Smartphones are now a huge part of our lives. Anymore, our phones provide us with myriad services beyond just texts and calls. They have become our sources of entertainment, information, personal assistance and now our mode of shopping. It's not the just B2C sector that is reaping the benefits of online shopping through mobile e-commerce; B2B commerce is now fast realizing the importance of mobile e-commerce as well!
B2B companies are finding out just how the smart portable devices in the hands of their buyers are a new source of increased revenues, enhanced customer loyalty, low transaction cost, and many other benefits. However, there is still a sector of B2B organizations that are reluctant to jump on the bandwagon of B2B mobile e-commerce. A major reason for the hesitation is the lack of awareness of the power of mobile e-commerce or the belief that their industry or product is incompatible or too complex for the simplicity mobile offers.
Customers are already used to mobile e-commerce, as it's now a "new normal" way of doing business and they rely heavily on their smartphones to do research, compare products, and make purchases. Companies that fail to respond to this change may experience a decline in revenues, market share, and profitability.
Below are some recent stats and facts on B2B mobile e-commerce and the huge impact it’s having on the market.
This is why B2B mobile e-commerce is very much a reality
- For 70% of B2B marketers, 25% of site traffic comes from mobile
- For 21% of B2B brands, mobile is the primary source of revenue
- 53% of B2B marketers have integrated mobile marketing into their overall strategy and see 44% of their sales occurring through mobile devices
- Almost 60% of business buyers across multiple industries have purchased goods for their companies online
- 40% of business buyers said they expect to spend a bigger portion of their annual procurement budgets online next year
B2B buyers are shifting to mobile in increasing number
- 55% of B2B buyers aged 18-25 use their mobile phones to research products as compared to 36% of respondents over 45
- 24% of B2B buyers have made a business purchase using a mobile device
- 85% of B2B buyers want content on B2B sites to be optimized for mobile devices
- 56% of B2B buyers said that they frequent B2B sites through their mobile phones
Mobile is a driving force for B2B companies
Per Bizreport, according to the B2B customers:
- 56% read reviews on mobile
- 55% read product information
- 50% compare features
- 48% compare prices
Three Interesting facts regarding B2B mobile e-commerce
Influence of social media on B2B buyers
According to the IDG survey, 45% of respondents confirmed that social media influences their decision in choosing a particular B2B company to purchase their desired products or services. It also influences their likelihood to recommend the B2B company to their peers. Facebook is at the top of the list in influencing the smartphone users, whereas Instagram and Twitter come in second and third.
Mobile’s future is bright in B2B e-commerce
B2B e-commerce generates 19.4% of revenue from mobile channels according to Gartner. As the number of mobile phones continues to increase, it's likely that that percentage will grow accordingly. In fact, according to Forrester, mobile adoption is estimated to grow between 2015 and 2020 at a combined annual growth rate of more than 17%.
Two-thirds of B2B companies have mobile websites
According to the report by marketing services firm Regalix Research, 65% of B2B companies have a mobile site, and B2B product and supply companies say that websites and apps are their primary marketing tactics for mobile. Half of those surveyed also said they had optimized their content for mobile to attract the right kind of customers to their sites.Mobile B2B e-commerce is only going to increase as more and more people are relying on their cell phones to do business. B2B companies that adapt to this change are going to be the ones that not only are going to survive but are going to flourish in the tough business market!
Reference & Sources taken from these sites: