The Future of B2B

The B2B sector is going through a very exciting change for everyone involved. With the change in consumer buying habits as we move forward within the 21 century, so will the business sales’ methods.

With the change in target audiences to Gen Z and millennials, business sales are moving into the digital sense where everything will be handheld or done via online or smartphone. This varies differently from previous generations where every aspect of B2B was conducted in person. B2B channels are also receiving payments more digitally than ever. Website payments account for 80% of transactions completed along with mobile wallets starting to become a preferred method for customers with smartphones.

The need for Digital Marketing within B2B is changing how information is provided from business to business, especially in business to customer. Businesses are now even looking online to find other businesses to collaborate and hire for necessary needs. “55% of B2B marketing budgets are directed toward digital efforts that help provide a more personalized buying experience” (BigCommerce, 2020)

Here are some future trends the B2B sector will get into within the next year:

–Addition of B2B customer loyalty accounts: B2B buyers are starting to request more perks and insights to business relations, similar to B2C; providing customer loyalty programs helps B2b vendors increase brand awareness, opportunities to upsell, and much more through the means of referral rewards, rewards programs, and transaction-based discounts.

–Request for quick B2B order fulfillment: Heightened cross for B2B companies into digital has increased the need for B2B to measure with the fast shipping options of B2C merchants.

–Multi-channel selling Integrations: The need for multi-channel systems has been found to help B2B sector operations from inventory to back-office needs with a touch of a fingertip.

–Shift into AR and VR: Making the B2B buyer experience convenient through Augmented and virtual reality means bringing experiences to the digital screen. Many businesses can showcase their products where other businesses can physically touch the item.