We use cookies to provide you with a better experience. By continuing to browse the site you are agreeing to our use of cookies in accordance with our Cookie Policy.
Billtrust, a B2B accounts receivable automation and integrated payments leader, has released new findings from a proprietary in-depth research study, commissioned by Billtrust and conducted by Paradoxes Inc., defining the current state of B2B ecommerce experiences in the U.S.
The research, informed by input from 508 buyers and suppliers in the HVAC, electrical, janitorial/sanitation, plumbing and general contracting spaces, has uncovered significant shifts in how organizations are buying and selling today. Specifically, factors such as the global pandemic, a younger workforce and the evolution of B2C ecommerce experiences have accelerated the rate at which B2B organizations are conducting business online. In fact, 80% of buyers across verticals say that they frequently purchase supplies online.
Further illustrating a stark departure from relationships traditionally built on in-person interactions, 60% of service providers say that their supplier’s ecommerce experience is “very important” to their relationship with the supplier. Additionally, 67% of B2B buyers report switching to vendors that offer a “more consumer-like” experience.
“The reality is, the consumerization of B2B and the acceleration of ecommerce adoption is showing no sign of slowing,” said Flint Lane, founder and CEO, Billtrust. “With Billtrust’s study illuminating buyers’ desire for B2B ecommerce experiences that resemble those they enjoy in their personal lives, it’s clear there’s a massive opportunity for suppliers to win business and boost ROI by tailoring their offerings accordingly. With the vast majority of buyers reporting an increase in profits from ecommerce buying, adopting a digital-first mentality is a win-win.”
The research is summarized in a new white paper, “The Future of B2B eCommerce: Bridging the Gap Between Buyers and Sellers,” and includes the following key findings: