STUDY: 70 Percent of B2B Businesses Have Lost a Deal Due to Ordering-Specific Pain Points
CHICAGO, IL: B2B commerce is undergoing a massive digital transformation, leading to higher customer expectations for a seamless experience and robust ordering options. However, many B2B organizations rely on inflexible, outdated commerce systems, creating a gap between what B2B buyers expect and what enterprises can provide. CloudCraze’s 2017 B2B Digital Commerce Imperative study found that roughly a quarter (27 percent) of B2B organizations plan to spend at least $2 million in the next fiscal year on their commerce systems to improve digital experiences.
To further understand how flexible, cloud-based solutions can solve for the complex needs of digital buyers, Cloud Craze, the enterprise B2B commerce platform built natively on Salesforce, surveyed nearly 200 B2B and B2C businesses with an online presence about their pain points, investments, and priorities when it comes to commerce. The study found that more than 65 percent of B2B businesses are running on commerce platforms that are over two years old, demonstrating a lag in the implementation of sophisticated digital offerings.
“The digital shift is revolutionizing the B2B commerce industry, so B2B businesses must reevaluate how they interact with customers and execute sales strategies,” said Chris Dalton, CEO of CloudCraze. “There is a clear rift within the industry when it comes to the expectations of B2B buyers and opportunities provided by enterprises.”
B2B Commerce Complexities Lead To Missed Revenue Opportunities
As digital capabilities have improved, consumer expectations have also increased. The study found that in today’s B2B world, 55 percent of business buyers expect mobile access to a seller’s commerce platform, and 52 percent expect convenient payment processes. But many B2B commerce systems do not provide these offerings and as a result, experience challenges like:
• Cost efficiency (37 percent)
• Providing a seamless, omni-channel customer experience (35 percent)
• Gaining a holistic view of the customer (31 percent)
• Effectively using commerce data (30 percent)
These pain points caused nearly a third (31 percent) of B2B businesses to miss out on $2 million in sales.
The study found that B2B businesses’ biggest obstacles in solving these issues are the cost of new technology (54 percent), as well as a lack of desire and willingness within the organization to innovate (44 percent). This leaves companies in a constant state of increasing technological debt, as they fall behind to innovative and forward-thinking companies that are investing in these advanced systems.
B2B Business Priorities and Investment Plans Aren’t Always Aligned
B2B businesses know they need to provide quality digital commerce experiences. Among survey respondents, 38 percent of B2B organizations ranked offering an outstanding buyer experience as their highest priority.
Despite these priorities, many organizations are not investing in the necessary technology to make them a reality. Three in four B2B organizations do not make technology updates a top priority.
“B2B commerce is expected to grow at an annual rate of nearly eight percent over the next three years,” added Ray Grady, EVP of CloudCraze. “Therefore, technological advancements through cloud-based solutions should be the top priority for organizations looking to facilitate a quality customer experience. Self-service capabilities and advanced payment options allow B2B organizations to be more efficient and accurate with their ordering process, which will go a long way in improving the buyer journey and driving revenue.”