Team Madcraft
Not long ago, B2B transactions revolved around long calls, back-and-forth emails, and plenty of handshakes.
Now? Businesses are clicking through digital catalogs, placing orders online, and wrapping up deals without a single face-to-face meeting.
It’s an exciting time to enter the B2B eCommerce market, but adapting often proves challenging – particularly for companies accustomed to traditional sales methods.
Join us as we discuss where B2B eCommerce is headed, the challenges it presents, and how to ensure your business thrives in this new paradigm.
The B2B eCommerce market has seen remarkable growth, reaching a staggering $18.8 trillion in 2023 – about five times larger than the B2C market.
In 2022, 65% of B2B companies – from high-tech and SaaS to heavy machinery and pharmaceuticals – were already conducting their transactions fully online, demonstrating how embedded digital channels have become in daily business operations.
Today, 69% of B2B organizations are focusing on scaling their revenue through eCommerce, showing how businesses are realizing the need to embrace digital sales channels to remain competitive and grow.
Much we’re accustomed to in B2C, today’s B2B customers now expect highly personalized interactions tuned to their specific needs and preferences.
For instance, Forrester and Adobe found that 72% of B2B customers now expect personalized content throughout their buying journey, pushing businesses to move beyond generic, static interactions. Personalization is so critical that 50% of B2B buyers say it’s a key factor when choosing a supplier.
Customer Relationship Management (CRM) systems have been the bedrock of B2B interactions for decades. Their widespread adoption – with 73% of businesses using CRM software in 2024 – speaks volumes of their effectiveness in tracking customer preferences and behaviors.
However, modern B2B commerce has introduced other key technologies to the sales pipeline, such as Account-Based Marketing (ABM) platforms that allow for hyper-targeted campaigns and Customer Data Platforms (CDPs), which provide a unified view of customer interactions across multiple touchpoints and channels.
Connecting and integrating systems ensures information flows smoothly from person to person or department to department.
In B2B, integrating core systems like CRM, ERP, and inventory and order management means a sales rep can check stock levels without calling the warehouse, an accountant can view order details without chasing down paperwork, and so on.
When integration is successful, automating tasks between systems becomes much simpler. For example, your eCommerce system could auto-log the transaction with your ERP while transmitting order data to your CRM.
Connecting systems can be time-consuming, but progress is being made. For example, in 2023, 45% of companies successfully linked their online stores with their back-office systems.
And for many, it’s already paying off – businesses offering a consistent digital experience across channels have seen a 62% increase in sales. They’re also making decisions faster, with fully integrated systems leading to 42% quicker decision-making.
But it’s a balancing act – too much automation can make interactions feel impersonal, and that’s a real concern in the relationship-driven world of B2B. The goal is to enhance, not replace, the human expertise that drives successful B2B relationships.
More B2B transactions take place online without the traditional back-and-forth of sales calls and meetings.
Research shows that B2B buyers are happily making remote, self-service purchases for orders up to $50,000. That’s a far cry from the days when anything over a few hundred dollars required multiple approvals and a sit-down meeting.
Here’s where it gets really interesting, though – McKinsey found that even big-ticket deals, up to $5 million, are moving online.
Simple eCommerce platforms often don’t cut it in such situations. B2B-specific solutions like Bigcommerce’s B2B Edition, which offers advanced buyer portals and robust security, offer a strong platform for B2B eCommerce.
Looking to integrate a B2B eCommerce store into your business? Madcraft can help you build the smooth, effective self-service platform customers expect. Learn more about our award-winning eCommerce development services here.
Who’s in the driver’s seat when it comes to B2B online purchasing? Do today’s digital decision-makers have anything in common?
To answer that, we first need to look beyond the C-suite. While executives still hold sway, purchasing decisions are no longer their exclusive domain.
Think With Google found that while 64% of C-suite executives still have the final sign-off on purchases, 24% of non-C-suite employees make decisions directly, and 81% have a say in the process.
With this, Google also identified a dramatic shift in the age demographics of B2B researchers. In just two years, millennials (those aged 18-34, and soon Gen Z) account for almost half of all B2B researchers – a 70% increase.
Millennial researchers are digital natives. They’re comfortable with online research, expect seamless digital experiences, and are likely to engage with content differently than their older counterparts.
Today’s B2B buyers spread their research across various platforms: social media, online marketplaces, and more. Some 71% of customers expect to interact with brands across multiple platforms, and the number of channels B2B buyers use has doubled in recent years.
B2B deals are even taking place on Instagram and TikTok. 46% of B2B companies have already ventured into social commerce, according to Gartner.
The key challenge here lies in maintaining continuity and consistency across diverse touchpoints, and that’s where creating cohesive multi-channel and omni-channel experiences becomes essential.
Multi-channel means offering sales and customer engagement through various platforms – your website, social media, and marketplaces.
Omni-channel takes this further by ensuring that all these channels are interconnected, providing a seamless, unified experience no matter where the customer engages.
B2B buyers are placing more emphasis on ethical and environmental practices when making purchasing decisions.
65% of B2B buyers consider sustainability essential when choosing suppliers, and 64% of global consumers report that concerns about climate change directly affect their purchasing behavior.
It’s no longer a question of whether businesses should be sustainable but how well they can integrate these practices into their day-to-day operations and sales strategies.
Businesses are making decisions based on data rather than relying on intuition, gut instincts, or past trends.
For example, Gartner predicts that 65% of B2B sales organizations will fully transition to data-driven decision-making by 2026.
In just a few years, we’ve seen the average B2B sales technology stack grow to include 13 different tools, many of which are designed to produce and analyze data to optimize sales processes and improve decision-making through real-time insights.
The focus is not just on gathering data but on turning that data into clear, actionable insights that inform decisions at every level of the organization.
While many B2B companies have progressed in their eCommerce strategies, it’s not all smooth sailing. Common issues like outdated systems, disjointed processes, and resistance to change often slow down progress.
52% of B2B buyers report frustration with the current online buying experience, and 91% encounter at least one issue that prevents them from completing their purchase, highlighting persistent, widespread inefficiencies in digital environments.
The consequences of failing to deliver smooth, effective B2B eCommerce experiences are serious, with 90% of buyers admitting they’d readily switch to a competitor if their preferred supplier’s digital channels fail to meet expectations, according to Salesforce.
And there we have it – an odyssey through the ever-evolving world of B2B eCommerce!
It’s clear that the pace of change isn’t slowing down anytime soon, and, despite evident challenges, there are huge opportunities for businesses ready to embrace it.
Those who embrace digital solutions, optimize their processes, and genuinely understand what their customers need will drive growth and stay ahead of the competition.
It’s not just about simply offering the opportunity to purchase online but also about building modern, adaptive eCommerce systems that integrate with your other platforms, such as ERP, CRM, etc.
