The excuse of not changing as a business because it’s working fine the way it has been, is one of the most common pitfalls business owners can fall into. Companies like Blockbuster, Kodak, Blackberry, and Sears were once leaders in their respective industries, but what else did they have in common? They all failed to change, causing them to be left behind from the current demands of the market.
Research conducted by McKinsey found that ecommerce was the most popular route to market for B2B companies; 41% of B2B leaders say it’s their most effective sales channel, which is higher than in-person sales at 37%. When it comes to buying online, 46% of B2B buyers are willing to buy from a supplier’s website if the option were available. McKinsey’s research findings indicate that B2B buyers want efficiency, relevant information and immediate communications in their customer decision journey. Since B2B ecommerce integrates ERP and other back-end business systems to improve efficiency, it allows the business to focus more on the actual customer service buyers want.
Ultimately, if a business isn’t growing, then it’s dying; traditional B2B companies that have historically relied on their reputation and trade show booths to reach new customers are missing out on a big piece of the pie. B2B ecommerce opens the door for new opportunities at any time and anywhere, globally, allowing B2B companies to reach into new markets they may not have been able to tap into otherwise.