According to a study by Acquity Group and reported on by Modern Distribution Management, the use of e-commerce for B2B goods and services continues to increase. Out of 500 procurement officers polled (who have annual purchasing budgets over $100,000), 68% report that they now purchase goods online, which is an 11% increase from the same annual study in 2013. In addition to that, the number of buyers who are increasing the amount they spend solely online has continued to increase. The study also found that 18% of respondents who spend equal to or more than 90% of their budgets online is double from 2013 (when it was just 9%).
This fast growth proves that having an e-commerce is an important aspect of any B2B marketing strategy. After all, a study in November 2014 found that nearly half of of all B2B professionals prefer buying online over utilizing the more traditional invoicing method that has been so popular in the B2B industry.
Furthermore, the Acquity Group study also found that when B2B buyers are purchasing online, a majority are doing it on their supplier’s website:
Researching B2B Goods & Services Online
In addition, B2B buyers are doing more than just purchasing goods and services online: they are also researching them. The study found that the overwhelming majority (94%) do some form of research online before purchasing a business product. Furthermore, 54% facilitate online research for at least 50% of their corporate purchases for their company. What’s also interesting is that the regularity of online research has increased compared to 2013:
These findings show that not only is having an online presence important (so B2B buyers can research your products and services), it also means that offering an e-commerce platform can increase your sales, especially if your buyers are in the majority who prefer making online purchases.
To read the study report in its entirety, check out the PDF version.
Graphs taken from screenshots of PDF study results.