The Coronavirus pandemic led B2B companies to alter their business strategies and procedures. A lot of them closed, and many shifted online. The B2B industry isn’t the way we thought it was a few years ago. It has significantly changed in the past couple of years.
And being aware of these changes can help you understand where the industry is heading and how you can plan for the future.
To help you save time spent on research, we have put together the latest B2B statistics from credible sources.
Let’s have a look!
General B2B Statistics
The global B2B eCommerce market will reach $20.9 trillion by 2027 (GlobeNewswire)
The B2B global market is rising quickly and is on track to reach over $20 trillion in the next five years.
Also, Statista reports that the B2B eCommerce market is over five times bigger than the B2C market.
B2B business owners are more likely to use eCommerce platforms than in-person sales (Mckinsey)
Soaring demand from customers is the primary reason behind this shift.
This report reveals that eCommerce is now driving over 18% of the revenue for a typical B2B firm, placing it in the same category as the sales made in person and well above the other sales channels.
About 65% of B2B businesses across all industries currently offer eCommerce and can execute online transactions for sales.
Millennials account for more than 60% of technology buyers in the B2B space (Trustradius)
Almost 60% of B2B tech buyers are millennials. Surprisingly, only 2% of B2B tech buyers are Gen Z.
Approximately 58% of B2B buyers use product demos as a source of information (Trustradius)
B2B buyers rely on product demos, vendors/product websites, user reviews, vendor reps, and free trial/accounts to make purchase decisions.
B2B eCommerce grew 1.17 more than U.S. manufacturing and distributor sales growth (DigitalCommerce360)
The year 2021 saw an increase in B2B eCommerce as it grew 1.17 times faster than overall U.S. manufacturing and distributor sales.
B2B eCommerce Statistics
Almost 94% of B2B buyers face customer experience issues when buying on the internet (Sanacommerce)
Online stores are far from perfect in the eyes of a B2B buyer.
Research shows that 50% of online stores do not live up to the expectations of B2B buyers. Also, 37% of B2B buyers say they have issues with their orders every week.
Approximately 65% of B2B businesses across sectors offer eCommerce services (McKinsey)
In 2022, more than half of B2B firms are offering eCommerce services, allowing them to successfully execute an online sales transaction. This is an up from 53% in early 2021.
According to Avionos’s 2021 buyer report, 87% of buyers from B2B prefer to pay more for the supplier’s eCommerce capabilities (Avionos)
B2B suppliers can benefit a lot from investing in a digital channel.
Avionos’s study found that 87% of consumers prefer a supplier with an eCommerce portal, up from 81% in 2020.
Most B2B businesses have made online channels as effective as their offline counterparts (Mckinsey)
Over 80% of B2B suppliers say they hold their eCommerce platform up to the same or better standards as their offline channels and offer superior quality standards.
Almost 79% of the suppliers have built, are building, or looking to build an online marketplace (Mckinsey)
B2B buyers consider digital marketplaces to be crucial to the purchasing process. Most B2B buyers say they are willing to purchase through online marketplaces.
The majority of B2B transactions between suppliers and buyers will occur in digital channels by 2025 (Gartner)
The future is digital. Gartner expects a shocking 80% of B2B transactions to occur through digital channels.
Approximately 70-80% of B2B buyers prefer digital self-service or remote interactions (McKinsey)
Over three-quarters of B2B clients favor remote or digital interaction over in-person sales.
B2B Marketing Statistics
Almost 76% of B2B businesses have a proper marketing strategy (Sagefrog)
B2B companies don’t want to lag behind in the digital age. Almost 76% of them have a formal plan for marketing that helps shape their business strategies.
Approximately 56% of B2B businesses use a balance of in-house and outsourced marketing (Sagefrog)
Most B2B businesses combine in-house and outsourced talent to execute marketing strategies.
Only 6% use only outsourcing while 38% of B2B businesses use only in-house talent for their marketing efforts.
B2B businesses expect to spend more on the digital market by 21%
According to Sagefrog, 41% of B2B businesses plan to invest in video marketing (Sagefrog)
Video offers great engagement for B2B companies. It helps with social media marketing and allows users to spend more time on your site.
That’s why 41% of B2B businesses are optimistic about video marketing.
Approximately 92% of B2B marketers are using an account-based marketing plan (Salesforce)
B2B businesses boost business growth via account-based marketing.
The majority (92%) of B2B marketers are part of an account-based marketing plan.
According to Sagefrog, 84% of B2B companies use email marketing (Sagefrog)
Emails are an effective way to share your brand’s content. It is a proven method to reach individuals and business clients.
Many marketers use emails to follow up on leads or boost conversions.
Almost 69% of B2B businesses use blogging and content marketing (Sagefrog)
B2B Content Marketing involves using content to broaden the reach of your business.
Over two-thirds of B2B companies employ this marketing strategy to increase their sales.
According to InvespCro, 94% of marketers believe that influencer marketing is a successful strategy for B2B businesses. (Source)
This high level of confidence reflects the growing acceptance of influencer marketing as an effective approach among B2B marketers.
Unlike typical consumers, B2B buyers are less influenced by traditional advertising methods.
Instead, they rely on peer recommendations, expert insights, and industry knowledge to guide their purchasing decisions, making influencer marketing a particularly impactful strategy in this sector.
B2B Customer Statistics
According to DemandBase, 70% of buyers conduct a thorough ROI analysis before making a final decision (DemandBase)
Demand Base’s B2B buyer behavior study found that most buyers heavily analyze ROI before finalizing their buying decisions.
Approximately 90% of B2B buyers will turn to an alternative supplier if the digital channel cannot keep pace with their demands (Avionos)
B2B buyers are likely to switch suppliers for better service.
Avionos’s study found that consumers would leave suppliers if they could not keep up with their needs.
Almost 48% of B2B buyers consider finding up-to-date product or service information as a top challenge (Avionos)
Finding up-to-date product or service information isn’t as easy as it looks. Almost 50% (~48%) of B2B buyers seem to agree.
According to TrustRadius, 92% of buyers who read reviews share them with at least one other person (Trustradius)
B2B reviews have a particular effect on buyers based on how widely they’re shared.
A single review could have a significant influence on the buying decision.
Of those who stated they had used reviews in their product selection, 92% shared these reviews with at least one other person.
According to Salesforce, 84% of B2B buyers are likely to choose a vendor who clearly understands their business objectives (Salesforce)
A company cannot gain credibility with its customers if its only objective is to make money.
In B2B customer relations, building trust requires sales representatives to provide customized solutions based on their understanding of a company’s unique needs and objectives.
At least 77% of B2B customers from the U.S. are willing to spend more than $50,000 in one online transaction (Digital Commerce 360)
Buyers are now more willing than ever to invest significant amounts through online or remote sales channels.
In fact, 35% of them are willing to pay up to $500,000 or more in a single transaction.