With the B2B sector shifting its focus towards ecommerce and online transactions, we can expect a decrease in the amount of B2B sales conducted through fax, telephone and manual transactions in the coming years.
According to Dave Gravely, vice president of ecommerce for State Electric Supply Co., “If you had any doubt about the validity and velocity of your customers adopting online solutions, 2020 removed all doubts.”
Majority of B2B sellers are embracing Ecommerce trends in 2021
According to the Digital Commerce 360 Research & Data report 2021 there has been a major shift in the way business buys acquire goods and services for their companies, especially since the global pandemic started.
As per the findings of the report, 61% of B2B sellers are becoming comfortable with the idea of investing in ecommerce. Whereas, 86% of the B2B sellers anticipate a boost in B2B ecommerce trends and revenue in 2021.
B2B ecommerce was already growing at a fast pace when the pandemic first hit in early 2020, accelerating digital transformation of the wholesale industry. Since more and more businesses were forced to conduct their daily operations online, there was an exponential increase in the demand for more digital tools and services from business customers.
With the trend showing no signs of slowing down even as the markets start to open up again, B2B sellers are realizing the rise of the new demand, and therefore are leveraging ecommerce platforms to remain competitive.
As indicated by Digital Commerce 360 in a press release:
“Sellers face a myriad of challenges from budget to building more sophisticated sites with requisite systems and support. The top challenge is securing enough budget to make necessary investments that are truly needed. Rounding out the top five are creating a more sophisticated website to better meet customer needs, integrating systems, finding staff with the right skillsets, and convincing more B2B customers to buy online.”
An overall positive growth for B2B sellers in 2020
According to Brian Beck, managing partner of Enceiba, an agency that helps manufacturers and brands sell through Amazon.com and Amazon Business. “There was literally a feeding frenzy for companies, especially small to midsized companies to catch up to the demand from digital customers, or start from scratch.”
But even though there was a significant increase in B2B ecommerce sales last year, it was noticed that this growth was not evenly spread across different industries, because the impact of the pandemic varied across different markets.
However, a survey of 110 B2B sellers conducted in January 2021 showed that majority of the organizations ended the year 2020 with an overall increase in B2B ecommerce sales.
According to the survey, there was at least a at least 25% increase in ecommerce sales of 62% of the companies last year, including 12% of the companies that reported an increase of more than 75%.
For more information on the 2021 B2B Ecommerce Market Report click here.