Four main drivers are fueling the increasing prevalence of B2B digital commerce
- Shifting B2B buyer preferences
- Rapid access to new markets
- Cost pressures
- Pandemic
Shifting B2B buyer preferences
Millennials and GenZers have taken over the workplace. They now represent the majority of B2B decision-makers, and account for most professional B2B purchasing decisions. This technology-savvy generation expects the same omnichannel interactions and customer experience they have become accustomed to in their daily interactions with major B2C retailers.
Rapid access to new markets
The boom of e-commerce presents unprecedented access to a large pool of shoppers who can be targeted and easily reached globally, anytime and anywhere. Digital commerce provides fast access to new territories and sectors, making selling easier than ever before.
Cost pressures
Traditional ‘face-to-face only’ sales models can no longer be justified in many situations, due to their higher costs, especially when omnichannel models can now boast a similar degree of effectiveness. This has led to many B2B organisations facing pressure to drive costs down through omnichannel models, combining digital commerce channels with traditional face-to-face channels.
Pandemic
The shift of B2B business to digital channels was already well underway, but the COVID-19 pandemic has dramatically accelerated it. And this shift is no passing trend: it is a permanent change in the way business is done. In fact, even as in-person engagement has reemerged as an option, B2B buyers have made clear that they prefer a cross-channel mix, choosing in-person, remote, and digital self-serve interactions in nearly equal measure, depending on the type of interaction.
