The B2B Future Shopper Report 2023-24

THEB2B FUTURESHOPPERREPORT2023 Adeepdiveinto11internationalmarketsand2,261B2Bbuyers,offeringanunparalleledviewintotheworldofB2Bcommerceandbuyingbehavior,tohelpbusinesseswinonline. INTRODUCTION WelcometothethirdeditionofourB2BFutureShopperreport.Thelastversion,launchedinSeptember2021,sawuscoveringtheleadingeCommercemarketsoftheUK,theUSandChina. Thisyear,wearedelightedthatthereportcannowtrulybecalledglobal–withEuroperepresentedbytheUK,GermanyandtheNetherlands,APACrepresentedbyChina,Japan,IndiaandAustralia,AfricarepresentedbySouthAfrica,theMiddleEastbytheUAEandtheAmericasbytheUSandBrazil.Sowhathavewefound? We’vefoundaglobalmarketthatisbecomingmuchmoredigitalandconductingmoreofitspurchasingonline.We'vealsofoundadesire,andaneed,forseamlessomni-channelpurchasejourneysacrossphysicalanddigital. We’venotedtheimportanceofowneddigitalplatforms,andaB2Bbuyerbasethatisfrustratedanddemandingbettermobileandappcapabilities. We’vediscoveredthat,asthesejourneysgetmorecomplicated,thereisabeliefthatB2Bsellersneedtodomoretounderstandthefrictionpointsandtoaddressthem. We’vefoundthatpurposeandsustainabilityareincreasingconsiderationsforB2Bbuyers,andtheyarealsodemandingbetterservice,posingarealchallengetoB2Bsellers. Andwe’vefoundthatinthefuture,marketplaces,socialcommerce,andeventhemetaversewillplayagreaterroleingivingB2Bbuyersexactlywhattheywant. So,whynotdelvealittledeeperinthedetail?Andwhynotcontactustogetustotakeyouthroughitourselves? Whateveryouchoosetodo,wehopeyoufindthisreportinsightfulanduseful,andmoreimportantly,thatyouactuponitsfindings. METHODOLOGY TheresearchwasconductedbyCensuswide,with2,261purchasemanagers,procurementmanagers,purchasingclerks,agents,purchaserandc-levelexecutiveswithapurchasingbudgetofmorethan $24,000incompanieswithanannualrevenueofmorethan$595,000.Respondentswereaged20+andpartofthefinaldecision-makingprocessforbuyingproductsfortheircompanyandwerepolledbetween21.11.2022–05.12.2022. ThereportincludesB2Bbuyers(respondents)intheUK(207),US(201),Germany(204),SouthAfrica(200),China(206),Brazil(201),Australia(202),UAE(200respondents),Japan(202),Netherlands(217) andIndia(220) Industriesincluded:automotive,manufacturing,electricequipment&consumerelectronics,fashion&apparel,finance,food&beverages(groceries),luxurygoods,healthcare&beauty,pharmaceutical&medicalortravel&transport. HUGHFLETCHER GLOBALMARKETINGDIRECTORANDTHOUGHTLEADERSHIPLEAD 2 CONTENTS 2INTRODUCTION 5THEHEADLINESYOUNEEDTOKNOW... 7ANDHOWWECANHELP… 9SECTION1: B2BONLINEBUYINGBEHAVIOR 21SECTION2: THEONLINEB2BCUSTOMERJOURNEY 33SECTION3: INVESTIGATINGPURCHASINGINMOREDETAIL 40SECTION4: THEBESTB2BSHOPPINGEXPERIENCE 56SECTION5: THEROLEOFMARKETPLACES 62SECTION6: SUSTAINABILITYANDB2B 67SECTION7: THEFUTUREOFB2BBUYING 72CONCLUSION 73HOWWECANHELP 3 THEB2BFUTURESHOPPERREPORT2023:THEHEADLINESYOUNEEDTOKNOW 4 4.THEREISACLEARDESIREFORIMPROVEDMOBILEEXPERIENCESINB2B: 71%ofB2Bbuyerswishthat theycoulddoitallmoreeasilyontheirmobile. 66%ofB2Bbuyersexpectasimilarexperiencewhenbuyingon aB2BsiteastheywouldgetonaB2Csite. 5.BUTTHATDOESN’TMEANTHATPERSONALINTERACTIONSHOULDBEIGNORED: 71%ofB2Bbuyersliketoshop withbusinessesthathavebothphysicalstoresandonlineorderingplatforms. 3.THECUSTOMERJOURNEYISAHEAVILYDIGITALONE: 67%ofB2Bbuyersstarttheirpurchasejourneysonline. Thesupplier’swebsiteandmobilesiteisthenumberone… ■sourceofinspirationforbothgeneralproductbuyersandrawmaterialsbuyers. ■channelforproductsearchforbothgeneralproductbuyersandrawmaterialsbuyers. ■channelforproductpurchasesforbothgeneralproductbuyersandrawmaterialsbuyers. 2.FRUSTRATIONWITHB2BBUYINGONLINEREMAINSHIGHAMONGSTB2BBUYERSTHOUGH: 46%ofglobalB2Bbuyerssay theyarefrustratedwithbuyingB2Bproductsonline. 45%ofglobalB2Bbuyersthinkthatonlinebuyingismore complicatedthanoffline. 51%ofglobalB2BbuyerssaythatB2Bsellersdon’tunderstand thefrictionpointsintheonlinebuyingexperience. 1.B2BBUYINGISINCREASINGLYONLINEANDISSETTORISE: 49%ofallB2Bspendingisonline. 68%ofB2Bbuyerssaythattheywillincreasetheiruseofdigital shoppingchannelsinthefuture. 57%=thepercentageofB2Bshoppingpredictedtobeonlinein 5years’time. THEHEADLINESYOUNEEDTOKNOW... 5 10.B2BSELLERSNEEDTOKEEPTHEIREYESONEMERGINGTRENDSINBUYINGONLINE: 48%ofeverythingboughtin theonlineB2Bmarketisadigitalservice,ratherthanaphysicalproduct. 35%ofB2Bbuyerswillbeusingsocialmediachannelstomake purchasesin5years’time. 11.B2BBUYERSWANTINNOVATION: 69%ofB2Bbuyerssaidthatifa supplierisdigitallyinnovative,theyaremorelikelytobuyfromthem. 67%ofB2Bbuyerssaidthatinthefuturetheywouldliketo conducttheironlinebuyinginthemetaverse,usinganavatar. 8.B2BBUYINGISNOTJUSTTRANSACTIONAL: 66%ofglobalshopperssay thattheyaremorelikelytobuyfromasupplierthatinspiresthem. 66%ofglobalB2Bbuyerstoldusthattheservicetheygetismore importantthantheB2Bbrandorcompanythattheyarebuyingfrom. 9.PURPOSEANDSUSTAINABILITYALSOPLAYAKEYROLE: 69%ofB2Bbuyerssaythattheywishthattheyunderstoodthecarbon footprintimpactoftheB2Bproductsandservicesthattheyorder. 69%ofglobalB2Bbuyerssay thattheyaremor