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Nov 13, 2024 6 min to read

How AI Will Impact the B2B Industry

The B2B industry is moving away from traditional, in-person sales and embracing the digital experiences that today’s buyers have grown to love in their personal shopping. But with vast product data and complex buying journeys, the transition is no easy feat—enter AI. From data consolidation to 24/7 support, AI is enabling B2B companies to bridge the gap, discover how AI is helping B2B organizations meet this new demand, transforming the industry in ways that will impact everything from data accuracy to customer satisfaction.

Keywords

Artificial intelligence (AI)
B2B
Customer Experience
Digital Commerce

Think about the last time you bought something online. 

Maybe you discovered the item while scrolling through TikTok, then went to Amazon to scroll through some images and browse some customer reviews before ultimately heading directly to their eCommerce site to purchase the product and pick it up at the big box retailer down the road from you.

Now, imagine you’re in charge of a company and you’re looking to purchase industrial equipment or raw materials for manufacturing. You’d expect the purchasing process to look a bit  different, right? 

While B2C is often characterized as spontaneous and driven by quick decisions, B2B purchasing is typically a more complex and deliberate process that involves multiple stakeholders, thorough research, and a formal approval process. Each step is scrutinized because the stakes are higher – the equipment or materials you choose directly impact your company’s productivity, safety standards, and bottom line.

Because of this, B2B sales have historically relied heavily on in-person meetings, printed catalogs, and phone calls with knowledgeable sales reps. Yet B2B buyers today aren’t just decision-makers at work; they’re also consumers accustomed to those digital, omnichannel experiences in their personal lives. They shop for groceries online, buy clothes with a few taps, and rely on personalized recommendations through digital means, and they’re beginning to  expect similar convenience in their professional buying experiences. 

Today, nearly 85% of B2B companies have some digital sales strategy in place, and 90% plan to ramp up their digital sales efforts in the next two years, especially among larger enterprises.

This shift toward a B2C-like experience is essential as the industry faces new demands and challenges. Let’s take a closer look at what’s fueling this change—and how AI is helping B2B companies meet the moment.

The State of B2B

The traditional B2B buying process is often a lengthy, structured journey that involves multiple stages and decision-makers. It typically begins with identifying a business need or problem, which prompts a team to start researching potential solutions. This research phase is meticulous, as B2B buyers aim to find options that align with their company’s goals, budget, and requirements. 

After initial research, the team narrows down potential vendors and seeks detailed information through consultations, product demos, and sometimes trial periods. Throughout this process, various stakeholders—such as procurement, finance, IT, and end-users—may have specific needs and influence over the final decision. 

Once all evaluations are completed and a preferred vendor is identified, negotiations around price, contract terms, and customization often ensue before the formal purchase and onboarding processes are carried out, and the relationship often continues post-purchase to typically include ongoing support, feedback, and sometimes renegotiation. This complex, multi-layered process is designed to reduce risk and ensure long-term value for the organization.

For decades, this approach worked well because buyers relied on seasoned sales reps to help them navigate complex product specifications and make informed purchases. Detailed print catalogs and in-person interactions were the norm, but today’s B2B buyers want the speed and convenience they get from B2C retailers. After all, they’re shopping in their personal lives on platforms that are intuitive, personalized, and highly responsive. So, when they switch to the role of a professional buyer, they’re expecting the same level of ease and customization.

Transitioning to digital as a B2B organization, however, isn’t as simple as flipping a switch. One of the biggest hurdles these companies face is handling vast amounts of product information. Unlike B2C, where products are often simple and straightforward, B2B products tend to be highly specialized and complex; imagine managing product data for thousands of industrial components, each with unique specifications, usage instructions, and compatibility details. Keeping all that information organized, up-to-date, and accessible across multiple platforms is no small feat.

Our recent survey of B2B business leaders found that 99% reported facing at least one major product information challenge. These issues range from missing data fields to inconsistent product descriptions across platforms to outdated technical details in product catalogs. The sheer volume and complexity of B2B product data make it nearly impossible for human teams alone to manage effectively. 

And here’s where technology, specifically AI, can make a meaningful impact.

2024 B2B Survey Results Report

5 Ways AI Will Impact the B2B Industry

AI is often touted as the solution to every problem under the sun, but in B2B, it’s genuinely showing its worth in a few key areas. By automating data tasks, AI allows human teams to focus on higher-level work, like strategic planning and customer relationships. 

Here are some specific ways that AI is reshaping the B2B industry today:

1. Identifying data gaps and inconsistencies

AI can scan through massive data sets in mere minutes, flagging any gaps, inconsistencies, or outdated information. If a new product specification is added to a specific line of products, AI can ensure that every mention of this product—across catalogs, eCommerce sites, and sales portals—reflects the latest information, helping to avoid costly mistakes and ensuring that buyers always get accurate product data.

2. Consolidating data from multiple sources

Many B2B companies operate across various departments and locations, with data scattered in different silos. One team may handle product specs, another team manages pricing, and yet another tracks inventory levels. AI can consolidate this information into a unified system, making it easier for companies to maintain a single source of truth and reduce redundancy.

3. Providing 24/7 localized support

B2B transactions often involve international customers who may need assistance at any hour. When clients from different time zones reach out with straightforward questions – such as checking product specifications, getting updates on order status, or understanding payment options – AI can respond instantly, regardless of the hour, ensuring that customers receive immediate assistance. This reduces wait times and improves customer satisfaction without requiring a large team of human support agents.

4. Enriching complex product data

For many B2B products, data needs to be more than accurate; it needs to be understandable. AI can “translate” dense technical information into clear, user-friendly language, making it easier for buyers to comprehend complex specs without needing a technical background. This is particularly useful when companies need to share product information with end-users who may not be as technically savvy as their internal team.

5. Ensuring accurate data across channels

B2B companies today need to ensure their product information is consistent not just online, but also in print catalogs, in-store displays, and point-of-sale (PoS) systems. AI can help by updating data across channels automatically, ensuring that the information a customer sees on a digital self-serve portal matches what they’ll find in a physical catalog or at a PoS terminal. This level of consistency builds trust and streamlines the buying process.

The Future of AI in the B2B Industry

As the B2B industry undergoes a digital transformation, the pressure to adapt and meet modern buyer expectations is stronger than ever. The transition from traditional, in-person sales models to digital-first strategies presents both challenges and opportunities. And while product data management may seem like a behind-the-scenes task, it’s at the heart of delivering a seamless, customer-friendly experience in B2B.

AI is proving to be a critical asset in this transformation. By automating the more tedious aspects of data management, AI frees up human teams to focus on what they do best—building relationships and delivering exceptional customer service. The future of B2B will undoubtedly be shaped by AI-driven insights and solutions, paving the way for a more agile, customer-centered industry that looks and feels a lot like the B2C experiences we all know and love.

Discover the Future of B2B

Download the comprehensive report based on the findings of our survey of B2B professionals to receive insights and actionable tips on navigating the tricky waters of the B2B industry.

Casey Paxton, Content Marketing Manager

Akeneo

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