Shaping the Future of B2B

We hear a lot about how the global COVID-19 crisis has transformed industry. However, what it has done in many cases – including the businesses of B2B buying and selling – is more akin to a cementing of a direction of travel which was already very much in motion.

Digital technology, B2C style customer experience, self-service, and more are now intractable elements of the B2B landscape and form the raw materials from which the future of the business will be shaped.

And seeing as the industry is now worth around $8 trillion – a figure which is forecasted to grow 18.7% and reach $18.57 trillion by 2026 – there are serious rewards available to those which put themselves in the vanguard of this movement.

Payments

One area of the B2B business which has historically been fairly resistant to change has been the payment process. While there are many digital pathways through which payments can be made, the majority of B2B buyers still lean heavily on manual processes of invoices, cheques, and credit card payments.

Those B2B businesses interested in shaping the future of the industry will want to focus on switching to more digital solutions. Not only are digital payments faster and less expensive to process than traditional alternatives, but they also provide all parties involved with increased levels of transparency and security.

Many industry analysts are suggesting blockchain technology and cryptocurrency will play a significant role in the future of payments. However, with the incredibly wasteful and legally dubious landscape these technologies presently occupy, we would suggest caution before investing heavily in these options.

Customer Experience

As the decision-making levels of many organisations become increasingly occupied with Millennials and GenZ demographics, there will be an increased focus on providing levels of customer experience more in line with B2C shopping.

These demographics are far more digitally savvy than Baby Boomers and GenXers and will expect experiences such as increased levels of personalisation, options to self-serve, mobile optimisation, and a greater focus on online portals instead of sales calls and rep visits, born of their growing up shopping and interacting online.

Future thinking B2B brands should choose this moment to look hard at their online presence and surrounding services and make sure they are equipped to meet these new decision makers where they already are and reach/exceed these expectations.

Security

With this ever-greater focus on digital experience in the B2B industry must come a sympathetic increase in attention to matters of cybersecurity.

According to Accenture's State of Cybersecurity Resilience 2021 Report, the number of cyber-attacks increased by nearly a third [31%] between 2020 and 2021, with the average number of attacks visited on each company rising from 206 to 270 year over year. Some of the biggest attacks in 2021 led to the theft of over five billion records and the cost of cybercrime is predicted to hit $10.5 trillion by 2025.

This is why organisations are increasing their marketing budgets and making cybersecurity a priority in the post-COVID landscape. 69% have stated they are increasing security spending in 2022 and 85% of IT professionals have reported an increase of up to 50% in their 2022 security budgets.

B2B buyers are savvy to the risks of cybercrime and will not hesitate to drop a supplier if they feel their data and security are not being taken seriously. In the world of online business, there are dozens of suppliers ready to step in and take your business, so shaping a more secure future for your organisation needs to be a top priority.

Final Thoughts

Shaping the future of the B2B world involves taking the lessons of the pandemic on board, engaging with partners up and down the value chain, and working together to identify where weaknesses exist and striving to eliminate them. Those organisations which are able to achieve these goals, whilst building on their existing strengths are going to be the industry leaders and bright lights to follow in the future.

How we shape the future of B2B is sure to be a hot topic at B2B Online 2022, being held in December at the Hotel Palace Berlin.

Download the agenda today for more information and insights.