B2B buyers crave new experiences, & nearly all expect suppliers to rank innovation across a range of eCommerce facets. This would include technology, delivery, payment, customer service & more.
The situation right now is, B2B Buyers will consider a supplier’s eCommerce capabilities when making sourcing decisions.
While B2B suppliers are trying to maximize revenue by introducing many products to generate more income from each customer (guest or existing), they aren't doing enough to integrate robust eCommerce capabilities. As such, they risk losing wallet share to the digitally enabled competitors.
B2B suppliers need to be online to compete in the modern B2B market. But that’s hardly enough to survive. The primary goal of a B2B supplier should be to develop their organization’s strategic plans for innovation. Start a conscious effort to transform their digital channels.
The majority of B2B buyers lean towards B2B suppliers with sturdy eCommerce offerings.
The State of B2B Procurement is in turmoil because many of the B2B Suppliers are NOT trying to understand the “Buyer mindset.” Thus, they are NOT working towards scaling/upgrading their sites to serve their buyers better. Look at the below statistic:
76.9% of B2B Procurement Officers switched suppliers – Marketing Charts
A survey conducted recently by Marketing Charts revealed an evolution of buyer expectations in B2B - going beyond the traditional eCommerce features offered. The legacy solutions in place are no longer adequate to cope with the growing demands of B2B Buyers.
Millennials have taken on more procurement roles; thus, suppliers must deliver a personalized experience in tune with the digitally native nature of this new generation of buyers, if they wish to maintain any market share.
B2B Suppliers that have not started building towards more significant digital offerings- it's vital for them to find a means to set this in motion. If businesses are already amidst some digital transformation, then they need to continue onwards & upwards with this experience.
B2B Procurement
You may be wondering, “What is B2B procurement?” or “What is B2B purchase?” and so on.
Well, procurement is just an industrial way of saying purchase & buying. So, the process is pretty much the same as that of B2C, except it’s a little more complex and long-winded. Thus, suppliers out there need to be a bit more attentive to the overall user experience on their eCommerce site.
Hence the B2B Procurement process is a long chain of multiple events that involve; uncertainty, analysis, budgeting, and more. In such a scenario, the user interface (content, navigation, etc.) must be made paramount to ensure optimum user satisfaction.
The B2B Procurement environment is in chaos; the purchase officers are not getting a satisfactory experience on these selling portals. As such, they divert to other websites – a process called abandonment. An eager buyer that should’ve converted felt stressed during the buying cycle & left.
The B2B industry wants an experience akin to B2C websites. When it comes to eCommerce, there is no B2B or B2C, it’s always B2-Human. The “Holy-Grail” of B2B marketing is finding a way to reduce distraction for buyers & emotionally engage them to elevate your conversions.
B2B Success Model
Long-term B2B success requires a business model that is dedicated to understanding your customer’s unique needs and then executing solutions to exceed them. Find a way to prioritize eCommerce solutions that support an adaptive, & responsive company culture.
The key to succeeding in this competitive landscape is to better understand the influence of various components in the B2B Decision-making cycle.
Make your brand emotionally engaging throughout the purchase process & triumph in the race to grab orders & retain customers.
So, how do you separate yourself from your rivals & why will the next buyer purchase from you?
You see that highlighted zone in the adjacent pic, that is the area that differentiates you from your rivals.
Within that box lies the resources that separate you from the masses. Your next competitor doesn’t hold these vital tools – it's unique to you & coincides with your customer’s needs.
When the buyer goes looking for a solution to these problem areas, they’d only find one player in the market – YOU. Invest more in such exclusive capabilities.
The buyers are not driven by price alone, but by the value, they perceive a supplier can add to their business. They establish this value from the experience given on an eCommerce website.
But, when the experience goes haywire, they feel disappointed & what happens next is - immediate withdrawal from the site. To prevent this, suppliers must analyze customer needs & then tailor their website accordingly.
74% of people switch brands if they find the buying process too difficult - SalesForce
Fix the problematic regions on your eCommerce Portal & smoothen the buying cycle. If the B2B buyer has considered your site for a deal, then don’t give them a reason to drop out.
B2B Buyer Journey
B2B customers complete the set of following tasks to their satisfaction or go through these phases; before making a final decision. In a B2B model, the decision to finance doesn’t happen instantly.
- Deficit Stage – The lack of products triggers the first phase. This is where the procurement department realizes a shortage and initiates the purchase process.
- Solution Exploration – Figure out from this stage, the key players that come closest to your desired mark – in terms of price, quality, delivery, etc.
B2B buyers, on average, complete 74% of the research online before initial contact - Forrester
The “Solution Exploration” stage is where they identify potential B2B Suppliers through their eCommerce website. For B2B Suppliers, this is essentially “How your target audience engages with you?”
During this process, they also experience a host of problems. Yes, not all B2B websites offer a streamlined user experience. Most are buggy, suffer from page loads & create more problems than they solve.
On that note, let's elaborate on the most common B2B Supplier website issues.
