitate this, many B2B suppliers are turning to integrated ecommerce solutions, like Inxeption’s versatile digital commerce and logistics platform. (Business Wire)
18. 65% of consumers are more willing to share personal data with companies that provide exceptional customer service. Cultivating a buyer-centric brand is a great way to build trust, boost sales, and increase customer retention. As customer loyalty grows, B2B companies can leverage online surveys and digital dashboards to capture comprehensive consumer data. Then, B2B companies can leverage that data to deliver better customer experiences. (Accenture)
19. 80% of companies think they deliver a superior customer experience; only 8% of their customers agree. To attract and retain customers, B2B brands must pay attention to the needs of their customers and implement processes that help those customers solve problems. Rolling out digital order entry is an easy and effective way for B2B companies to reduce errors, increase efficiencies, and improve overall customer satisfaction. (Accenture)
20. 78% of global consumers are more likely to repeat business with brands that offer a customer loyalty program. To attract new buyers, boost sales, and grow their customer base, B2B sellers need to incentivize digital ordering with tokens, loyalty programs, or other customer rewards. (Bond Loyalty Report)
Contactless commerce is here to stay.
21. 38% of industrial companies plan to generate at least half of their revenues through digital software and services by 2023. There’s no time like the present for B2B suppliers to jump into digital transformation and reap the revenue rewards of intensifying consumer demand. (McKinsey)
22. Globally, annual ecommerce revenue will near $5 trillion by the end of 2021. Online selling is ramping up rapidly. Within the next three years, worldwide ecommerce sales are projected to exceed $6.3 trillion annually. (eMarketer)
23. By 2025, 80% of B2B sales will take place online. Brands that prioritize digital transformation today will have a competitive edge over companies that wait to implement digital selling software and services. (Gartner)
Digital transformation is a process—Inxeption is here to help you through it.
Many businesses that started selling online in 2020 did so out of necessity. Today, B2B brands have the opportunity to ride the coattails of ecommerce pioneers into a promising (and profitable) digital future.
Although digitally transforming your business doesn’t happen overnight, launching an ecommerce website is a great place to start. With the help of Inxeption, becoming more digital is easy.
When you work with Inxeption, you get the power of our fully integrated ecommerce technology combined with the knowledgeable support of our dedicated ecommerce specialists.
To learn more about Inxeption’s services or find out how to get your ecommerce journey started, give us a call at 888-852-4783 or connect with one of our team members today.