The 3rd edition of Wunderman Thompson Commerce & Technology’s B2B Future Shopper report, has launched.
Providing a deep dive into 11 international markets (including India) and 2,261 B2B buyers, the report offers a view into the world of commerce and B2B buying behaviour, to help businesses win online.
B2B Buyers often want to get through the purchase process, from inspiration to purchase, as quickly as possible. We call this “compressed commerce” and those businesses, retailers and marketplaces that can do this best, often find themselves winning against their online competition. Indian B2B buyers are those that want “compressed commerce” the most (94%).
Indian B2B buyers are more likely to buy from a supplier that inspires them. The most commonly used source of inspiration was suppliers’ websites and mobile sites (39% and 40% respectively), followed by suppliers’ apps (35% for both categories of purchase). When it comes to starting the B2B buying process, the report revealed that 67% of all B2B buyers start their purchase journeys online with Indian B2B buyers ranking the highest.
One of the challenges often posed to online sellers, is that consumers are not happy to part with large amounts of money online. This is often the argument used to invest more in physical stores and interactions. But does our report data support this? With more B2B buying occurring online, is there an issue with businesses spending large amounts online? Seemingly not. Across our survey, the average when B2B buyers were asked how much they would be happy to spend on one item online, it was the Indians who were the boldest. Amazon Business, Indiamart, Ebay, JioMart, Alibaba are the most used B2B marketplaces by Indian B2B buyers.
One of the key methods of communicating with B2B Buyers, when they are online and on websites, is online and video chat. The report findings reveal that overall, this functionality, whilst used, is not used regularly. Although it is no surprise to see Indian B2B buyers top this list, further cementing their role as real B2B digital embracers.
Indian buyers also rank as the most frustrated buyers buying B2B products online and rank the highest when it comes to switching their suppliers vis-à-vis their global counterparts.
The role of sustainability and the environment in business operations has never been more important. In B2C, we are seeing consumers demand that the businesses they buy from conduct themselves properly and with the long-term future of our planet in mind. With purpose and sustainability feeding through the entire supply chain, Indian B2B buyers are the most likely to buy from a supplier who has a greater purpose that goes beyond selling goods and services.
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 client’s 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 omnichannel experiences.”
The full report - https://www.wundermanthompson.com/insight/the-b2b-future-shopper-2023
The research was conducted by Censuswide, with 2,261 purchase managers, procurement managers, purchasing clerks, agents, purchasers and c-level executives with a purchasing budget of more than £20,000 in companies with 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.