Way back in 2019, Forrester Research forecasted that online B2B sales would hit $1.8 trillion—yes, trillion—by 2023. That was before the global pandemic upended the world and made digital transformation even more critical.
Here’s a reality that many of us have been ignoring: 78% of B2B buyers start their buying journey online. And increasingly, more and more people want to finish their purchase online, without ever speaking to your sales reps. It’s no wonder that 85% of B2B companies believe that digital commerce is a significant income opportunity that they are not currently using.
| 85% of B2B companies see digital commerce as a significant income opportunity that they are missing out on. |
B2B companies have been slow to adopt digital commerce technology, but this is rapidly changing. However, some companies are concerned that digital transformation will take too long, cost too much or simply not meet their needs.
Most B2B companies have some kind of digital presence. But it is no longer enough to have a website. B2B customers want to research—and purchase—goods online. For many customers, never having to speak to a salesperson is a major bonus and a way to save time and money.
Here are three myths that are holding B2B companies back from digital transformation—and increasing sales.
Myth #1: Our Goods Are Too Complex
Some goods are more complex than others and need to be customized to a customer’s specific requirements.
Consider a manufacturer of wooden doors. The customers would need to supply details including the size, type of wood, color, design and so forth. However, a comprehensive digital commerce solution will offer advanced product configuration technology, allowing those specifications to be built into the e-commerce platform. That means that customers can configure products visually—exactly as they want and need—and get accurate quotes.
Myth #2: We Don’t Need to Digitally Transform
Digital commerce is a growing channel. When Gartner surveyed marketing leaders, they found that 86% of participants saw digital commerce as their most important market channel over the next two years.
| 86% of B2B companies see digital commerce as their most important market channel over the next two years. |
Digital transformation is no longer a “nice to have”—it is a necessity to survive.
Myth # 3: Digital Transformation Is Too Difficult and Expensive
Choosing the right partner is critical to your digital transformation success. B2B companies should consider the following:
- How configurable is the platform?
- Can the digital commerce solution be customized to meet my needs?
- Is the solution scalable?
- Will it meet my future needs?
- What is the time to deploy?
Don’t Leave Money on the Table—Avoid These Myths and Misconceptions
The right digital commerce solution is the one that best meets the needs of your particular industry and business needs. From website upgrades to automation, ideally, you want a vendor that already has the technology building blocks that make it easy to create a personalized solution, quickly and cost-effectively.
To learn more about how QAD Digital Commerce can help you, contact us for a demonstration and more information.
