04 Oct B2B eCommerce Trends and Statistics
Understanding what is happening in B2B and B2C helps us craft our individual strategies in eCommerce. The following B2B eCommerce trends and statistics have been collected from around the interwebs and are linked to the source by clicking on the round boxes.
Emerging B2B eCommerce Trends
Frost & Sullivan projects that B2B eCommerce will hit $12 trillion in sales worldwide by 2020, up from $5.5 trillion in 2012. This number is inclusive of EDI, by the way. However, with over $600B in non-EDI B2B eCommerce transactions in 2013, we can expect major growth into the trillions over the next couple years. Archana Vidyasekar, senior research analyst in Frost & Sullivan’s Visionary Research Group, which conducted the study, says there are multiple reasons why B2B eCommerce tops their list. And they’re all tied to increasing pressure on companies to sell online to other companies.
“The main drivers for migration to B2B is the pressure from industry leaders to move to online platforms,” she says. That pressure comes in multiple forms, she adds, including:
- an expectation among a growing number of companies to conduct buying and selling online;
- a shift from some companies to conduct procurement transactions through the Internet instead of through electronic data interchange, or EDI;
- the growing interest of companies in placing orders through mobile commerce devices;
- and the increasing popularity of e-marketplaces such as Alibaba.com and AmazonSupply.com.
B2B Customer Experience Trends
B2B Researchers use Google throughout
On average, B2B researchers do 12 searches prior to engaging on a specific brand’s site.
B2B Researchers use the Internet
89% of B2B researchers use the internet during the B2B research process.
Buyers use Google to research
73% of global traffic to B2B company sites originate from the search engines. Most will not go past the first page of Google.
B2B Buying Decisions
57% of the buying process is done prior to engaging with Sales. B2B sites should be sales tools assisting the buying process.
Consumerization of B2B
80% of companies implementing B2B eCommerce believe that their customer expectations have changed due to B2C practices.
B2B Buyers buy by Committee
70% of B2B purchase decisions include at least 2 decision makers. Almost 30% of b2b transactions include more than 5 decision makers. Our sites need to serve multiple roles.
B2B is truly Global
B2B organizations operate in an average of 7 languages. Multiple languages, currencies and cultures shape the expectation of customers coming to our site.
Make information Easy to find
76% of customers say the most important factor in a website’s design is “the website makes it easy for me to find what I want”
Buyers want Enhanced Search
76% of B2B buyers listed Enhanced Search as one of their top three features, with 48% of B2B sellers citing enhanced search as a top technology priority
Personalization is Needed
50% of B2B buyers surveyed identified improved personalization as being a key feature for suppliers they would want to work with.
B2B Social Influence
75% of B2B Buyers are influenced by Social. The new B2B buyer is educated, social and doesn’t require face to face contact.
B2B Conversion Rate
The average conversion rate reported by the B2B survey respondents was 10%, much higher than the 3% average reported by business-to-consumer executives responding to the survey
B2B eCommerce Sales Statistics
B2B eCommerce Sales almost double B2C
Customer-facing front-end B2B eCommerce will reach $559 billion – that number excludes EDI transactions.
Purchase influencers matter
81% of non-C-suiters have a say in purchase decisions.
B2B eCommerce isn’t all channel shift
31% of B2B eCommerce revenue will be incremental
Print Catalogs Declining
69% say they expect to stop printing a catalog within five years. Online catalogs are replacing print catalogs. Not a bad thing for our environment.
Average Order Value
The average order value was $491 for B2B respondents versus $147 for consumer-oriented eCommerce executives.
Despite our revenue, eCommerce is still a small %
Customer retention key to strategy
Technology and Integration Trends
Buyers want more integration
40% of B2B buyers identified back-end integration with financing, accounting, order management systems (OMS), or enterprise resource planning (ERP) systems as a key feature for suppliers to offer.
ERP is important to the Customer experience
Nearly 85% of large IME organizations with 5,000 employees or more indicated that their ERP is a vital platform for delivering a good customer experience.
Integration with ERP a key initiative
60% of B2B executive cite integration with ERP and Accounting system a top technology priority.
These B2B eCommerce trends and statistics are key to building a thriving B2B business.