CHICAGO, May 29, 2013 /PRNewswire/ -- Acquity
Group (NYSE MKT: AQ), a leading Brand eCommerce® and
digital marketing company, announces today the results of its 2013
State of B2B Procurement Study. The study surveyed corporate buyers
with annual budgets in excess of $100,000 on their purchasing habits and
preferences.
Findings revealed 57 percent of corporate buyers have purchased
goods online, and 37 percent expect to increase the amount of their
budget spent online in the next year.
The majority of corporate buyers are comfortable making major
purchases of $5,000 or more online.
In fact, 59 percent of respondents are currently making major
purchases online with varying frequency:
- 27 percent make a major purchase of $5,000 or more once per month
- 30 percent make a major purchase 2-4 times per month
- 23 percent make a major purchase 5-11 times per month
- 22 percent make a major purchase 11 or more per month
However, many B2B suppliers are missing out on this online
revenue, especially among purchasers with budgets in excess of
$500 million. Only 13 percent of
business buyers with a budget of $500
million or more purchase directly from a supplier's website,
even though 50 percent of buyers in this budget range spend 90
percent of their budget or more online. This means they're spending
37 percent on third-party websites, such as Amazon Supply.
"B2B suppliers have a significant opportunity to increase their
revenue from eCommerce," said Robert
Barr, Senior Vice President at Acquity Group. "Our study
revealed corporate buyers are comfortable and willing to make major
purchases online – and many are already doing this, but not on
suppliers' websites. With online spend expected to rise in the next
year, suppliers who don't invest in eCommerce and multi-channel
initiatives will miss out on revenue gains from this channel."
Best practices for B2B companies
For the 63 percent of respondents who do not plan to increase
online spend in the next year, the main reason is they do not see
any major advantages to ordering electronically, suggesting that
B2B companies need to offer more compelling content, research tools
and in some cases, fully functional eCommerce capabilities on par
with popular consumer brands.
"B2B suppliers need to give their buyers a reason to go to their
site," said Barr. "Buyers are consuming content and shopping on a
wide array of devices on consumer retail sites, and they've come to
expect the same experience in their business purchasing. B2B
sellers can take steps to drive more traffic to their online
channel - reducing overhead costs, increasing efficiency and
growing revenue - to get ahead of competitors."
The vast majority of respondents (71 percent) agreed or strongly
agreed that the amount of their budgets spent online would increase
if it was easier and more convenient to browse and purchase items
from suppliers' websites. When choosing between two suppliers who
carry the same product at the same cost, 71 percent of respondents
indicated they would purchase from the supplier with easier
electronic search and purchase processes, despite loyalty to a
current supplier.
Respondents said they would be more likely to make a major
purchase of $5,000 online if a site
featured:
- Increased security (51 percent)
- Free delivery (39 percent)
- Customer service representatives available via phone (37
percent)
- Improved online customer service or live chat features (30
percent)
- Better sources for research online (29 percent)
- Faster delivery than a catalog order (24 percent)
- More customer friendly design (21 percent)
In addition, 28 percent of respondents would be more likely to
make a major purchase of $5,000 or
more using a mobile device if suppliers offered easy-to-use mobile
optimized sites.
"The most important takeaway for B2B companies is to think
omni-channel," said Barr. "There's a lot of pent-up demand for more
robust, user-friendly online offerings, and we are about to reach
the tipping point. B2B companies must act quickly, or risk being
left behind."
The Acquity Group 2013 State of B2B Procurement
Methodology
As a leading provider of digital marketing, interactive design,
and eCommerce solutions, Acquity Group works with many global B2B
companies to increase profits, efficiency and customer loyalty
through eCommerce capabilities. Acquity Group completed this study
to help chief marketing and IT officers in B2B companies gain a
better understanding of how buyers research and purchase goods for
their organizations.
The study surveyed 207 buyers with annual procurement budgets of
$100,000 or more across a wide range
of industries. The survey analyzed buyer behavior and preferences
across a variety of areas, including research habits, loyalty
trends, purchasing frequency and channel, and customer service
needs, as well as feature and offering preferences. Respondents
were further broken down based on demographic qualifiers, including
age, budget and industry. Response percentages were evaluated on a
quantitative scale to assess actionable metrics for B2B
companies.
About Acquity Group
Acquity Group is a leading Brand eCommerce® and digital
marketing company that leverages the Internet, mobile devices and
social media to enhance its clients' brands and e-commerce
performance. It is the digital agency of record for a number
of well-known global brands in multiple industries. Acquity
Group has served more than 600 companies and their global brands
through thirteen offices in North
America. For more information about Acquity Group,
visit acquitygroup.com.
SOURCE Acquity Group Ltd.