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BigCommerce survey finds expectations continue to grow on B2B ecommerce

Friday 8 September 2023 10:15 CET | News

BigCommerce has released the results of its Global B2B Buyer Behaviour Report, examining the changing habits and preferences of B2B buyers in the US, UK, and Australia. 

BigCommerce's results show a continued blurring of lines between consumer retail and B2B ecommerce trends. B2B buyers increasingly expect the same experience they get as consumers: engaging mobile responsive sites, product and pricing transparency, and fluid checkout experience.

The study's findings also indicate a call to action for businesses to modernise their ecommerce operations or risk being left behind at a time when B2B ecommerce is still relatively young. According to eMarketer, ecommerce is the fastest-growing channel for B2B product sales, and US B2B ecommerce sales are expected to exceed USD 2 trillion by 2024.

Key findings in the BigCommerce survey 

  • 74% of respondents said they use online platforms to purchase products; 

  • 65% said they use search engines as the main means of product discovery, while 42% cited online marketplaces; 

  • 60% of respondents shared that they use B2B marketplaces to make purchases; 

  • B2B buyers’ main pain points during the purchasing process are inaccurate pricing and shipping costs (40%), slow website load times (29%), and poor customer support (28%); 

  • 31% of respondents indicated that technical issues kept them from completing an online purchase; 

  • Respondents indicated that the most important feature of the checkout process was displaying complete and accurate pricing information. 

How B2B buyers discover and purchase products 

While search results and online marketplaces prove to be frequently used ways that buyers find products online, 42% of respondents discover products for their business from catalogues. Meanwhile, just 24% of global respondents discover new products at trade shows and live events. 

Among the most used purchasing channels, suppliers’ ecommerce websites and apps were the most selected across the US (75%), UK (73%) and Australia (77%). B2B marketplaces and in-store/warehouse purchasing was a close second. Furthermore, buyers in Australia purchase less through B2B marketplaces (45%) than their counterparts in the US (65%) and the UK (62%). 

Moreover, ratings, reviews, and peer recommendations are key drivers when it comes to making the decision to purchase. Promotions and marketing also ranked highly. Trade events lagged as events are still ramping up globally after the pandemic. 

BigCommerce has released the results of its Global B2B Buyer Behaviour Report, examining the changing habits and preferences of B2B buyers in the US, UK, and Australia.

What B2B buyers want from ecommerce sites 

According to BigCommerce, inaccurate pricing and shipping costs were deemed most frustrating by respondents (40%). Slow website loading time was ranked as the second-highest pain point for B2B buyers (29%), with customer support challenges (28%) following close behind. 

In aggregate, B2B buyers indicated that the most important features of their online purchasing experience were detailed product information and custom pricing and discounts. 

Looking at respondents’ frequency of purchase shows that detailed product information has increasing importance as the frequency of purchases decreases. As the frequency of purchase increases, B2B buyers display more preference for bulk ordering than those who purchase less often. 

What B2B buyers expect during checkout 

BigCommerce's study finds that the checkout process is a crucial step in ecommerce, as any type of friction can get buyers to abandon their carts.  

The top reason B2B buyers abandoned their carts was because of technical issues faced at checkout (31%). This, along with a complicated checkout process (15%) shows the importance of a smooth checkout experience. Lack of secure checkout was the second biggest reason for abandoned carts.  

Credit and debit cards are the most-used payment methods across regions with more traditional B2B payment methods such as automated clearing house (ACH) and purchase order (PO) invoicing following closely. Electronic and physical checks were significantly more preferred in the US over the UK and Australia. 

Source: Link


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Keywords: ecommerce, merchants, retail, data, marketplace
Categories: Payments & Commerce
Companies: BigCommerce
Countries: Australia, United Kingdom, United States
This article is part of category

Payments & Commerce

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BigCommerce

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