Once limited by geography and reach, businesses in the 21st century know no bounds when it comes to growth, thanks to the increasing adoption of technology.The digital revolution has ushered in an era of innovation and unprecedented business growth.
The B2B industry is a clear beneficiary of technological advancements, experiencing improved revenue and higher customer satisfaction than ever before as a result of digital commerce solutions.As business buyers increasingly prefer self-service offerings, digital channels become even more integral for B2B players to drive continuous customer engagement.According to a recent Salesforce B2B Commerce Cloud (CloudCraze) report, 89% of B2B decision-makers attribute expected business growth to investment in digital commerce.Moreover, the study indicates that B2B organizations that have invested in digital channels are already reaping the benefits.
Some key findings of the study are below:Digital is no longer seen as a primary business channelB2B leaders attribute solid business growth to digital commerce initiativesEvolving customer expectations are further driving digital transformationB2B leaders experience streamlined customer needs with digital commerceDigital is fueling B2B growthB2B organizations today are fast recognizing the value of employing digital channels to offer customers a personalized and responsive experience, which ultimately translates to retention and repeat purchases.Digital commerce, with its complex ordering features, results in cost savings and offers customers an omnichannel, streamlined buying experience.Increasingly, businesses are recognizing its benefits in customer acquisition, up-selling, and self-service.
More and more B2B businesses are now selling their full line of products online, some releasing online-only product lines.Increased access to self-service capabilities allows business buyers to place orders at their own convenience.
Not only does this offer immense freedom, but it also reduces servicing costs for low-volume customers.Self-service offerings also free up sales and service executives so they can spend more time building customer relationships, cross-selling and upselling products.
Ultimately, this results in reduced transaction costs and improved profits.Digital also has a clear value addition in terms of order automation, tailored offerings, contract pricing, and a truly omnichannel experience.