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Following the first part of our Evolving Customer study, part two reveals four trends that are driving the hyper-accelerated commerce boom and the related challenges for businesses. Learn what it takes to be best in class and continue to outperform your competitors.
The rise of the digital natives
GenX’ers were used to picking up the phone and talking to a sales rep. However, millennials don’t want to wait on the phone, or worse yet for an email response. They prefer the self-service options and digital channels that they’ve become accustomed to as consumers.
They bring with them a different set of expectations and buying habits. They’re not just changing the buying process: they’re transforming B2B commerce operations and challenging long-standing industry norms. They don’t just want orders delivered quickly: they are influenced by additional services and postsales support.
At a broader level, issues like sustainability and purpose are important to them. They are committed to responsible and ethical procurement, and see suppliers as important stakeholders within the global value chain. They want to know where their goods are sourced, and where the materials or ingredients come from. This will have a significant impact on an enterprise’s broader transformation goals and journeys.
Omnichannel is here to stay
The ability to transact using WhatsApp or from your in-vehicle infotainment system is making commerce ubiquitous. Products, mobile phones, call centres, and digital front ends are all becoming commerce channels that are driven by a central commerce capability and experience.
The driver for this is simple: B2B customers expect a fast, frictionless, contextualised, 24/7 digital experience, much like what they expect from the major online retailers. They want transactions that are as hassle-free as possible, enabling technologies and contact-free delivery options.
Most of all, they want omnichannel service. Any digital commerce solution going forward will have to deliver a contextualised customer experience, and offer a virtual one-stop shop for all your customers’ needs, including order management, delivery tracking, vendor compliance, performance against contract incentives, automating rebate and loyalty programmes and account management via an intuitive self-service customer portal.
Here’s the kicker, though. While many companies are multichannel, precious few companies are truly omnichannel. Businesses that achieve a true omnichannel approach have higher engagement. Higher engagement leads to higher sales. Which leads to the growth we’re all chasing so hard. Isn’t it time we all truly put the customer at the centre of our business?
«The key difference between multichannel and omnichannel is integration of channels, and the use of data to create smart insights about your customer that you’re able to action.»
B2B marketplaces are booming
B2B marketplaces make sense for many buyers, who can easily find the products and services they seek at the lowest price anywhere in the world. That’s why vertical industry marketplaces are becoming an increasingly bigger driver of B2B e-commerce, because they’re providing buyers and sellers a venue for trading in specialised products.
B2B marketplaces aren’t just making buyer’s lives easier: they’re giving organisations the ability to capture a larger share of wallet. The idea of having a strategy that includes your own commerce channels, an owned marketplace, and a third-party marketplace means a brand can get its product on more channels and increase access. But decisions need to be made around whether you own the client relationship or prioritize speed and quantity through another marketplace.
And that’s the fine line businesses will have to tread in this rapidly-changing new world. The effects of marketplaces on existing B2B sales relationships can be disruptive. They will put pressure on B2B sellers to deliver value to buyers in new and innovative ways. To flourish, B2B sellers need to do more than simply sell a product or service. They need to help customers make better business decisions, and become trusted advisors on whom customers rely.
«The idea of having a strategy that includes your own commerce channels, an owned marketplace, and a third-party marketplace means a brand can get its product on more channels and increase access.»
Our commerce workforce of the future will need reskilling
The key here lies in upskilling the commerce workforce to become data-driven, and using data and digital channels to engage at scale with clients, rather than relying on gut-feel. It’s critical that traditional sales and marketing people become comfortable using data to collect dynamic customer profiles, and transform their approach to activities like digital marketing, digital product management and commerce itself.
If you like what you’re reading, please reach out to us to discuss the next steps in your business transformation, and how we can help you build the B2B omnichannel commerce platform of the future.
For more information on the topic of customer transformation, please visit our website.
In the following blog articles, we will deep dive into the challenges commerce faces and how to get ready for the commerce journey and differentiate yourself.
Customer Transformation
Customer Transformation involves new strategies, processes and technology – from marketing and sales to pricing, distribution and services. With our full suite of strategy-led, data-driven and technology-supported solutions, you can lift your customer engagement activities to a new level.
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Partner, Leader Sustainability Tech & Data, PwC Switzerland
Tel: +41 58 792 47 97
