Business-to-business service providers are quickly realizing that they need to make use of e-commerce outlets and online payment processing terminals as much as retailers do.
More than 45 percent of business-to-business e-commerce executives told Forrester Research and Internet Retailer that they expect more than half of their clients and customers to be making their purchases online within three years. Additionally, two-thirds of those executives noted that they expect their technology budgets to increase this year, while 49 percent noted that they will upgrade their e-commerce platform in the next 18 months, anticipating increased sales rates.
“They’re buying products and services they use for work on consumer sites. So now they expect the business-to-business site customer experience will rival what’s offered by leading business-to-consumer sites like Amazon,” Andy Hoar, senior analyst at Forrester, told CMSWire. “Business-to-business sites are playing catch-up with customers, and business-to-consumer sites like Amazon and Google are entering the business-to-business space because they know the customer experiences they offer are more appealing and mature.”
More than 60 percent of all e-commerce executives report that online shopping has significantly altered the way they do business and interact with their customers, according to the report from Internet Retailer. For example, almost 70 percent of all respondents expect to no longer print catalogs within the next five years – once considered a standard in the business-to-business industry.
Instead, these experts expect their consumers will purchase products through online credit card payment processing terminals. The top technology priority for business-to-business companies is now their e-commerce platform: more than 60 percent of all respondents told Internet Retailer that they were their most significant worry at the moment. In fact, business-to-business executives reported that, on average, seven percent of their online revenue was being invested back into advancing company technology.Back To Blog