B2B eCommerce

Mckinsey separates B2B fact vs. fiction

The conventional wisdom around B2B ecommerce is due for a reset, according to the consulting company. Here are five myths around B2B ecommerce that need to be debunked, according to McKinsey.

Myth 1: Most B2B companies don’t offer ecommerce

Nearly two-thirds (65%) of B2B companies across industry sectors now offer ecommerce capabilities, defined as fully executing a sales transaction online.

Myth 2: B2B buyers prefer face-to-face interactions

Two-thirds of corporate customers intentionally reach for digital or remote in-person engagement when given a choice.

Myth 3: Just a basic ecommerce site can suffice

More than 80% of companies say they hold their ecommerce channel to the same or higher standard as other channels. They also say it offers the same or better levels of excellence in product and service availability, pricing, performance guarantees, shipping and delivery, and personalized recommendations.

Myth 4: Ecommerce is only for repeat or low-ticket purchases

More than one-third (35%) of companies say they are willing to spend $500,000 or more in a single transaction on digital channels. That figure has grown steadily over the past 12 months, and a whopping 15% of corporate decision-makers are comfortable making purchases online that are worth more than $1 million.

Myth 5: Digital marketplaces are a next-level ‘nice-to-have’

60% of B2B buyers indicate they are open to purchasing on digital marketplaces, roughly the same percentage as those who buy from supplier-branded websites (64%).

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