Introduction:
Understanding sourcing patterns is crucial as B2B organisations expand. B2B transactions are the backbone of industries and supply networks globally, but B2C gets more attention owing to its direct influence on consumers. Rising trends are changing how firms do business, making it crucial to stay competitive. Omnichannel tactics and AI’s expanding effect on B2B sales and purchasing will be examined in this guide.
Future B2B Sales & Purchasing: Omnichannel Sales
In B2B, COVID-19 caused major disruption. No more in-person sales meetings. Zoom is still used for video calls and business.
Although recessionary constraints loom, COVID provided new methods of working to B2B sales and purchasing.
To continue operations during COVID, B2B had to change drastically. It appears the change is irreversible.
B2B buyers desire multichannel sales 24/7. Ironically, the epidemic accelerated B2B evolution. Sales teams have to engage leads via more channels. Pre-pandemic sales personnel may have used email, phone, in-person meetings with procurement teams, and networking at events.
The traditional channels will be used by B2B salespeople. Depending on their specialisation, they will also use social media, supplier/vendor websites, video conferencing, bespoke electronic interfaces, IM clients, and more.
Over 90% of sales organisations considered today’s B2B omnichannel reality as equally or more successful in reaching and serving clients than before COVID-19, according to McKinsey.
B2B sales and buying teams employ far more digital channels post-pandemic. That requires coordinated sales teams who like digital and in-person work. It also includes buying teams that demand digital, self-service purchases.
To showcase digital self-service, a credit card holder makes an online purchase.
Future B2B Sales & Purchasing: B2C-Style Self-Service Commerce
Self-service B2B commerce was already trending, but COVID-19 amplified it.
Self-service commerce is preferred by B2B purchasing teams and customers. There are several causes. Gartner attributes one to demographics: B2B buyers are younger, digital-native decision makers. This is why COVID-19 would not stop this modification. B2C and customer experience quality requirements were aligning. In trade, B2B has traditionally trailed. Customers would drive B2B to adopt B2C-like practices.
The B2B sector has resisted this change. The causes vary. B2B transactions can be complicated and require safety measures. Especially in medicine. Price is another reason B2B self-service probably won’t succeed. The idea was that self-service would deter B2B buyers from buying expensive things.
McKinsey says this has changed. Over 30% of B2B company purchasers will spend over $500,000 online in one transaction. Over $1 million is acceptable to 15% of business purchasers.
This change is big. Big-ticket products are frequent in B2B. Whether B2B buyers will spend that much online is a gamechanger.
Future of B2B Sourcing & Sales: What Will AI Bring?
AI and ML are impacting B2B. As technology advances, disruption will rise.
AI and machine intelligence offer B2B operators significant prospects. This applies to sales and buying teams.
AI in B2B Sales
AI and machine learning transform sales. AI and ML are relevant across the sales funnel. AI is ideal for pricing optimisation, proposing the best price for each consumer on every sale. CLV research gives sales teams upselling ideas. AI can instantly rate sales leads, helping salespeople focus.
ML may recommend personalised content. This will cultivate self-service procurement funnel prospects. AI and ML simplify lead mining. Advanced AI and ML may assist sales and marketing teams locate new customers. AI can also help salespeople engage with customers. Either through a chatbot or a technology that helps salespeople convert prospects.
AI in B2B Purchasing
AI and ML in sales effect many touchpoints, but in purchase they are more subtle. Still revolutionary.
One major usage of AI and ML is insight creation. Its B2B purchasing benefits are clear here. Buyers may get immediate, relevant procurement information from ML models. AI and ML can monitor pricing patterns to help purchasing teams achieve the best vendor deals.
ML algorithms can predict buying prices. Business leadership may have neglected purchasing demands, but AI and ML algorithms may reveal that.
AI and ML might give purchasing teams real-time market sentiment monitoring. These advantages will help them negotiate the best price. Businesses who invest in this technology will save money if they use it properly.
Conclusion:
B2B sourcing is changing due to technology, buyer preferences, and AI/machine learning. Adapting to these developments helps companies compete. B2B organisations are improving productivity, customer experiences, and decision-making with omnichannel sales, self-service commerce, and AI-driven processes. Being ahead of these trends will boost growth and assure long-term sustainability in a changing industry.
