With Hokodo, OroCommerce, B2B eCommerce Association, and Greenwood Consulting, teaming up, a new report “The Definitive Guide to B2B E-commerce Buyer Demands” sheds light on the challenges facing B2B sellers and buyers alike.
Let’s dive straight into the key takeaways and actionable insights revealed by this comprehensive analysis.
Decoding the Checkout Experience
Gone are the days of merely “moving online”—B2B trade has firmly planted its roots in the digital realm. With 93% of B2B buyers turning to online channels for their procurement needs, it’s evident that eCommerce is becoming the new norm. This shift isn’t surprising considering the convenience and efficiency that digital platforms offer, especially for frequent and repeat purchases.
However, despite the widespread adoption of online channels, challenges persist at the checkout stage. The report reveals a disconnect between buyer expectations and seller capabilities: 83% of buyers are prepared to abandon a purchase if suitable payment terms aren’t available. This underscores the critical role that payment terms play in shaping the success of a B2B eCommerce strategy.
To understand the nuances of these challenges, Hokodo surveyed 500 buyers across industries in the UK and EU. The findings shed light on the intricacies of B2B procurement habits, payment preferences, and the checkout experience. It’s not just about moving transactions online; it’s about ensuring a seamless and transparent process that aligns with buyer expectations.
One of the report’s key takeaways is the importance of the checkout experience. Despite overall satisfaction, a significant portion of buyers face hurdles, with 55% encountering poor user experiences. These challenges extend beyond just the digital realm, highlighting systemic issues that need addressing across both online and offline channels.
So, where do sellers go wrong? The report suggests that many merchants cling to outdated practices ill-suited for the eCommerce landscape and have yet to fully embrace the digital revolution. With 71% of businesses describing their processes as moderately to extremely manual, there’s a clear imperative for streamlining operations and optimizing the buyer journey for digital platforms.
To bridge the gap between expectation and reality, sellers must prioritize building out robust eCommerce strategies. This entails not only investing in B2B-focused technology, qualified teams, and technical expertise, but also reimagining traditional processes for the digital age. By addressing the key pain points identified in the report, businesses can create buyer journeys that inspire confidence and foster long-term loyalty.
A wake-up call for B2B commerce businesses
It’s not enough to simply “move online”; B2B eCommerce success hinges on understanding and adapting to the evolving needs of B2B buyers. Those who take the insights from the report to heart will be well-positioned for growth in the digital economy.
Discover our webinar in partnership with Hokodo on the new report entitled : The Definitive Guide to B2B E-commerce Buyer Demands
