By Saurabh Sanghoee , VP Sales , Orange Business Services India
With the advent of 2021, we felt that our economy will finally open up gradually to mitigate further ongoing economic damage. While it was being stated that 2021 will be like a new dawn for most of the countries with situations becoming better and with a few countries opening up, India had a see- saw situation with new cases coming up. But now things are recovering with better preparedness than before and a forecast of a 3rd wave.
B2B buyers and sellers have been adversely affected and there is a need for an online presence that will help B2B businesses connect with their customers and attract business, as consumer behaviour is shifting towards online and customers are increasingly relying on digital platforms for their requirements.
The restrictions enforced by the ongoing pandemic mean that B2B companies will continue to lose primary selling channels like trade shows and face-to-face meetings. At the same time, the B2B customers are also locked down at home and are reliant on digital channels for communicating and consuming. The expectation of B2B buyers are constantly changing, and there is a need for B2B companies to meet buyers where they are. Now B2B buyers want an e-commerce experience similar to that which they enjoy as individual consumers and for this to succeed, B2B companies need to build a more seamless, consistent, personalized customer experience (CX) from start to finish. However, every cloud has a silver lining, and this is the time for B2B companies to realize and reap the benefits of omnichannel e-commerce and cater to the requirements of their customers.
B2B companies can use this lockdown time to equip themselves to be future-ready and invest in building an online presence and we at Orange believe in helping customers across the globe to transform their industries, reimagine their services and create a positive impact by designing the new awesome “We turn Data into Tada”. B2C companies have successfully reaped the benefits of omnichannel e-commerce with customers. It’s time for B2B to do the same. There are many benefits of adopting omnichannel e-commerce by B2B companies and let’s look at them in detail.
Growth of Customer Base on Omnichannel E-commerce
The demand is there: according to research by e-commerce company Sana Commerce, one-third of B2B buyers want to buy 90% or all of their professional purchases online. More and more customers are looking for a unified e-commerce experience irrespective of what digital device or platform they are using.
McKinsey reports that the average B2B customer uses six different channels throughout a decision-making journey, and suppliers must learn to embrace that. It’s something that B2B sales operations will need to get used to: over time, B2B customers will expect an omnichannel experience that gives them the same flexibility and customer experience as B2C gives them. Using omnichannel, B2B companies have a range of interaction apps and tools to enable ongoing conversations with customers, just as B2C suppliers do.
As B2B buyers continue to work from home and have less face-to-face contact with suppliers, their digital buying expectations will increase. This may be the moment for B2B companies to break away from their traditional network of resellers and distributors and take greater control of the customer relationship.
Influence on Customer Experience (CX) as a Competitive Differentiator
Many B2B companies lag in providing an astonishing customer experience which also acts as a competitive differentiator. According to Salesforce, less than 30% of B2B buyers say suppliers give them excellent customer experience. Corporate buyers are becoming more accustomed to quick, easy personalized online transactions that can make them feel valued and meet their customer experience expectations.
With the help of Omnichannel e-commerce, B2B companies can adopt communications that can put their customer in a position of satisfaction, as they will engaging with customers in the ways they want to be engaged with. Their channel of choice might vary and this needs to be done via voice, social media, website chat app, text, or instant messenger, and many more platforms. It is essential to carry context forward throughout that customer’s journey.
Increase in Volumes of Business
Engaging with customers at different points during their buying journeys will help B2B companies win over reluctant buyers and will enable B2B companies to drive a 20% increase in leads, 10% growth in deals closed, and a 20%-time reduction between qualifying a lead and closing a sale.
Future Prospects
Another thing B2B company’s need to remember is that the current trends are reflecting the workforce’s changing composition. Millennials and Generation Z bring a digital worldview into the workplace, which means as customers of B2B services and products, they would want a modern, integrated customer experience.
Companies will have to enhance their omnichannel capabilities and improve their e-commerce operations from end to end. Consultants, data science specialists, contact center experts and integration teams who can offer B2B companies the tools they need to engage with customers along the entire journey are to be engaged. This will only help in the future growth of a B2B organization.
Long way to Go
B2B companies must embrace omnichannel e-commerce and communications or risk losing ground on competitors. They are getting there, but there is still a lot work to do. Customers are now even preferring remote interactions with sales representatives rather than traditional in-person sales interactions, citing safety, speed and convenience as reasons. The sentiment has gained traction along the way, with just 20% of B2B buyers saying they want traditional in-person sales to return in the longer term.
Furthermore, the commercial imperatives are also in place. McKinsey also found that B2B buyers are willing to spend more when shopping online. Business buyers have become consumerized. They now expect suppliers to give them a personalized e-commerce experience and will walk away from suppliers if they don’t get the customer experience they demand. As business continues to seek ways to reinvent itself in 2021, B2B providers will need to embrace this consumerization. It is time to start giving your B2B customers the omnichannel e-commerce experience they want, or risk being left behind.
