You are likely already aware at the speed at which the B2B e-commerce market is growing. While the B2C market is expected to be about $523 billion annually by 2020, the B2B market in the US is expected to be nearly double that at $1.1 trillion, according to the Forrester/B2BecNews Q1 2017 B2B Buy-Side Online Survey.
Along with this rapid growth, you have also likely heard about the many disruptors in the B2B market.
Disintermediation of supply chains is resulting in competition between former partners, as new partnerships form. Enterprises practicing ”business as usual” may find themselves with slimmer margins or being squeezed out of the channel altogether. Amazon Business is growing at 20% per month and already has more than 30,000 vendors signed on. With all these choices and the ability to rapidly price shop, brand loyalty is also taking a nose-dive.
On top of all of these changes, B2B buyers are behaving differently from how they used to. They are, in fact, acting more like B2C shoppers, which is who they are when they aren’t at work. Sixty-seven percent of ‘Millennial generation’ B2B buyers prefer to shop online, compared with 51% overall. Ninety-two percent of US buyers have used Amazon to research a work-oriented purchase and 74% confirm that buying online is more convenient that buying from a sales rep.
The takeaway is simple: B2B buyers now expect a rich e-commerce experience, each and every time.
Get Ahead with the Best Product Information
It is no surprise that B2B buyers begin their product search on Google or, increasingly, on Amazon. What may surprise you is where they complete their search and where they ultimately buy. You got it—it is where they find the best product information. Great product information is good for your top and bottom line!
So, What’s Next?
If you would like to continue delving into these data and insights, please join us to continue the discussion on July 20 at 1 PM CDT. Together with our partner, DATAgility, we are hosting a webinar to talk about:
- Why customer experience matters more than ever
- How your B2B customers are buying
- What makes a rich e-commerce experience
- How to tell great product stories
Watch the webinar, Why Manufacturers Need PIM in Their E-commerce Stack, originally held on July 20, 2017 at 1 PM CDT by DATAgility and inRiver. Hear more about the changes in the B2B online marketplace and how you can ensure that you are doing everything you can to give your customers the best digital experience possible.
Kathryn Zwack, Senior Content Marketing Manager, inRiver