New Second Phase data shows B2B eCommerce preferences have shifted
The COVID-19 pandemic has substantially changed B2B decision-maker buying preferences. In 2020, Second Phase customer data showed an increase in the number of sales orders going through all Second Phase customers’ eCommerce platforms. And while it makes sense to expect the sheer number of online orders to grow during this era of remote work and social distancing, the next statistic is even more telling. Not only were more orders placed in 2020, Second Phase data shows the average size of those orders also increased indicating a higher level of trust and comfort in digital ordering.
A recent McKinsey survey confirms what we’ve been seeing. They report:
- Digital self-service and remote rep interactions will dominate B2B going forward
- Only 20 – 30% of B2B buyers want to interact with reps in-person post-COVID-19
- 90% of B2B decision-makers expect the remote and digital model to remain
- 3 in 4 B2B decision-makers believe the new model is as or more effective
- 97% of B2B buyers will purchase an end-to-end, digital self-serve model at $50K or more
In addition, McKinsey reports that B2B companies are seeing digital interactions as two to three times more important to their customers than traditional sales interactions.
B2B purchasers are more comfortable ordering online and they are more likely to place a larger order, making the buyer experience more important than ever.
With Amazon reporting that 73 percent of online business buyers are millennials and 68 percent of those purchasing professionals preferring to research products online, companies should work to make their B2B ecommerce shopping experiences rival B2C.
B2B needs better websites, sales channels, mobile apps and an appropriate level of personalization, integration and customization.
The pandemic has not only changed the way we live, work and buy in the short-term, it undoubtedly has accelerated a digital sales transformation which shows no signs of ever returning to pre-COVID levels.
To learn how Second Phase (a Billtrust solution) can help you achieve your eCommerce goals in 2021, please fill out the form.