Online Shopping Dominates Holiday Sales Results so Far

Based on the latest surveys, B2B is the future of e-commerce

E-commerce has emerged as the swiftest growing channel for product sales, as per eMarketer. 

Based on the latest surveys, B2B is the future of e-commerce

The projections estimate that B2B e-commerce sales in the United States will surpass the $2 trillion mark by 2024. While B2B e-commerce currently plays a relatively limited role in the broader spectrum of B2B transactions, there is significant untapped potential for expansion.

Surveying B2B buyers across the US, UK and Australia, results indicate that 74% of B2B buyers engage in online transactions. Furthermore, 80% of buyers make online purchases at least once a week.

The General Manager of B2B at BigCommerce,Lance Owide, highlights the shifting patterns in B2B buying behavior, emphasizing the increasing reliance on online channels for product research, comparison, and purchasing. He underscores the necessity for B2B merchants to establish a robust online presence and provide a seamless omnichannel shopping experience to foster buyer loyalty.

Internet search results and online marketplaces being primary sources for product discovery, notably, catalogs still play a role, influencing 42% of respondents in discovering products for their businesses.

The survey underscores the enduring importance of the personal touch in business-to-business transactions, although investing in e-commerce is pivotal. Oyedi points out that effective integration of online channels into sales strategies will be a key determinant of success in the coming years.

Comparing products and prices emerges as a driving factor for B2B buyers opting for online purchases. The survey participants emphasize the significance of detailed product information, encompassing technical specifications, high-quality imagery, and customer reviews, along with custom pricing and discounts based on order history and volume.

Challenges in the online shopping experience persist, with 40% of respondents expressing frustration over inaccurate pricing and shipping costs. Other concerns include slow website loading times (29% and difficulty contacting customer support (28%).

Airon White, Senior Manager of Product Marketing at BigCommerce, emphasizes the importance of a fast, user-friendly, and secure checkout, suggesting that platforms such as BigCommerce, with PCI-compliant, optimized one-page checkout, address these crucial requirements for B2B businesses.

The survey results point towards a convergence of consumer retail and B2B e-commerce trends, with B2B buyers increasingly expecting the same level of experience as consumers. Businesses that can elevate their digital maturity to meet these expectations are poised to emerge as leaders in the next era of B2B e-commerce.