B2B Procurement Pain Points
B2B Sales Cycle is a long-winded process, where the person searching for the SKU’s may not be the decision-maker. Your Content needs to appeal to the penultimate person, who will then green flag the deal.
The B2B buyer persona is such that; If you fail to give optimum User Experience, these buyers won’t want to associate with you. As a result, your worth comes down eventually. If the matter on the site is reliable, then the buyers will be more willing to trust your brand.
Ultimately, the factors that affect a B2B Procurement Officer & other key people in the purchase funnel can be narrowed down to the following parameters:
Source: Marketing Charts
- Lack of or Inaccurate Information – The supportive details that complement the SKU are either inconsistent or missing. In the B2B scene, the decision-cycle is more prolonged and goes through several key people, before a definite conclusion is made.
The reason being that the product spec must match the specification they have in mind. When your product page (PDP) does not list all the details, it causes confusion & the person buying is likely to withdraw immediately.
Lack of quality info also conveys a sense of distrust.
B2B buying goes through several checks in the procurement department. The Buying process is made up of at least 5-6 people. Instant purchases are not a thing here – impulsive buying is more of a B2C thing. In B2B, users are always searching for crucial information before making any investments.
The decision-makers won’t tolerate insufficient details on a B2B product page. Absolute clarity is a must before they decide to close any deal. Ensure every product has adequate data – both textual & visual to assist them in their decision-making process. BE MORE INFORMATIVE!!!
- Insufficient Inventory Information - Before a customer can place an order online or even view a product, inventory information needs to be available.
The info tells the procurement officer about the varied products available with the seller.
If your eCommerce site only lists a select few products, the chances are that the viewer will miss the remaining set of key products in your inventory.
As such, make available an e-catalog that lists out every product currently available with you.
- Poor eCommerce Site Experience – A hideous layout can repel even the most interested of all buyers. An inability to streamline your buyer’s browsing experience will act as a conversion killer at some point.
It’s simple - when people visit your store, they expect a seamless experience. The process of arriving at the desired item shouldn’t become a struggle. If they lose their patience locating what they came for, they will likely drop-out, in turn costing you a large order. B2B order values aren’t minuscule.
“The Average Order Value for a B2B buyer is $491” – Frost & Sullivan
Consider this, and you’ll realize the huge losses you suffer every time a customer bounces off due to poor website design. Thus, the website’s layout becomes a pivotal aspect of converting your guests into buyers.
A compelling design will motivate your buyers to proceed. Whereas an untidy arrangement of critical elements (CTA’s, images, links, etc.) will give them a miserable experience. Use White space well, fix the broken links &, most importantly, ensure your pages are responsive.
Difficult Checkout – Any friction element on this stage will demotivate your buyers from continuing the buying process. What happens then - the Bounce rate goes up, and the Conversion goes for a toss.
Doubts, delays, and fears will kill the excitement of any B2B buyer.
“27% of carts were dropped because the checkout process was too complex” – Annex Cloud
A streamlined checkout experience is not optional, but in some cases, it stands as the most crucial entity in the purchase funnel. The goal is to make the Checkout process as intuitive as possible and cut-down the thinking time of users.
Streamline your checkout page. Offer convenient options to your customers & make checking out the least stressful part of your customer’s eCommerce journey. Minimize Steps, offer Trust Seals, give Single Page Checkout, increase Payment Options, improve page speed, & finally A/B test the pages.
- Unavailable Customer Service – A query, issue or update needs resolution – the buyer goes through to the customer service & find them unreachable – Thus abandoning any plans to transact with them.
What happened here? A prospective buyer was lost because the Customer Service team was Non-Responsive. Then there is a scenario when there is no chatbot, or the chatbot doesn’t offer relevant solutions; this only leads to more confusion and delays.
33% of Americans consider switching brands after just a single case of poor service - Amex
Not acknowledging your buyer’s requests, on chats, forums, phone, or mail will leave a negative imprint on their minds about your commitment towards them.
If there’s already a partnership in place, then that’ll likely be damaged. If they happen to be a new customer, then there is no room for any future business, as you’ve already put them off.
Beyond this, the customer service landscape is changing, and buyers are now communicating across more channels than ever before.
As such, a Personnel or bot needs to be in place across all touchpoints. Be available for your customers 24/7 – 365 days.
Get more Pro-active & never skip a chance to impress them. A little gesture now will bring a stream of rewards in the future.
Start responding more often & keep in touch with newsletters, inventory updates, price changes, and more.
- Incorrect information about my buying relationship – When selling a product, communicate your knowledge, understanding, & value. But beyond this, establish your relationship with care & keep the transparency alive throughout the period and after.
Realize that the buyer is engaging with you based on the previous trust – a misunderstanding will ruin what’s in place. Your inability to supply or any other diversion from the original understanding should be put forth immediately.
As per the contract, what is your buyer entitled, and the length of time it’s going to take to serve (production + packaging + delivery) them, should be outlined clearly. Is a return allowed & how are you going to compensate for damage to the consignment, must be made clear.
The buying relationship is what strengthens this; it tells the B2B buyer what sort of a trade they are getting themselves into. Then ensure you stick to these stipulations.
