{"id":7202,"date":"2019-04-24T11:06:09","date_gmt":"2019-04-24T11:06:09","guid":{"rendered":"https:\/\/www.openbusinesscouncil.org\/?p=7202"},"modified":"2020-02-27T09:23:57","modified_gmt":"2020-02-27T09:23:57","slug":"digitising-the-manufacturing-sector-the-future-of-b2b-global-trade","status":"publish","type":"post","link":"https:\/\/www.footballthink.com\/digitising-the-manufacturing-sector-the-future-of-b2b-global-trade\/","title":{"rendered":"Digitising The Manufacturing Sector: The Future Of B2B Global Trade"},"content":{"rendered":"
\"Digitising
Digitising The Manufacturing Sector: The Future Of B2B Global Trade<\/figcaption><\/figure>\n

By Heather Williams, CEO and co-founder of Sourcing Playground.<\/a><\/strong><\/p>\n

E-commerce has completely redefined how we as consumers buy goods and services. Online is now dominating and those who have not adapted to the change in customers spending will be missing out. This is also very true and even more prominent in the B2B landscape. In 2017 the gross merchandise volume for B2B was $7.66 Trillion compared to that of the B2C market which came to $2.14 Trillion. This growing gap between the B2B and B2C market has created enormous amounts of opportunities to those companies adapting to the change in the market.<\/p>\n

Just like the retail sector, early eCommerce adopters in the manufacturing and supply sectors will gain huge market share and ensure they are positioned correctly during the digitalisation of the manufacturing sector.<\/p>\n

When you think of new technology within the manufacturing sector you would initially think of Industry 4.0, IoT and connected hardware however these new technologies, albeit a step in the right direction, are focussed on the manufacturing process and production itself. There are however huge opportunities that lie in the operations of the business including: digitising sales and marketing teams, online communication and account management, cloud-based project management and workflows. All of these steps are crucial aspects of the customer journey for a B2B buyer when working with manufacturers. These aspects of the manufacturing process however are often overlooked by manufacturing companies and not considered vital in the acquisition and retention of clients.<\/p>\n

This hindsight might give way to answering the fact that a huge 56% of B2B buyers are not satisfied and feel their purchasing needs are not currently met. Areas such as better digital and e-commerce experiences.<\/p>\n

Let\u2019s start with Why?<\/h2>\n

– The B2B Buyer has changed.<\/strong><\/p>\n

Almost half of all B2B buyers are Millennials. This is driving a new wave of procurement teams taking their B2C ecommerce expectations to work with them and demanding more within the B2B landscape. Although they differ, the sales process and the buying process (the basic customer journey) remains the same.<\/p>\n

These buyers are demanding more and are changing the B2B purchasing journey. Gone of the days of scrolling through catalogues, making phone calls, attending trade shows once, twice a year. They are heading online using search engines, online platforms, suppliers\u2019 website to enhance their experience. Manufacturers and suppliers who are ahead of the game and reward the buyers with an enhanced online experience will earn their loyalty.<\/p>\n

\u201cEver since ecommerce giants emerged on the B2B competitive landscape\u2026[the] majority of buyers are expected to make half or more of their work purchases online. This trend will likely grow as more purchasers find that procuring products and services from a website is more convenient than buying from a sales representative\u2026 It will take time for all suppliers to shift to the online sales channel, therefore creating a gap between the traditional B2B sellers and the modern buyers.\u201d <\/i>Gavin Angell, Development Director at The Dorchester Group<\/b><\/i><\/p>\n

In a recent study by Mirakl, Oracle of B2B purchasing \u2013 it found that 87% of respondents generally buy through marketplaces, making it the most widely used channel among all others<\/h2>\n

Compare to that of only 14% of respondents who prefer person-to-person sales, including salespeople, customer service, or in-store interactions. This demonstrates a clear shift in their purchasing journey moving away from traditional direct sales approaches to a more automated online experience.<\/p>\n

Even though B2B buyers generally would prefer to use online there is evidence to suggest that the technology has not caught up with their expectations. As 73% of B2B buyers generally use digital channels – however only 11% claim digital is their preferred method to buy at present, indicating there is a demand for better digital experiences<\/b>. The demand is clearly visible from buyers however currently they are not given the correct tools and online experiences for it to become part of their everyday purchasing journey.<\/p>\n

\"Half
Half of all B2B buyers are millennials<\/figcaption><\/figure>\n

\n

This is where the greatest opportunities lie for manufacturing companies to increase their new business and attract and retain their user base.<\/p>\n

Buyers see online to help and improve with the following:<\/p>\n