McKinsey & Company’s latest Global B2B Pulse shows that after two years of near-relentless business disruption, the consumerization of B2B commerce began as companies flexed their omnichannel strength to move at the speed of their customers.
B2B customers are adopting shopping habits from the B2C space, rewarding personalization and omnichannel experiences with high-quality self-service, remote shopping, and loyalty. One in five B2B decision-makers (20%) is now willing to spend between $500,000 and $5 million on a single interaction through third-party or self-service channels. This follows the exponential growth of salesperson satisfaction through omnichannel sales models (i.e. face-to-face, offsite, and e-commerce interactions) to reach and serve customers: 70% of B2B decision-makers say their sales model is now more effective, from 27% in April 2020.
When analyzing responses from nearly 3,500 decision-makers in 12 markets around the world, clear trends emerged. The core is a consistent model: B2B customers always want omnichannel, with more channels, more convenience, and more personalized experiences.
More return on personalization
Many B2B companies claim to be involved in some form of impersonation, but the performance is different. Sellers who offer the most personalized and personalized reach are 1.7 times more likely to gain market share than sellers who only seek moderate personalization efforts.
Markets are the next generation for the next generation leaders
Respondents who report that their company has built its market online are nearly twice as likely to see an increase in market share as those who say their company has not built a market.
Jennifer Stanley, partner, McKinsey & Company:
“Over the past couple of years, B2B companies have raced to team up and build new customer-centric omnichannel capabilities. The consumer benchmark of B2B commerce is now even higher. B2B leaders must anticipate trends and behaviors and react accordingly to generate customer value, strengthen loyalty and unlock sustainable growth.