Highlights Of Wunderman Thompson Commerce And Technology’s B2B Future Shopper Report 2023
- March 2, 2023
- Zainab Kantawala
- Posted in What’s Buzzing
The 3rd Wunderman Thompson Commerce and Technology’s B2B Future Shopper report is out! And this year the report includes information about leading e-commerce markets and their behaviours with more markets like Germany, The Netherlands, India, Japan, Brazil Australia, South Africa, and UAE along with the USA, The UK, and China
Conducted by Censuswide, 2,261 purchase managers, procurement managers, purchasing clerks, agents, purchasers, and c-level executives were approached for the report, who had a purchasing budget of more than $24,000 in companies with annual revenue of more than $595,000.
The industries included were automotive, manufacturing, electric equipment & consumer electronics, fashion & apparel, finance, food & beverages (groceries), luxury goods, healthcare & beauty, pharmaceutical & medical or travel & transport
Highlights of the Report
The exhaustive report has in-depth information about the various areas in B2B Shopping. Here are the top ten highlights with respect to B2B Online Buying Behaviour and online B2B
1. B2B Buying is increasing and is predicted to rise. While 49% of all B2B spending is online, 68% of B2B buyers would want to increase their use of digital shopping channels in the future.
2. There is a high level of frustration, (read 46%) with B2B Buying among B2B buyers. And 45% of global B2B buyers opine that offline buying is less complicated than online buying.
3. 71% of B2B buyers wished that they could do it all more easily on their mobile, stressing the need for improved mobile experiences in B2B.
4. 62% of B2B buyers say that they have conducted more of their buying online as a consequence of WFH
5. 67% of B2B buyers start their purchase journeys online. This again stresses the need for B2B sellers to up their digital experience game.
6. B2B Buyers are not as loyal with 62% of global B2B Buyers switching suppliers citing reasons like inflation, logistics, easy returns, faster delivery, etc.
Plus 66% of global shoppers would like to buy from a supplier that inspires them, with the supplier’s website and the mobile site being top inspiration sources, followed by marketplaces, sales representatives, and social media channels.
7. Buyers are constantly looking for innovations, with 69% of buyers stating that they would prefer to buy from digitally innovative suppliers.
8. Also, 69% of global B2B buyers say that they are more likely to buy from a supplier who has a purpose that goes beyond just selling goods and services, for example,
9. 71% of B2B buyers like to shop with businesses that have both physical stores and online ordering platforms insisting on the importance of personal interactions.
10. 35% of B2B buyers will be using social media channels to make purchases in 5 years time
A large chunk of B2B Commerce is taking place online. However, that does not mean it is taking place satisfactorily and this is the major reason why businesses are switching suppliers.
Also, the future in B2B buying looks omnichannel with various channels being used by B2B products. It will be crucial to invest in the right manner to derive consistent experiences from digital and physical channels.