Often a significant transaction is jeopardized due to a withdrawal from the original T&C’s. Do not ever modify the terms of the deal midway, as it sends the wrong signal & kills the trust in place.
The buyers are engaging on multiple touchpoints and are hoping to close these B2B orders here.
Often a significant transaction is jeopardized due to a withdrawal from the original T&C’s. Do not ever modify the terms of the deal midway, as it sends the wrong signal & kills the trust in place.
- No eCommerce channel – A robust Brick and Mortar Outlet is undoubtedly an excellent way to create orders. But these days this isn’t enough.
The buyers are engaging on multiple touchpoints and are hoping to close these B2B orders here.
A regular (information only) site without eCommerce capabilities is useless. It may be promoting your brand & SKU’s but doesn’t allow visitors to purchase.
On top of that, not having a Native app or being available on trade portals hurts your business even more.
Having an eCommerce channel brings convenience, which in turn improves the likelihood of order placements. The buyer doesn’t need to show up to your location to initiate a transaction or go through a stock physical catalog; before trying emails/calls to pursue the order further.
Try & establish a presence through website, social media, apps. Then interconnect the same to your physical channels to enable an Omnichannel Experience. More connecting points means more ways a buyer can access your business.
Key B2B Buyer Components
So, by now, you have read through all the pain points that influence buying behavior. But, beneath this, there are 3 other main factors that will catalyze the buying process. Work on these 3 facets & enhance the B2B buying cycle greatly.
- Branding – Nowadays, being able to offer insane discounts is not enough. A cost-effective deal will entice the buyer, but brand reputation will surpass all this & make the buyers purchase regardless.
Branding also helps to scale your business, as more stakeholders & investors come forth to associate with you; due to increased credibility. Also, lowers sensitivity to price increases (charge premium prices) and helps with hiring employees.
All this ensures that you stand out in the industry – creating an exclusive name & separating yourself from the competition. It even shortens the B2B purchase cycle, as there is already a right amount of credibility around your brand name.
As your status goes up, you create a loyal B2B Customer base that continues to seek your services/products.
Trust – Transparent terms; instill more confidence in closing the deal. When the trust wanes, the possibility of getting another order from the same customer comes down. Whereas, a few minutes of mutual respect, gratitude, commitment will nurture the business relationship further.
Once the word gets around, more buyers will want to get in touch with you. The trust tempts decision-makers to pursue consistent, reliable & long-term business with you.
Trust signifies that the B2B supplier truly has the best interests of its clients at heart, which paves the way for further orders. An indecisive B2B Supplier raises questions in the minds of buyers, which delays the purchase.
Lastly, these costly purchases will determine the way that the buyer’s B2B business functions. Thus, no company will entrust you with their requirements, unless they are fully satisfied to the extent that they can TRUST YOU
A B2B eCommerce site that INVOKES DISTRUST will surely trigger abandonment.
Contract scams, overcharges, late deliveries, & other problems have made many B2B buyers super-cautious. As such, there won’t be an agreement until the B2B Suppliers can win their confidence.
Site Experience – Your B2B site is a gateway to your business - the experience your buyer gets will give them an insight into your working ways. If the visitors experience any friction/confusion, then you will likely not see them converting.
The content (Textual + Visual) on the site, must entice the visitor to place an order. Whenever the site is unable to do so, it indicates a failure to meet the expectations of the visitors.
A problem with navigation, cluttered design, long checkouts, absence of (vital info, trust seals & certifications), no customer support, etc. are some of the issues plaguing a typical B2B website.
The B2B supplier must take measures to eliminate these issues. Remember, the right eCommerce site can make a considerable difference in the way B2B procurement officers perceive your brand.
Conclusion
Unlike B2C, B2B investments are not measly amounts; they can sometimes factor into millions of $’s. As such, a closure on any B2B deal will take forever.
In case your eCommerce site comes across as dubious, you will not make the cut for the Procurement Officer. The Purchase department is finicky; it will only consider a deal after careful consideration.
When a tedious session on your site puts off a B2B buyer; it leaves a wrong impression. Hence, your brand is unlikely to figure in any future conversations of the procurement officer. What you did wrong; was taking your website for granted.
Poor site experience deters even the most eager buyer – makes them question and extends their decision time. Your job or rather the site’s job is to make them think less and do more. The CTA’s in place should be clicked more often.
Procurement officers often cite anxiety as the single biggest reason why they look for alternatives & issue new tenders - as such, understanding their needs is the most critical aspect of winning orders. Your outdated beliefs and behaviors are not relevant in today’s marketplace.
The B2B buyer persona is such that, when the buyer stays trapped for too long on any area of your site, it wears them out & eventually, they leave. Get to work on such areas; test, improve & then relaunch your site. Only make the best version accessible to your audience.
Virtina can turn your dull-boring B2B site into a rich-interactive immersive portal, that engages your buyers & elevates Conversions. The certified developers with years of expertise in 10+ eCommerce platforms in many industries world over will revolutionize the way you do eCommerce. Speak Now!!!
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