Consumer Preference in the B2B Marketplace Has Evolved In this Digital Era

    Consumer Preference in the B2B Marketplace Has Evolved In this

    With the rapid shift towards digitization and marketing channels, the B2B marketing ecosystem has drastically changed.

    The global pandemic has drastically shifted the way buyers-engage, and in its essence, consumers increasingly prefer digital channels. However, the enforcement of the lockdowns has accelerated this trend already. According to McKinsey, the US e-commerce experienced ten-year’ worth of progress within just three months.

    Experts believe that for businesses to scale and grow in the current market scenario, sales teams need to allow buyers to seamlessly find the right solutions in order to meet their needs. For that, it is crucial to deliver the right price to make the purchase.

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    Previously, B2B sellers have been hesitant to be transparent about their product prices – especially on the e-commerce channel. It is believed to be giving them the power to the sales process. However, in this ever-increasing digital marketplace, price transparency is more critical than ever as sellers are no longer in control.

    Certainly, modern buyers want to be in control of their purchasing experience. To ease the process of buying decisions, vendors are required to provide transitional prices and deploy technologies to the consumers within the preferred sales channels.

    B2B leaders need to recognize the context of buyers and the challenges they are trying to solve while configuring the best solutions to meet their requirements. Despite the fact that a purchase is made in-person or virtually, the buyers start expecting a high level of personalization in the services or products offered to them.

    Moreover, moments-based customer engagement is indeed the future of marketing because consumers demand a personalized, reliable, as well as always-on experience spanning different devices and touch points. To meet such expectations, brands should harness the available data to understand the likes, dislikes, behavior, and preferences of consumers.

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    Clearly, B2B brands need to be responsible for pricing transparency to create an effortless decision-making process for their audience, and advanced technologies play a critical role here. B2B organizations usually make more than half of their revenue from online purchases, and this will only continue to grow as we advance.

    With access to the right analytics, engagement tools, and segmentation, marketers can leverage AI-powered automation and optimization to make organizing moments-based journeys a reality. And to execute this, a modern marketing mix requires an insights-led, future-proof platform that is based on the assumption of big data while crafting a cross-channel engagement strategy.

    The marketing leaders thus, need to look for possible ways to integrate into a customer’s preference or risk getting cut out or replaced by marketplace giants like Amazon. Unsurprisingly, B2B brands will need to take a leaf out of the B2C retail playbook in 2021- certainly to sustain in this ever-evolving marketing landscape.