2024 B2B Survey Results

Discover the pressing challenges and shifting trends happening within B2B

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Sep 23, 2024 5 min to read

B2B Goes Digital: What That Means for You

The B2B industry is undergoing a dramatic shift, driven by the rise of digital sales strategies and cutting-edge technologies like AI and visual configuration tools. Discover how AI is not only transforming customer interactions but also ensuring accurate, reliable product information across all touchpoints, and learn how B2B organizations can stay competitive in the digital age.

Keywords

Artificial intelligence (AI)
B2B
Customer Experience
Digital Commerce
eCommerce
PIM

The B2B industry has historically operated with a well-defined, albeit conservative, sales process. This approach has been characterized by face-to-face interactions, lengthy negotiations and sales cycles, and a strong reliance on established relationships. 

However, even the most conservative business approaches are subject to modernization as a matter of competition and survival. As B2B consumers increasingly look for experiences mirroring those in the consumer sector, companies are realizing they must undertake a digital transformation to remain competitive. 

Our recent study on B2B companies revealed that 85% have already adopted a digital sales strategy. We also found that, for these companies, digital channels are not just supplementary; they are substantial contributors to overall revenue. On average, digital channels account for nearly half (48%) of total company revenue, with one-in-ten (9%) companies reporting that digital sales make up over 80% of their revenue.

And this momentum is showing no signs of abating; 90% of B2B organizations stated that they plan to strengthen their digital sales strategies over the next two years. 

So what does this all mean in practice? B2B organizations can’t afford to delay their digital transformation any longer; evolving to meet customers where they are is the only way to ensure that your customers aren’t switching to more digitally-advanced organizations.

The role of emerging technologies

The adoption of digital sales strategies is closely linked to the use of emerging technologies. Nine of ten B2B organizations are utilizing or planning to implement advanced technologies, such as GenAI, voice search, and visual configuration tools, within the next 12 months. These technologies offer significant advantages, including improved efficiency, enhanced customer experience, and more streamlined operations. 

Generative AI, for example, can automate and personalize interactions, providing customers with tailored recommendations and support. Voice search technology can make it easier for customers to find products or services through voice commands, which reflects a growing trend toward voice-assisted searches. 

Visual configuration tools enhance the buying experience by allowing customers to visualize products in various configurations, making the decision-making process more intuitive, engaging, and informative. 

The importance of consistent, accurate, and reliable product information

While the adoption of digital channels and emerging technologies is crucial, it’s arguably more important to ensure product data remains consistent, accurate, and reliable across all channels. B2B organizations are catching on to this trend - nearly half (48%) are leveraging AI to ensure their data is uniform and precise across their various touchpoints. This is critical, as inconsistencies or inaccuracies in product information can result in lost revenue, customer dissatisfaction, or worse, reputational harm. 

In this context, AI is quarterbacking the process of updating and verifying product information across various platforms. This helps minimize human errors while ensuring that customers consistently receive accurate and current information, which is fundamental for building trust and facilitating informed purchasing decisions. 

Beyond ensuring data accuracy and consistency, AI is also transforming how B2B companies create and deliver product experiences. Approximately 76% of B2B organizations are utilizing AI to modernize the customer journey with personalized recommendations, interactive product displays, and dynamic configurations. These AI-driven capabilities create the more consumer-esque buying experiences decision-makers at B2B organizations are expecting. It also reflects a broader trend toward leveraging technology to help streamline operations, foster deeper customer engagement, and drive sales. 

2024 B2B Survey Results Report

The shift toward consumer-like purchasing experiences

As B2B companies leverage AI and other emerging technologies to enhance product data accuracy and streamline processes, they are also responding to a fundamental shift in customer expectations. Today’s B2B buyers are no longer satisfied with traditional, slow-moving sales processes. They expect the same convenience, speed, and personalization they experience as everyday consumers. 

This expectation shift is not surprising, as we’ve seen a trend of companies across industries racing to personalize their products and services to consumers in a highly competitive market. It’s causing B2B organizations to reevaluate their strategies and adopt digital solutions that deliver more efficient, customer-centric experiences. 

An example of this transformation is the adoption of visual configuration tools. This allows B2B customers to customize products to their needs like the deep personalization options commonly found in consumer retail. By striving to match this level of customization, B2B companies can improve the customer experience and gain competitive advantages within their markets. 

AI-powered chatbots and virtual assistants are further elevating the customer experience by providing immediate responses to customer inquiries. This level of responsiveness mirrors the high-quality customer service offered by leading consumer retail brands and helps close the gap between traditional B2B interactions and the dynamic, real-time engagement that today’s buyers have come to expect. 

Simply put, integrating these technologies allows B2B companies to position themselves to meet evolving market demands while driving operation efficiency and growth. 

Looking towards the future: digital and physical channel integration

Introducing digital channels marks an essential milestone in a B2B company’s digital transformation journey, yet many consumers still value those face-to-face interactions with knowledgeable sales reps, especially when it comes to more complex purchases. So the real challenge lies in integrating the digital touchpoints with physical ones to create a unified and cohesive customer experience; achieving this requires that product information remains consistent, accurate, and reliable across both physical and digital touchpoints.

For B2B organizations, this involves implementing robust systems and processes to manage product information effectively. Leveraging technologies such as a Product Information Management (PIM) solution is essential for creating a single source of truth for data while also investing in tools such as AI that help to deliver higher-quality customer experiences. This approach allows companies to deliver a seamless experience that aligns with the evolving expectations of today’s buyers. 

The B2B sector is undergoing a much-needed transformation as companies increasingly adopt digital sales strategies and cutting-edge technologies. The rise of digital channels, coupled with the integration of advanced tools like AI and visual configuration systems, is fundamentally changing how B2B organizations engage with their customers. 

To remain competitive, B2B organizations must embrace these technologies and ensure they are deployed in such a way that they deliver precise, consistent, and compelling product information across all touch points. As the industry continues to evolve, those able to merge digital innovation with a strong focus on the customer experience will be well-positioned to thrive in the new digital landscape. 

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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