15 facts about B2B sales that will surprise you
B2B sales have been growing in strength over recent years. This is an important branch of business in which the development of the company is constantly investing its resources. What does it consist of? B2B sales, or business to business, are sales between two companies. Most often it is done with the help of sales representatives who present the company’s offer to the representatives of the other enterprise. In many respects, it differs from B2C (business to customer) sales, i.e. consumer sales. First of all, it seems that this is a type of sales in which purchasing decisions are much more thought-out and rational. However, is this always the case? Get to know 15 interesting facts about B2B sales that will surely surprise you!
B2B and B2C
In the B2B area, many transaction participants can be distinguished – manufacturer, distributor, supplier. So there is no single key link. Each must function in such a way as to obtain the highest quality product and adequate profit. Many entities directly translate into the price of a product or service – the more companies participate in a given process, the more expensive the final product.
In the case of B2C sales, there are only two ends of the relationship – the seller and the end customer. Everything is done thanks to the communication of the company and the client. Compared to the B2B sector, the number of entities involved is significantly reduced, which is why the transaction values are much lower per one consumer. However, there are definitely more transactions of this type, even if their value is not too high.
Everything indicates that the experiences with which people stumble on a daily basis shape their expectations regarding B2B relations. Therefore, this sector is changing dynamically, adopting new features. The lines separating both types of sales are getting blurred. That is why many entrepreneurs operating in the corporate sector are catching up with the B2B e-commerce strategy. What does the shopping trip of a modern B2B customer look like? How does he use digital sales channels to make informed purchases? See what selected statistics say about it.
What are the characteristics of B2B customers?
– Most B2B customers (27%), when considering purchasing, conduct a self-study of the online market. On their own they look for information relevant to them and based on them make decisions on the selection of a contractor and on making a purchase. Only 17% of B2B customers go to meetings with potential suppliers. This indicates that online offers are more popular. (Gartner: The New B2B Buying Journey).
– A significant number of people making B2B transactions came to the conclusion that their last purchase required a lot of involvement – it was complex or difficult. (Gartner: The New B2B Buying Journey). This is a good tip for your business to make shopping as easy as possible for your contractors.
– As much as 61% of B2B customers declared that before purchasing the technology they rely on the recommendations of friends, peers, opinions of current users and reviews posted on websites. (Demand Gen Report: The 2019 B2B Buyers Survey Report).
– According to 4 out of 10 B2B companies in the world, they believe that their biggest priority over the next two years is to create an image of their client. Capturing its characteristics, needs and preferences. (eMarketer: B2B DIGITAL TRANSFORMATION IN 2019).
– Of the companies surveyed around the world, as many as 50% said that the implementation of the omnichannel strategy is their main priority in the next two years. (eMarketer: B2B DIGITAL TRANSFORMATION IN 2019).
– The study showed that 1/3 of respondents said that their goal is to better and more efficiently use data to improve the sales process and B2B customer service, especially during their shopping trip. (eMarketer: B2B DIGITAL TRANSFORMATION IN 2019).
– According to Forrester research, in 2018 e-commerce represented 12% of total B2B sales in the United States of America.
– Among the platforms most often used by B2B customers, Amazon Business is the leader (78.4%). Next were enterprises such as Alibaba (36.5%), Thomas (28.4%) and Global Sources (16.6%). (eMarketer: Marketplaces 2019 B2B Ecommerce Strategies for Amazon, Alibaba and Others).
– In 2019, American B2B companies spent USD 6.08 billion on digital advertising. This represented an increase of 18.7% compared to the previous year. (eMarketer: US B2B Digital Advertising Trends Spend Will Exceed $ 6 Billion in 2019, but Market Still Lacks Maturity).
– Modern B2B purchasing groups are definitely more diverse than ever before. The survey showed that 75% of buyers in the B2B sector agreed or strongly agreed that their purchases concerned people performing different functions, different teams and locations. (Gartner: What Sales Should Know About B2B Buyers in 2019).
– As many as 80% of consumers use smartphones at various contact points during their journey through the B2B shopping platform. (: BCG Research: MARKETING & SALES, SALES & CHANNEL TRANSFORMATION, TECHNOLOGY & DIGITAL Mobile Marketing and the New B2B Buyer). For this reason, it’s a good idea to bring your website exactly to mobile devices!
– Forecasts predict that the total share of B2B sales made through the e-commerce platform will reach US 1.8 billion and will account for 17% of total US B2B sales by 2023. (Forrester: US B2B eCommerce Will Hit $ 1.8 Trillion By 2023).
– A significant proportion of the buyers surveyed, as much as 76%, said that the design of an e-commerce website is the most important factor in making a decision to make a transaction. (Zfort Group: HOW TO CREATE E-COMMERCE WEBSITE IN 2019).
– According to the Zfort Group – How to create e-commerce website in 2019 research, as much as 75% of B2B purchasing decisions are made before submitting a purchase application.
– The average conversion rate for a wholesale B2B buyer is 10%, compared to 3% for a B2C buyer. (Zfort Group: HOW TO CREATE E-COMMERCE WEBSITE IN 2019).
The facts cited indicate that it is worth investing in the development and improvement of your sales method in the B2B sector. Using the available data on user surveys, you can draw a number of conclusions that will help us in creating the right platform and customer service. Take care of your business growth by putting on professional sales!