However, 7-in-10 prefer to order from businesses with both online and physical presence as channels multiply at pace
The B2B buying experience is set for a revolution, according to Wunderman Thompson Commerce & Technology’s new B2B Future Shopper report, with 67% of B2B buyers wanting to conduct their online buying via an avatar in the metaverse. Whilst this might seem fanciful, B2B buyers are desperate for experiences that expertly fuse together physical and digital interaction.
And while the metaverse is the future, there is plenty that B2B sellers need to do right now. 71% of buyers want to shop with businesses that boast both physical and online ordering platforms, mirroring the demand for omnichannel experiences from B2C shoppers and underscoring the increasingly complex desires of B2B customers.
It’s now just as important to consider mobile, marketplaces and social channels as it is face-to-face meetings. 71% of buyers wish they could shop more easily through their mobile devices, with 66% wanting similar experiences to those offered by consumer brands.
And, with suppliers’ online and mobile sites ranked as the top places to find products and raw materials, search for new items and make purchases, business leaders must urgently address that 46% find the online B2B buying process frustrating.
There is a clear disconnect between the way B2B buyers want to shop and the options available to them. While 68% expect to increase their use of digital channels for purchases, over half (51%) say sellers don’t understand the friction points in the current online buying process and 45% feel it’s more complicated than making offline purchases.
And with customer loyalty eroding, failing to adapt could have dire consequences. Over three-in-five (62%) say the current economic climate has made them more likely to change suppliers, with the lack of face-to-face interaction from hybrid working a factor for 47% of C-Level executives and procurement leads.
Two-in-five (40%) go as far to state that they had changed all suppliers in the last year, a figure sellers won’t want to see rise in the coming year. And 62% of B2B buyers say that they have conducted more of their B2B buying online because of working from home.
Hugh Fletcher, Global Head of Consultancy and Innovation at Wunderman Thompson Commerce & Technology, said: “Just like regular consumers, B2B buyers want a more immersive, omnichannel experience and the same attention that is often afforded to B2C shoppers. Whether it’s selling through the metaverse, partnering with a marketplace or optimising through mobile sites, it’s essential that businesses listen to their clients’ pain points and deliver a tailored experience.
“But as important as developing the best digital experience is, businesses cannot forget the importance of building genuine, human relationships; particularly with the wider societal shift to work from home. Finding the perfect mix and balance of digital and personal interaction is vital. And, with multiple channels to pick from, B2B buying is much changed since 2020. The onus is on B2B vendors to deliver their buyers the right products, at the right price, through the best omni-channel experiences.â€
Methodology
The research was conducted by Censuswide, with 2,261 purchase managers, procurement managers, purchasing clerks, agents, purchaser and c-level executives with a purchasing budget of more than £20,000 in companies with an annual revenue of £1m plus.
Respondents were aged 20+ and part of the final decision-making process for buying products for their company and were polled between 21.11.2022 – 05.12.2022.
The report includes B2B buyers (respondents) in the UK (207), US (201), Germany (204), China (206), Brazil (201), Australia (202), UAE (200 respondents), Japan (202), Netherlands (217) and India (220)
Industries included: automotive, manufacturing, electric equipment & consumer electronics, fashion & apparel, finance, food & beverages (groceries), luxury goods, healthcare & beauty, pharmaceutical & medical or travel & transport.
About Wunderman Thompson Commerce & Technology
At Wunderman Thompson Commerce & Technology, we exist to inspire growth for ambitious retailers and brands. We provide end-to-end capabilities at a global scale to drive transactions across every channel, with deep expertise in commerce, experience, data and technology.
With over 4,200 experts in 55 operational centres across 34 countries, our capabilities span the entire buying journey from customer acquisition, through engagement, to conversion and loyalty.
Working with strategic partners that include world-class technology vendors such as Adobe, Sitecore, Salesforce and Acquia, we were recognised by Forrester as a Leader in Commerce Services (Q1,2021) and in Digital Experience Services (Q2, 2022), and as Best Large Agency of the Year at the European Ecommerce Awards 2022.
We’ve built over 500 platforms and generate a total of more than $29bn annually for clients including Bosch, Unilever, Ford, DFS, Mercedes-Benz, Johnson & Johnson, Nestlé, Sainsbury’s, Selfridges, Shell and Tiffany & Co.
Wunderman Thompson is a WPP agency and a member of the MACH Alliance.
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