B2B is emerging from its guise as the less glamorous cousin of business to consumer (B2C) commerce. Why? Because so much innovation and creativity are moving into this space.
A digital-first strategy is no longer a luxury, it’s a necessity. And it’s happening right now. The B2B eCommerce reached a market valuation of US$12.2 trillion in 2019, more than six times the B2C market. B2B ecommerce sales will hit US$1.8 trillion by 2023.
Research shows that B2B companies that successfully mastered digital transformation have 8% more shareholder returns and five times more revenue growth than their peers. So how do you move the needle quickly in B2B?
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B2B in the Spotlight
Applying Technology, Data, Content, and Digital Services
Trends we cover.
Marketplace growth in the B2B space is the iceberg no one sees lurking just under the water. B2B marketplaces are growing at an unparalleled pace -- US$3.6 trillion by 2024. Be wary of them. They hold incredible power. We’re talking about Amazon and Walmart in the U.S., Alibaba in China, Rakuten in Japan, Conrad in Germany, then there’s IndiaMart, Mercateo or Global Sources to name a few of the largest.
Marketplaces: The shining stars of B2B
According to Forrester Research, 68% of B2B buyers prefer to do business online versus with a salesperson. And when B2B customers engage with sales, they want the experience to be in a more problem-solving, consultative manner. Forrester predicts that one million sales reps will be displaced by 2020 in the U.S. alone. B2B salespeople will have to evolve to keep up with this change. The key to this is seeing digital as an enabler, not a replacement.
The death of a (B2B) salesman
Forward-looking B2B players are taking concrete steps to mobilize their organization around digital tools and data. However, until now, B2B companies have mainly applied digital automation and data analytics largely to internal processes rather than to those that are customer facing. Companies now have the ability to collect customer data, store it centrally via the cloud and migrate it across platforms. This is quickly breaking down legacy system silos.
Focus on data
LiveArea is a full-service, global customer experience and commerce agency. We bring together a broad portfolio of services for end-to-end solutions – from data-driven marketing and omni-channel experience design through technology selection and platform implementation, managed services, fulfillment, and customer care. We work with brands people love and we fuel that passion by creating signature customer experiences.