According to Acquity Group’s “2013 State of B2B Procurement Study,” corporate buyers are open to purchasing goods online and expect to do so more often in the next year, giving B2B marketers an opportunity to increase sales digitally.
The survey results show 57% of corporate buyers (with annual budgets in excess of $100,000) have made purchases online, and 37% have plans to increase the amount of budget spent online in the next year. Despite these figures, it appears most B2B suppliers are missing out on the online revenue opportunity.
According to the results, just 13% of corporate buyers with a budget of more than $500 million purchase directly from a supplier’s website (37% of spending is being done through third-party sites, such as Amazon Supply). Seventy-one percent of corporate buyers agreed or strongly agreed that they would spend more online if it was easier and more convenient to browse and purchase directly from suppliers’ websites. In fact, when choosing between two suppliers of similar products, 71% would purchase from the supplier with easier electronic search and purchase processes, despite loyalty to a current supplier.
Robert Barr, Senior Vice President at Acquity Group, says about the results, “B2B suppliers have a significant opportunity to increase their revenue from eCommerce. Our study revealed corporate buyers are comfortable and willing to make major purchases online—and many are already doing this, but not on suppliers’ websites. With online spend expected to rise in the next year, suppliers who don’t invest in eCommerce and multi-channel initiatives will miss out on revenue gains from this channel.”
B2B suppliers have an opportunity to capitalize on the growing online purchasing trends shown by corporate buyers; however, these results show most are not currently ready to seize the opportunity.