Moreover, the number of B2B buyers who spent 90% or more of their budgets online in the last year doubled from 2013 levels, from 9% to 18%.
However, though there is more online spending, many customers are not going directly to the websites of B2B suppliers: Less than half (48%) of B2B buyers surveyed purchase goods online directly from suppliers, with the rest opting for for third-party websites and other purchasing channels.
Among third-party websites, Amazon Supply is the most popular: 17% of buyers use it regularly to make purchases, and 38% use it at least once per quarter.
Below, additional key findings from the report, which was based on data from a survey of 500 procurement officers in the United States across a wide range of industries with annual purchasing budgets in excess of $100,000.
Product Research Behavior
- 94% of B2B buyers say they conduct some form of online research before purchasing a business product.
- 40% of buyers research more than half of the goods they purchase under $10,000 online. For larger corporate purchases of more than $5,000, 34% spend over three hours researching products.
- Popular online sources for information on products include supplier websites (83% of buyers use), Google searches (77%), user reviews (42%), and third-party websites such as Amazon Supply (34%).
Sales Rep Involvement
- Only 12% of buyers want to meet in person with a sales representative when making a purchasing decision, and just 16% want to discuss their purchasing options with a sales representative over the phone.
- 71% prefer to conduct research and purchase on their own with access to a sales representative via the phone or online chat if needed.
- 44% of respondents have researched an item for their company using a mobile device.
- 24% have made a purchase for their company using a mobile device.
- 55% of Millennial buyers (age 18-25) use mobile phones for procurement research, compared with 36% of respondents over the age of 45.
- 50% of Millennial B2B buyers use tablets to conduct product research, compared with 31% of buyers over the age of 45 who do so.
About the research: The report was based on data from a survey of 500 procurement officers in the United States across a wide range of industries with annual purchasing budgets in excess of $100,000.
You may like these other articles related to Customer Behavior
- Smoking Brisket and the Customer Experience: Art and Science With Christian Selchau-Hansen on Marketing Smarts [Podcast]
- B2B Conversational Marketing: What Customers Want
- How the B2B Purchase Process Has Changed in 2020
- Marketing From A to [Gen]Z: 'Zconomy' Author Jason Dorsey on Marketing Smarts [Podcast]
- Listen While You Work: The Media Habits of Remote Employees
Oh, boy. The dreaded sign up form.
Before you run for the hills, we wanted to let you know that MarketingProfs has thousands of marketing resources, including this one (yes, the one behind this sign up form), entirely free!
Simply subscribe to our newsletter and get instant access to how-to articles, guides, webinars and more for nada, nothing, zip, zilch, on the house...delivered right to your inbox! MarketingProfs is the largest marketing community in the world, and we are here to help you be a better marketer.