The buying process has become more complex over the last few years, given the drastic changes that transformed market trends across industries, even in the B2B sector. In fact, a McKinsey study found that B2B customers see digital transactions as two to three times more important than traditional sales interactions, clearly showing that changes in buying behaviors have been evolving even in the most recent times.
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The Buying Process in a Nutshell
To ascertain how the B2B buying process has evolved, it is vital to first understand the stages involved in it: problem recognition, research, solution evaluation, purchase, and post-purchase evaluation.
Problem recognition is when B2B customers realize that a problem has occurred within their organization that needs to be immediately addressed, leading them to make a research as to the best and most viable ways to solve it. Once they have a clear grasp as to what solution they are specifically looking for, they will then be able to start picking out and evaluating options, eventually triggering them to make a purchase.
After such purchases, another evaluation will occur — the post-purchase evaluation. This will finally determine the relationship between the buying company and the selling company, such that when the former is satisfied with the products of the latter, the more likely it is to engage with it in the long run.
Evolution of the Buying Process Over the Recent Years
1. Digitization
According to McKinsey, almost 90% of B2B sales have moved to the web sales model, increasing B2B eCommerce transactions. In the fashion industry alone, a $672.71 billion valuation is projected by 2023, showing how more customers have switched to online retail from traditional buying processes. This data simply indicates one thing: the B2B buying process has become more digitized for easier solution evaluation and purchase, as all pertinent information is within reach.
2. Better Access to Information
A 2017 Gartner survey showed that 27% of a customer’s buying time is allotted on independent online research, while only 17% is spent meeting with potential suppliers. This clearly indicates that researching for products or services has become more simple now, allowing B2B customers to easily look for solutions. However, although this sounds more convenient, problems may still be inevitable.
For example, since it is now easier for businesses to establish their online presence, customers may find it difficult to find the most viable option amidst the prevalence of information, making it difficult for other potential suppliers to gain visibility.
3. Referrals
According to reports, 84% of B2B decision-makers start the buying process with a referral. In other words, although buying companies still engage in research and solution evaluation, one of the things that matters most for them now is the information that revolves around customers. In B2B fashion wholesale, this enables customers to see how durable an apparel is, as well as its ability to withstand changing trends and preferences based on the feedback that others give.
3. Personalization
According to studies, 51% of those who engage in B2B transactions have engaged the use of web analytics and business intelligence to make customer site experience more personalized, allowing them to actively target their desired audience. Not only is this beneficial to suppliers, but this also allows customers to easily look for options and make a purchase through a seamless and innovative way of engagement.
Make the B2B Fashion Wholesale Buying Experience Better
In the US alone, the apparel and accessory industries recently accounted for 29.5% of all eCommerce sales, clearly showing how big B2B fashion wholesale has become. Enhance your online presence as a fashion distributor and give your customers a seamless buying experience by reaching out to Kingpin. For more information, visit https://kingpin.global/#about.