According to a recent study from Mckinsey & Company, ecommerce accounts for 18% of B2B revenue, a figure which is far higher than the total revenues generated by email, phone, and video conferencing. According to a new study by Wonderman Thomson, 49% of B2B purchasing will take place online by 2021. Further, five out of every 10 B2B buyers report that they were frustrated by their online buying experience and that they would switch to a competitor if their supplier’s digital channel could not satisfy their needs.
Personalized digital experiences are no longer limited to B2C
Personalized digital experiences are no longer just for the consumer; they’re essential for business success. With the right data strategy and data foundation, personalization can create more meaningful customer experiences.
The data must be collected in a manner that is respectful of individual user data and utilized across touchpoints. There are many types of personalization, ranging in complexity and impact on the customer experience. Be sure to read on the the basics of personalization.
One simple way to deliver personalized customer experiences is to add the name of the customer to the subject line of an email. Another example is Spotify’s Wrapped campaign, an annual compilation of listeners’ favorite songs, artists, and genres. Strava’s recommendations, which suggest activities based on previous activity, are another example of personalization. Such actions encourage users to use a service more often, and lead to better retention.
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AI-driven product recommendations are another example of personalization. The technology enables companies to identify consumer preferences and recommend relevant products based on their previous purchase history and behavior. Using this technology can help B2C marketers improve their tactics based on in-depth analysis of consumer behavior. But it’s not without its drawbacks. Before implementing AI solutions for personalized B2C experiences, businesses must be certain that they’re using the technology responsibly.
Personalization in B2C is not the same as in B2B, but the principles are the same. Personalized content on a landing page can improve engagement and show the brand cares about its customers. Personalized product recommendations can drive up to 31% of an e-commerce site’s revenue. In addition, personalized landing pages are a powerful way to increase conversion rates. One study even found that personalized product recommendations increased sales by 29% in B2B e-commerce sites.
Millennials are the primary B2B decision makers
According to a recent study by SnapApp, 73% of B2B sales transactions involve millennial decision-makers. And, Millennials are fast moving into senior positions in companies. The generation, born between 1981 and 1996, is increasingly tech-savvy, and they naturally research everything before buying. Therefore, businesses that wish to engage them should provide them with data, case studies, and downloadable sheets on millennial preferences.
According to the same report, millennials represent the majority of B2B buyers. These buyers are also the ones who influence buying decisions. Forty percent of B2B millennials are involved in purchasing decisions, and another 33% are key influencers in the purchasing process at a company. And, the same demographics are driving digital transformation in traditional B2B companies.
Digital technology has become a key pillar of B2B marketing. With more millennials joining the workforce, companies that cater to millennials should focus on building a digital presence. These millennial buyers have become skeptical of sales reps. In fact, 44% of millennials would rather not deal with a sales representative in a B2B purchase environment. Therefore, it is essential for B2B organizations to provide millennials a stronger voice in their commerce operations and allow them to guide the digital transformation process. In order to meet the expectations of the digitally savvy millennials, businesses must adapt their marketing strategies to suit their needs. B2B marketing strategies should be able to create personalized experiences and integrate emotional resonance with the purchase. A consistent tone of voice can be reassuring to these buyers. Millennials are more likely to buy from brands that reflect their values. If they find an online shopping experience authentic and engaging, they will want to buy from a company that reflects these values.
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Millennials are fast-moving, digitally savvy consumers. As a result, millennials want to access information with just the click of a button. Walmart and Amazon cater to this generation with their InHome Delivery programs, which have the convenience of placing groceries into the refrigerator for customers. This convenience allows millennials to purchase products without hassle and satisfaction. This generation grew up with technology, and now they are bringing that technology with them into the workplace.
Creating an omnichannel strategy
An omnichannel strategy for business to company ecommerce is the foundation for all online business. Customers expect to interact with brands at any time and in any channel. But omnichannel marketing requires you to know your target audience in order to create an effective strategy. Start by creating customer personas to understand what your target audience is looking for. Then focus on what that group needs. And then use this information to create a multi-channel campaign.
Marketing across all channels requires data analysis, which helps marketers optimize their campaigns. They can also include images and links of related products. To increase conversions, they can include a free shipping offer if the customer spends a certain amount of money on one product. They can also use social media as a channel to advertise products. A good social media ad should include product searches, which encourage users to return to the website.
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Creating an omnichannel strategy for business-to-business e commerce means integrating multiple channels for customer interaction. It means having a presence on social media, eCommerce websites, and virtual stores. By integrating all these channels into one cohesive marketing strategy, omnichannel retailers can create a consistent experience for their customers. And, with 67% of customers citing bad customer experiences, omnichannel marketers need to provide a positive experience to their customers in every step of the buying process.
Using mobile apps is another important component of an omnichannel strategy. Smartphone users are now increasingly reliant on their mobile devices to find the information they need. Almost 77% of shoppers turn to their smartphones before making a purchase in the store. And the average smartphone user has more than 30 different apps installed on their phone. By incorporating these mobile apps into your omnichannel strategy, you can ensure that you are reaching the right audience in the right way.
Using social media and email newsletters is another example of a good omnichannel strategy. For example, you can enable social media checkout through your ecommerce website. The more convenient the checkout experience is, the more likely that someone will buy right away. Incorporating social media into your business-to-business ecommerce strategy will help you reach a wider audience. While managing an omnichannel marketing campaign can be tricky, you’ll have an easier time with the right tools.
