In the last 10 years, the retail industry has seen a dramatic shift. Shopper expectations have evolved. Now, shoppers dictate the way organizations deliver targeted experiences with fast and efficient service. Dubbed the “Amazonification of digital commerce” by industry leaders, this transformation is influencing the way that shoppers and buyers engage with brands. And these expectations have transcended B2C transactions. B2B buyers now demand an easy shopping experience.
A vast majority (93 percent) of B2B buyers say that they would prefer to buy online, because a self-serve experience direct from a vendor is quicker than traditional methods. These new behavioral preferences are causing organizations to rush to build better, digital customer experiences. And they want to mirror the B2C experiences consumers have come to expect. A Walker Information report adds that buyer experience is even poised to overtake product as a key differentiator.
While some of the audiences engaging with B2B brands are shoppers, others are simply buyers who just need the most streamlined way to get their job done. The ability to deliver on these expectations and provide the right services and offerings helps to drive customer loyalty.
The cost of failing to advance your business can be detrimental, and companies that successfully transform their business to support B2B will see market share uptick. McKinsey & Company estimates that B2B digital leaders see five times more revenue growth than those not focused on digital transformation strategies. Let’s take a look at three practical benefits of transforming your business by bringing it online