10 Statistics that Every B2B ECommerce Business Owner Must Be Aware Of

Statistics are critical for business. Stats are not just random numbers instead they show the way to run a business with facts and figures. Using this data, you can know the current status of your B2B eCommerce business and set future goals.

The data can also be used to make accurate predictions about various things like the performance of your site, what is going to sell the most, etc.

Overall, statistics are important for your B2B online platform and they help in the B2B eCommerce process flow.

In this article, we will discuss 10 important statistics along with their importance and important takeaway from the stats. Every B2B eCommerce business owner must be aware of these stats so that they can use them to improve their B2B business solutions.

Important B2B ECommerce Stats

Millennials Prefer ECommerce

Millennials Prefer ECommerce

The millennials are making decisions at workplaces. One thing they prefer is shopping online. Now that goes for both B2B and B2C products.

According to a Forrester report from 2017, about 73% of millennials are involved in B2B purchasing decisions.

This number has only gone up in the past few years.

Most of the business is done online these days and you would be missing out on a lot of growth potential if you do not take your business online.

If you are a company providing B2B Business solutions then go ahead and take the plunge. Make your business online and you can directly interact more with the people who are looking for solutions online. More customers to you!

Key Takeaway

Most of the B2B customers are millennials and millennials prefer shopping online so it is important to have a B2B online platform for your business.

B2B ECommerce is Big and Growing

B2B ECommerce is Big and Growing

We already know that the B2B eCommerce market is huge.

As per Statista, 14% of the total sales of B2B came from B2B eCommerce stores. And this is going to be about 17% by 2023 for the US.

Another interesting report from Forrester claims that B2B eCommerce transactions will hit USD 1.8 Trillion by 2023.

So the owners already have the idea that the market is only going to expand and because of external factors like COVID-19 people are now using contactless methods more than ever.

This is a great benefit of B2B eCommerce as it makes the purchasing methods easier and safer for the customers. Every B2B business owner should know that the internet is going to be the biggest place to do business and then plan accordingly.

Key Takeaway

The B2B industry is big and constantly growing and to get better opportunities you must use a growing market to your advantage.

The Time to Create a Website is Now!

Create a Website is Now

I couldn’t stress enough how important it is for every B2B business to have a B2B online platform. As mentioned already, the internet is the happening place for businesses, at present and in future.

You can only do business on the internet if you have a B2B online platform.

Looks like small eCommerce businesses still do not know about this as it turns out that one-third of small businesses(37%) in the US do not have a website(via VisualObjects).

This is probably one of the best times to create a website if you are a small business. That way, you will have a strategic advantage over other small businesses that compete with you.

Creating a website these days is easier than you think. You can now use dedicated eCommerce website builders like WorksLeader that can create a site for you within minutes.

Key Takeaway

You are killing your B2B business if you do not have a website in the 21st century. This is the most ideal time to create a website if you want to have a strategic advantage over your competition.

The Convenience of an Online Platform is Unmatched

 Convenience of an Online Platform

What is the best about an eCommerce platform according to you? Well, it must be the sheer convenience of purchasing things. First of all, you can do it from anywhere.

All you need is a mobile phone or a laptop. If that wasn’t enough, you also get the product delivered to your doorstep. Then there are various ways to make payments. Overall, the level of convenience is unmatched.

If you notice, most of the eCommerce stores also provide free shipping for their customers. Now, this is something customers like a lot. So much so that free shipping is the number one reason why people shop online according to OBERLO.

Not only that but many B2B eCommerce businesses actually provide fast or next-day delivery which is a priority for many.

According to Accenture, 78% of B2B buyers consider next-day delivery for work purchases to be important or very important.

Now there might be different B2C and B2B eCommerce marketing strategies out there but convenience is something that they take to another level.

Key Takeaway

Make sure that your eCommerce store provides users with an effortless shopping experience. That includes giving customers what they want the most, which are free delivery and fast delivery of products.

B2B Researchers Do Extensive Exploration

 Extensive Exploration

People associated with B2B purchases generally make bulk orders and that is why they research extensively before selecting a particular company or B2B eCommerce business.

About 89% of B2B researchers use the internet during their B2B research process(via Google).

If that wasn’t enough, here is another interesting stat: Before engaging with a particular brand’s website, a B2B researcher will do 12 internet searches(via Google).

B2B buyers research extensively and if you are a B2B business solutions company then you would definitely want to be on their research list. To ensure that, you must rank on the SERPs(Search Engine Result Pages).

To rank better in the SERPs you need good traffic and SEO score for your website.

Key Takeaway

You need to have a well-optimized site to appear in front of B2B buyers when they conduct their research online.

Pay Attention to Your Site and Optimize it for Mobile Phones

So we know that a B2B online platform is important for any B2B eCommerce business but that doesn’t mean that you simply get a website and leave it there.

There are many aspects of a website like its UI, user experience, responsiveness, mobile-friendly design, etc.

Your site should load fast and there is just no other way around it.

According to Toptal, If your website takes more than 3 seconds to load, 40% of the users will leave your site.

website load time

So imagine losing 40% of your customers just because your site is slow. So what is the ideal time for a site to load? That can vary for different sites.

And making a site doesn’t mean that you just ignore the aesthetics. They are equally important.

Aesthetics are very important as people form 75% of their opinion on a website’s credibility purely based on aesthetics.

A common mistake that a lot of B2B eCommerce stores make is they do not optimize their sites for mobile phones. A lot of B2B research is done on mobile phones so you would want your site to be well optimized for a mobile phone.

According to a report from Google, 42% of B2B researchers use mobile phones during the B2B purchasing process.

Key Takeaway

Ensure that your site is good in terms of both UI(User Interface) and UX(User Experience). Your top priority is to create a fast site, looks good, and is free of any bugs. Also, keep in mind that it is mobile-friendly.

Ten Stats in a Nutshell

  1. According to a Forrester report from 2017, about 73% of millennials are involved in B2B purchasing decisions. 
  2. As per Statista, 14% of the total sales of B2B came from B2B eCommerce stores. And this is going to be about 17% by 2023 for the US. 
  3. A report from Forrester claims that B2B eCommerce transactions will hit USD 1.8 Trillion by 2023.
  4. One-third of small businesses(37%) in the US do not have a website(via VisualObjects). 
  5. According to Accenture, 78% of B2B buyers consider next-day delivery for work purchases to be important or very important.
  6. About 89% of B2B researchers use the internet during their B2B research process(via Google).
  7. Before engaging with a particular brand’s website, a B2B researcher will do 12 internet searches(via Google).
  8. According to Toptal, If your website takes more than 3 seconds to load, 40% of the users will leave your site. 
  9. Aesthetics are very important as people form 75% of their opinion on a website’s credibility purely based on aesthetics.

According to a report from Google, 42% of B2B researchers use mobile phones during the B2B purchasing process.

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