E336: 📦BREAKING DOWN THE NEW FORRESTER 2024 STATE OF B2B ECOMMERCE REPORT
The 2024 State of B2B eCommerce: Insights and Implications
Welcome to B2B Commerce Corner! Today, we're diving into Forrester's newest report on the 2024 state of B2B eCommerce. This report, commissioned by search and merchandising platform Zoo View, provides a detailed look at the trends, statistics, and insights shaping the B2B eCommerce landscape. Let's break down the findings and discuss what they mean for businesses operating in this space.
Forrester’s 2024 B2B eCommerce Report Overview
Forrester's 2024 B2B eCommerce report highlights some interesting trends and statistics. It’s important to note that though the report is commissioned, it contains valuable data that can give us insights into the current state and future of B2B eCommerce.
Key Findings & Implications:
B2B Sellers Lagging in Digital Transformation
The report points out that many B2B sellers haven’t fully transformed their selling operations. The move from traditional sales channels to digital ones is slow. Sellers need to address poor data strategies that hamper product discovery. This is especially critical because B2B eCommerce is projected to grow at a compound annual growth rate of around 20% from 2024 to 2030, compared to the 2.5-3% for direct-to-consumer (DTC) commerce.
The Importance of Quality Data
Data quality remains a major stumbling block. Many B2B businesses have gaps in their product data, leading to poor customer experiences online. Cleaning up and structuring data is a critical first step. Without accurate and complete data, implementing advanced technologies for search, personalization, and merchandising will fail to deliver desired results.
Human-Centered Selling Won’t Disappear
Sales reps aren't going away but their roles are transforming. They will focus more on value-added activities rather than manual order management. Digitally enabled sales reps will use technology to build better relationships with clients, offer personalized experiences, and promote new products.
COVID-19 Accelerated Digital Adoption
COVID-19 has fundamentally changed how B2B businesses operate. Many companies that saw digital transformation as optional have now realized its importance. The pandemic has put pressure on businesses to strengthen their eCommerce capabilities and streamline their operations.
Key Statistics
* 65% of respondents say eCommerce is broken at their organization.
* 74% need to digitally transform their B2B selling process to optimize eCommerce experiences.
* Only 17% of sales are fully self-service eCommerce, while 27% are assisted eCommerce, and 32% are digitally enabled selling.
Improving eCommerce: Tactics and Recommendations
Incentivizing Sales Teams and Customers
To drive eCommerce adoption, incentivize both sales teams and customers. Offer additional commissions to sales teams for orders completed online and provide customers with special discounts or free shipping for web orders.
Making Products Easily Discoverable
Ensure product data is comprehensive and accurate. Utilize technology to offer personalized and efficient search and merchandising capabilities. This can include product videos, 360-degree views, downloadable spec sheets, and more.
Data Hygiene is Crucial
Maintaining clean, structured product data is imperative for improving eCommerce. Organizations must invest in strategies and tools to enhance their data quality, making it easier for customers to find and purchase products.
Growing Revenue and Enhancing Customer Experience
Companies prioritize growing revenue and improving customer experience. By optimizing eCommerce channels, businesses can achieve these goals more efficiently. Digital channels reduce the cost of selling and enable faster, more seamless transactions.
Digital Transformation Priorities
Companies are focusing on:
* Providing automated, personalized guidance to buyers.
* Increasing the share of sales through eCommerce.
* Facilitating product discovery.
Conclusion
Forrester’s 2024 B2B eCommerce report reveals both challenges and opportunities. From improving data practices to enhancing product discovery, B2B sellers have much work to do. However, the potential for growth and efficiency gains is significant. By addressing data issues, leveraging technology smartly and embracing digital transformation, B2B businesses can unlock new levels of success.
Are you a B2B or DTC eCommerce merchant? Head over to Greenwoodconsulting.net to learn how we can help you scale your business. Thank you for tuning in, and stay tuned for more insights and discussions on B2B Commerce Corner.
To learn more, check out the related THE ECOMMERCE EDGE Podcast episode below: