As Covid-19 paved its way, businesses and governments had to rescue priorities from disrupting ramifications including B2B. The foremost concern was saving the economy while ceasing businesses from physical interactions to protect people from the engulfing virus.
With the world submerged in Lockdown, B2B trading confronted hassles and hurdles amid peaceful trading. The consequence of restricted trading, however, did not pertain to the downfall of B2B itself. It rather prospered against all odds. But how did B2B manage to survive and thrive in these times of turmoil?
Cyber – The Savior
The moment people began to shut themselves behind closed doors, online interactions ushered their way in. The use of digital channels and technology escalated worldwide and like never before.
Be it big or small businesses around the world, a lot of the success is dependent directly on B2B trading. Thus, it continued to make strides irrespective and eCommerce became the ultimate savior. Online B2B trading became helpful for businesses around the world and played a significant role in protecting the economy by keeping the trade alive. What was first “enforced” is now encouraged and implemented globally for better sales.
B2B Thrives – Reasons Why
B2B companies are now focused on their customers and their journey more than ever to keep their success steady. The leaders are well aware of how their customers are confronting economic instability and uncertainty. Rather than taking Covid-19 as disruption, they see it as an opportunity to emerge stronger.
- New Mindset, New Strategies:
The Pandemic caused a slight rift between the companies and their customers. The customers continue to buy but with great scrutiny. To secure their company’s economic state, customers are taking time to evaluate and make informed decisions. Customers under pressure are grappling with buyers’ dilemma, causing longer sales processes. Their new mindset required new strategies for engagement and trust-building. It meant understanding, adapting, and fulfilling customers’ mindsets. Developing new marketing and sales strategies, and strengthening them along the way. Therefore, the B2B Executives did just that ensuring its future for the better.
- Reconstructing:
B2B companies repositioned themselves during the Pandemic as an opportunity for the long run by adopting digital tactics & eCommerce. Reconstructed company’s mission, objectives, strategies, and offerings to help clients emerge from the pandemic stronger.
According to an Edelman Survey, 20% of B2B Executives are purchasing research and databases for profound apprehension of their buyer’s customers. They believe primary research is important for companies to redefine their mission.
- Shifting Focus:
Majority of B2B Executives shifted their own mindset from lead generation to helping buyers along the order-journey. They maintained their market position as trusted leaders in these moments of instability. Strengthened their bond with clients and chose to acquire a deeper understanding of their purchasing preferences.
- Digital is the New Normal:
Most of the B2B Executives prefer the new digital reality. As per their performance, eCommerce turned out to be their actual gateway to thriving in this Pandemic. According to McKinsey Research, foot holding of digital efficacy is observed to grow exponentially up to 75% and more.
“70 – 80% of B2B decision-makers prefer digital/online trading”.
“The amount of revenue generated from video interactions reached 69% since April 2020. Together, e-commerce and videoconferencing now account for 43% of all B2B revenue, more than any other channel.”
Even after Lockdown, B2B companies pursued dealings through remote interactions. They believe it to be is as effective as in-person meetings. Why though?
- Safety continues to be the prime reason why as it ensured protection of all concerned parties.
- The ease of scheduling, and handling their business with a few clicks added efficiency and punctuality.
- Saving on time, struggle, and expenses by eliminating commute made it far more convenient and lucrative.
- The convenience of accessing and exploring information quickly on hand made the whole process speedy.
Online trading helped businesses keep their success-score constant even amid a Pandemic and not only saved but increased ROIs globally.
The Future of B2B Trading
As the COVID-19 Pandemic will eventually fade into history books, manifestation of change and growth shows a bright future. As per McKinsey’s Analysis for the post-pandemic era, much is possible with the currently available technology.
“It predicts 3 to 4 percent of global economic growth each year for a decade.”
But McKinsey’s global managing partner Kevin Sneader says;
“Business forecasting exists to make astrology look good.”
