More than half (52%) of UK firms still experience frustration with online B2B buying. As a consequence, a similar number (53%) have switched supplier for all of their purchases in the last twelve months. A study shows that three-fifths (61%) of the 600 B2B buyers in China, the US and UK are frustrated with the lack of functionality on supplier sites. Meanwhile 60% claim the load speed of B2B sites is too slow.
With 90% of buyers expecting a similar shopping experience on a B2B site as they do on a B2C site, suppliers are falling behind when it comes to effectively evolving their offering in line with demand.
Speed and convenience have become the touchstones of online shopping over the last year. However, 41% of B2B buyers claim that issues with the speed of delivery stops them completing a purchase. Moreover, almost two-fifths (38%) rank the level of service as one of their top KPIs – far and above a low price point, which placed tenth in the list overall.
It is not just about online. Increasingly, we see a wider range of omnichannel source used by B2B buyers across the stages of the purchase process. Not getting this omnichannel strategy right will leave a vacuum for digitally savvy businesses to take advantage
It is clear that digital capabilities in the this sector have not kept pace with the demands of the buyers. COVID-19 continues to impact businesses. In addition, Brexit red tape plagues supply chains. Thus, cost savings are less of a driving force for B2B buyers than they once were and have been usurped by customer satisfaction.
Buyers want a digitally capable supplier, who offers them the ability to dip in and out of the digital and physical channels at will. Businesses not capable of delivering this omnichannel shopping experience not only risk frustrating their customer but losing them altogether.
The demand for B2B online purchasing ultimately remains. With half (49%) of B2B purchases currently being made online – regardless of technical issues. And almost all (93%) of the buyers expect to retain at least some of the changes in their purchasing behaviour triggered by COVID-19.
B2B buyers are not averse to innovation either. More than three-quarters (78%) of buyers want a better mobile experience from their supplier. Furthermore, one in five (20%) say they would like to use augmented reality (AR) functionality in the B2B buying process.
With nearly half (46%) citing the ability to customise products as a top reason to buy online. Compared to just 17% who stated price. There is no question that there is a gap in the market for a supplier site that operates like a consumer one in the “new normal".
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