And the US is leading the way in the digital transformation we are seeing.
According to a new study from Digital Commerce 360, this year distributors are on track to grow digital commerce in all its multiple forms, including ecommerce, and apps, electronic data interchange, e-procurement and B2B marketplaces, to $3.811 trillion. That’s up 25% from $3.050 trillion in 2021. Source: Digital Commerce 360
Digital commerce is rapidly becoming the main sales, communication and churn-minimizing channel for distributors and manufacturers. The reasons for this transformation wave are plentiful:
- First and foremost, digital commerce channels enable distributors and manufacturers to act on the fast-growing customer demand for smooth ordering processes 24/7/365
- Secondly, and equally valuable, is the ability for distributors to provide full digital workflow compliance towards their customers with regards to quotes, requisitions, and final order placing and fulfillment is crucial
- Thirdly, the ability to personalize B2B ordering and create truly modern B2C-like ordering experiences weighs in heavily
- Fourthly, digital order channels enable distributors and manufacturers to communicate assortment, stock availability and price changes in real-time, minimizing costly order errors
- Fifthly, the ability to minimize manual order processes and digitally standardize customer interactions are both vital in a modern B2B world
A truly digital mindset within B2B commerce is so much more than just generating additional sales in a short-term perspective. It is in fact equally important for distributors and manufacturers to secure their future revenue steam and long-term customer relations.
“The distributors and wholesalers that are learning and living that lesson now will turn first-time digital buyers into loyal return customers and take ecommerce sales — and market share — away from competitors that aren’t changing with digital times.” Digital Commerce 360
In this context – with the current post-covid, uncertain and energy-crisis prone market environment – digital B2B commerce channels are showing their effectiveness and the B2B companies investing in digital commerce now are destined to prevail as future winners.