As 2024 unfolds, the B2B ecommerce sector is undergoing significant transformation driven by technological advancements and shifting buyer behaviors. Despite expectations of a modest economic downturn, this period presents an opportunity for businesses to optimize their operations, improve marketing strategies and enhance their technological infrastructure.
Navigating digital transformation in 2024’s B2B ecommerce landscape hinges on a deeper comprehension of AI, omnichannel strategies and social commerce. Here we’ll take a look at these trending technologies and how they will shape B2B businesses’ ability to deliver a frictionless experience with their digitally native buyers.
Influx of AI and Hyper-Personalization
AI and hyper-personalization will be a driving force in B2B ecommerce in 2024. B2B brands should invest in AI-driven CRM (customer relationship management) systems to analyze customer data, offering insights for personalized marketing and sales strategies. These AI applications range from optimizing pricing and inventory management to fraud prevention.
Brands also will need to train their teams to interpret AI insights for customizing client interactions, such as personalized email campaigns, tailored product offerings and predictive ordering. Enhanced chatbots and virtual assistants will offer instant product support and transactional assistance. Additionally, maintaining ethical data usage and ensuring customer privacy will be vital in these AI deployments.
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B2B’s Omnichannel Revolution
Recent research indicates a growing digital inclination among B2B buyers. BigCommerce’s Global B2B Buyer Behavior Report highlights that 74% of B2B buyers now prefer online platforms for their purchasing needs. This trend requires businesses, particularly in ecommerce, to seamlessly blend their online and offline sales channels. The use of CRM and ERP (enterprise resource planning) systems is essential for this, as it allows for the synchronization of customer data and inventory across various platforms. Implementing these tools ensures consistent communication across channels and provides a comprehensive view of customer interactions, whether they occur online, via mobile apps or in person.
Not only is the B2B buyer turning online for transactions, but they are also increasingly relying on search engines and third-party marketplaces for product discovery and purchasing. According to the survey, 65% of respondents use search engines as their primary method for finding products, and 60% frequently utilize B2B marketplaces like Amazon Business for their purchases.
Given these trends, developing a robust omnichannel strategy is becoming increasingly critical for companies. Such a strategy enables B2B brands to effectively engage with buyers across a variety of platforms, including their own websites, online marketplaces and through internet searches.
To further enhance your omnichannel strategy and build a solid foundation for success, prioritizing a comprehensive omnichannel data strategy is crucial. This ensures the automatic synchronization of an optimized product catalog across all channels and systems. Utilizing data feed management platforms such as Feedonomics, a BigCommerce company, can enhance product visibility, boost conversions and improve your return on ad spend, leading to better performance and streamlined operations.
Surge in Social Commerce Adoption
Following in the footsteps of their DTC counterparts, social commerce is gaining significant traction in B2B ecommerce. Unlike the traditional multichannel approach, social commerce is about creating strong communities and affinities around specific brands and verticals. This trend will encourage B2B brands, such as those in the automotive, manufacturing, wholesaling and distribution sectors, to rethink their social media footprint and product representation.
How Businesses Should Prepare
In 2024, businesses will face a constantly evolving and, at times, turbulent environment, influenced by economic fluctuations, political turmoil and new technological advancements. This scenario presents unique opportunities for growth and progress. Success will largely depend on a business’ ability to remain flexible and adaptable to these changes by:
- Scenario planning: Businesses must develop contingency plans for various potential scenarios, including economic downturns or supply chain disruptions;
- Investing in technology: Continual evaluation and investment in technology will be critical. This means moving away from legacy systems that hinder growth and ROI and embracing modern, agile solutions; and
- Taking a customer-centric approach: Maintaining a strong focus on understanding and meeting customer needs will be paramount. Customer loyalty can act as a stabilizing factor during turbulent times, so prioritizing the customer experience in investment decisions will be essential.
To best meet the needs and expectations of today’s digital-first buyer, B2B companies should focus on integrating AI and hyper-personalization, embracing omnichannel strategies and effectively utilizing social commerce. Emphasizing preparedness and adaptability will be critical in harnessing these trends for long-term growth and success.
Lance Owide is the Director of B2B for BigCommerce, an open, composable ecommerce platform for established and fast-growing large B2C and B2B brands.
