How COVID-19 is Changing B2B Buying
Top three challenges identified by B2B buyers in working with their current vendors:
- Slow and inefficient responses,
- Inconsistent, highly variable pricing and
- A lack of transparency into inventory
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COVID-19 is changing vendor preferences significantly
70% of buyers reported that current conditions are compelling them to shift their vendor preferences due to challenges in working with existing vendors – 19% of which said they were shifting preferences “a great deal”
Key Findings
Vendors were unprepared for digital channels
Only 1/3 of buyers stated that most of their vendors were well-prepared and had already enabled digital channels
Top three challenges identified by B2B buyers in working with their current vendors
The top challenges were (1) slow and inefficient responses, (2) inconsistent, highly variable pricing and (3) a lack of transparency into inventory
Challenges with current vendors
39% of B2B buyers in Oceania indicated they had no challenges with their current vendors, while only 15% of North American buyers and 12% of European buyers expressed such positive sentiment
COVID-19 is changing vendor preferences significantly
70% of buyers reported that current conditions are compelling them to shift their vendor preferences due to challenges in working with existing vendors – 19% of which said they were shifting preferences “a great deal”
Top needs driving changes in vendor preferences
Competitive pricing (40%), supply availability (39%) and better digital purchasing experience (35%) are top drivers of change in vendor preferences
The companies buyers want to switch to
2/3 of North American buyers would switch to a company that offers personalized real-time pricing
Close the Gap on Buyer Needs
Businesses that are able to deliver on frictionless digital experiences that drive buyers to personalized offers with competitive, market relevant pricing will be able to gain competitive advantage despite the overall economic slow-down.
