B2B businesses have always been there and have ruled the business era. However, with the adaption of digitalization worldwide, most companies have shifted online, and the rise in internet usage has led to new trends in the B2B market.
So, to provide you with the details on the latest trends in the B2B e-commerce industry, I have researched through all the top sources and listed the top 11 trends you must stay up to date with.
Without further ado, let’s learn about the latest B2B eCommerce trends.
Top Trends In B2B eCommerce In 2023: In A Nutshell
Various B2B e-commerce trends have gained popularity in the year 2023. Let us look at the top 11 trends you must implement in your business to keep it aligned with the latest requirements of the consumers.
- Mobile optimizations will play a key role.
- Self-service buying portals will make transactions and purchases easier.
- Increase in Social commerce.
- Third-party marketplaces will play a major role.
- Increased demand for personalized online shopping features.
- Growth in Omnichannel sales.
- There will be an increase in the speed of order fulfillment.
- Increase in the usage of video content.
- Implementation of voice searches to encourage product discovery.
- Increase in the utilization of augmented and virtual reality.
- The importance of transparency between consumers and service providers will increase.
Top Trends In B2B eCommerce In 2023: Explained
Let us take a detailed look at all the latest trends in B2B businesses that will rule the market in 2023.
1. Mobile optimizations will play a Key Role
According to Shopify, 42.9% of e-commerce user purchases will be made through mobile devices. Hence the expected mobile commerce volume is forecasted to reach $620.97 billion by then.
These numbers indicate that more e-commerce audiences prefer using their mobile devices to search for the products they wish to order. Hence, most of the b2b companies are working to optimize their websites for mobile devices to retain their consumers.
Additionally, In a case study, marketing Sherpa found that there was an approximate 140% hike in mobile transactions due to the responsive design efforts put in by the b2b companies.
I guess it is no surprise considering the amount of time today’s generation uses their mobile devices to find solutions for everything.
Lets me clear your thoughts with some examples.
Slack provides its users with mobile-friendly services. You can use Slack on desktop as well as on mobile devices.
2. Self-Service Buying Portals Will Make Transactions And Purchases Easier
Who would not love a seamless experience while purchasing services and products?
The sales team in the middle made the service or product purchasing task strenuous. However, the good news is today, most b2b businesses offer effortless purchasing experiences to their consumers with the help of self-service portals.
This trend will undoubtedly be adopted by a majority of the b2b businesses in the year 2023, as 67% of the respondents to a survey conducted by Zendesk said they preferred self-service over speaking to the company’s representative.
I found this very effective as the consumers didn’t have to wait long to get their order placed or to solve their queries. Moreover, Forrester’s research depicted that 53% of consumers will abandon their purchase if they cannot find a quick answer to their query.
3. Increase In Social Commerce.
According to DataReportal, there were approximately 4.80 billion social media users in April 2023. This means almost 60% of the world’s population is active on social media. Hence, due to the rise of social media users, social media platforms have become one of the best places to market your products.
Social media increases the visibility of the products and helps the b2b businesses to reach a greater audience. As social commerce has spiked up in recent years, B2B businesses are at the forefront to take advantage of the opportunity. One of the most preferred platforms for social commerce is Facebook and which is followed by instagram.
Summing up, B2B businesses look forward to investing more in social commerce in 2023 to visit their business.
Here is an example of HubSpot producing quality and engaging content on social media applications. They have used informative as well as entertaining content to attract their audiences.
4. Third-Party Marketplaces Will Play A Major Role
Third-party marketplaces like Amazon, Shopify, etc., provide the brands with a new opportunity to reach global markets and test their products. Many B2B buyers research the products through these marketplaces and have the potential to convert into new leads and then consumers.
More significant marketplaces mean a more considerable potential to grow your businesses. Therefore, most B2B companies will turn their attention toward third-party marketplaces to increase their sales in the upcoming years.
Some famous third-party B2B marketplaces are Handshake by Shopify, Amazon Business, Tundra, Faire, etc.
5. Increased Demand For Personalized Online Shopping Features.
In today’s era of personalization, consumers do not prefer a pitch that sounds the same for everyone. They are more inclined toward businesses that provide them with relevant recommendations and advertisements.
A survey conducted by Moengage found that 27% of the respondents were frustrated by irrelevant content or product advertisements. On the contrary, 81% of the consumers reported that they want the brand to understand them and their purchasing requirements. Even the ads displayed in their native language give them the idea that their choices are being heard.
