In 2024, the B2B commerce world will see the rise of digital transformation, enhanced personalisation strategies, and improved data security and privacy measures. It’s important to stay updated with the latest developments and industry news to understand how these trends evolve and impact the future of B2B commerce.
Artificial intelligence and machine learning are set to take over the digital world in 2024. B2B organisations use AI and ML to speed up processes, personalise customer experiences, and remain competitive in this rapidly evolving industry. These specific technologies offer a range of benefits, such as increased efficiency and business growth. AI and ML will allow businesses to make more precise decisions around consumer preferences.
Personalisation and Customer Experience
Over the last few years, personalisation has been a growing strategy, with 71% of consumers wanting deeper connections with brands and experiencing a more personalised approach when travelling through the buyer journey. Improved customer satisfaction and loyalty result from enhancing the customer experience through personalisation tools. These tools include specific rewards tailored to your loyalty, using your name on email marketing and product recommendations based on your purchase patterns.
Sustainable and Ethical Practices
Businesses are implementing sustainable and ethical practices to meet buyer preferences, with 61% of customers feeling that sustainability is more important to them than it was two years ago. The future of B2B commerce will show organisations contributing to a more responsible and equitable business ecosystem and positioning themselves as socially reliable and trustworthy partners in the marketplace. This approach can lead to long-term positive relationships with clients, suppliers, and other stakeholders.
Voice commerce is the action of customers using voice commands to search and purchase products online. Customers are open to using more voice-activated technologies, and from this, the B2B industry is expected to begin incorporating these new advancements into their tasks and transactions. Although B2C has been the lead with voice commerce, there is space for B2B to take this technology on board.
Some benefits that can come from implementing this technology are:
- Order tracking – Rather than searching, customers can simply ask, ‘Where’s my order?’ and receive the information they need in an efficient time.
- Easy re-ordering – Voice commerce can make re-ordering much more accessible, especially for supplies that need frequent re-stocking.
- Brand differentiation – With so many corporations entering the B2B world, distinguishing yourself from your competitors can be even more challenging. However, staying current on trends and insights can allow you to gain a competitive advantage by applying this new form of technology.
- In terms of web accessibility, those with disabilities or impairments can use voice commerce to satisfy their online experiences, allowing more consumers to have access to your products and services.
Data Security and Privacy
Unfortunately, everything is solely online, so there is a higher risk of data security breaches. With 32% of businesses in 2023 facing some form of cyberattack, companies will implement further data security measures to prevent any cyberattacks from occurring. Although B2B companies need to ensure they have the correct measures in place to avoid significant damage to their operations, it’s also essential for customers. 85% of customers say that data privacy is important to them before purchasing. 52% of B2B customers stopped buying from a business when they felt a company had violated their digital trust.
The future of B2B commerce
Overall, the future of B2B commerce will be shaped by a combination of technological innovations, changing customer expectations, and a focus on efficiency and sustainability. Businesses that adapt to these trends are likely to thrive in the evolving B2B landscape.
How will digital transformation impact B2B commerce in the future?
Digital transformation is expected to streamline processes, improve efficiency, and enhance customer experiences in B2B commerce. Embracing technologies like e-commerce platforms, AI, and blockchain will likely play a crucial role.
How is mobile commerce expected to impact B2B transactions?
Mobile commerce is anticipated to play a significant role in B2B transactions, providing on-the-go access to business interactions and transactions. Mobile-friendly platforms and applications will be crucial for facilitating seamless business operations.
How can B2B businesses prepare for the shift towards subscription-based models?
B2B businesses can prepare for subscription-based models by assessing the viability of their products or services for subscription offerings, building flexible pricing structures, and investing in customer retention strategies.
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