Eventually, a personalized shopping experience is what B2B businesses look forward to implementing in the upcoming time.
6. Growth In Omnichannel Sales
Omnichannel sales is a sales approach that a company uses to market and sell its products and services to consumers on all channels, devices, or platforms. This approach helps businesses to expand their reach, increase profits and become more noticeable.
Most B2B services are working on adopting Omnichannel sales to boost their sales and increase the generation of leads.
7. There Will Be An Increase In The Speed Of Order Fulfillment
Consumers expect to receive their orders within less time with the adoption of the latest technologies by businesses. The average time required to deliver an order pre covid was recorded to be 2.96 days. In comparison, the time needed to deliver the products post-covid decreased to 2.35 days.
Businesses are also approaching third-party services to deliver their products quickly and efficiently. Better order management will bring the B2B business one step closer to retaining consumers.
8. Increase In The Usage Of Video Content
Video content plays a significant role in attracting the audience and increasing brand awareness. B2C businesses have adapted well to video content creation, and so are B2B businesses working on.
Video content leaves a long-lasting impression on the audience. At the same time, unique and engaging video content or video advertisements makes the brand immortal.
Let me provide you with an example here. Slack attracted consumers with its video title. It was successful in poking the curiosity of the audience and attracting many clients. Plus, the humor and the visual effects added to the popularity of the video.
“So Yeah, We Tried Slack …”
9. Implementation Of Voice Searches To Encourage Product Discovery
In today’s hustle-bustle world, voice search has gained tremendous popularity. Almost 4.2 billion voice assistants will be used as of 2023, and more than 1 billion voice searches occur monthly. Hence, many B2B businesses have come forward to create voice assistants for their employees to ease their work and increase their productivity.
Salesforce just struck my mind while sharing about voice search implementation. It has introduced Einstien to its employees to ease their work, schedule meetings on the go, set up reminders, and much more just with the help of a voice command.
This voice technology is now adopted by huge B2B businesses like Google, Honeywell, etc., and it has successfully made its way to the top 11 trends of B2B e-commerce in 2023.
10. Increase In The Utilization Of Augmented And Virtual Reality
AR and VR play a massive role in B2B business growth. You can use them for product testing, creating virtual stores, collecting, measuring, and analyzing interactions during virtual meetings, etc.
Plus, it can also be used to create prototypes of the products and virtual products to demonstrate the services to the clients.
11. The Importance Of Transparency Between Consumers And Service Providers Will Increase
Most B2B businesses are working to implement transparency between the brand and the customers. Embracing transparency with the consumers helps to build trust, Strengthen loyalty, and help the brand in word-of-mouth marketing.
One of the examples of transparency implemented by a B2B company is Xerox. It has opted to use humor to provide details about its product and services.
Conclusion: B2B eCommerce Trends (2023)
Being a B2B business owner, you must work on the above mention trends to make your brand more recognizable and popular. And the bonus point is you do not have to make much effort as these trends align with the latest trends that the world is crazy about.
Above all, you can follow brands like Hubspot, Salesforce, and Slack to stay updated with the latest trends in the B2B business world. These brands are well known for their creativity and services.
You can also check out our website for other articles related to B2B businesses and e-commerce trends.
The B2B eCommerce trends in the year 2023 are an increase in the use of social media, personalization of the shopping experience, use of third-party marketplaces, OmniChannel sales, implementation of mobile commerce, etc. Other trends that are also spotted are the increased use of self-service buying portals, smoother transactions, faster delivery, and usage of video content to increase awareness, etc.
The B2B e-commerce was valued five times more than the B2C e-commerce market in 2021. It was worth 17.9 trillion US dollars at that time. It is forecasted to cross $1.8 trillion in the US alone by the end of 2023. Besides, the covid-19 pandemic has also accelerated the growth of the B2B e-commerce industry.
Today 72% of business buyers expect to witness a personalized experience when they shop. Besides, most transactions occur on social media, and it has become one of the largest places to market and sell products. At the same time, most B2B businesses are moving toward third-party marketplaces to reach a larger audience. This proves that B2B e-commerce is changing with the latest trends adopted and preferred by buyers.
The B2B e-commerce is expected to utilize various AI software and machines. It is expected to take over all digital marketing and generate leads. Additionally, it is expected that these B2B companies are on their way to adopting massive marketplaces like social media, third-party markets, etc.