B2B omnichannel ecommerce is surging to latest heights, bringing latest urgency for firms to maneuver far beyond traditional in-person sales with a combination of self-service digital commerce, live chat and several other other types of online commerce, management consulting firm McKinsey & Co. says in a brand new report.
Ecommerce has dethroned in-person sales as the highest revenue-generating channel amongst organizations that supply ecommerce as a purchasing channel.
Many B2B firms are already increasing investments in omnichannel technology and operations, but McKinsey says those that aren’t stand to fall far behind.
“Firms are putting more cash into ecommerce,” the management consulting firm says in its ninth annual B2B Pulse Survey, which surveyed 3,942 B2B decision makers across america and 12 other countries. “One-third of all our respondents have increased investment by 11% or more.”
McKinsey says omnichannel is a vital strategy
But McKinsey is quick to warn that omnichannel ecommerce shouldn’t be only a nice-to-have strategy.
“Those in B2B sales who think it’s optional to take a position more in ecommerce are mistaken,” it says within the report, which was authored by McKinsey partners Candace Lun Plotkin, Jennifer Stanley and Liz Harrison and associate partner Victor Garcia de la Torre.
“The investment in ecommerce is paying off,” the report adds. “Results show that buyers’ comfort with distant and self-service spending has leaped in 2024, especially for orders price $500,000 or more. Even buyers in sectors similar to medical technology, where ecommerce has historically been slower to take off, are more comfortable than prior to now.”
The report asserts that omnichannel ecommerce has “turn out to be the leading sales channel in revenue generation, usage, effectiveness, and investment. Since last yr, ecommerce has dethroned in-person sales as the highest revenue-generating channel amongst organizations that supply ecommerce as a purchasing channel.”
McKinsey notes that B2B commerce revenue is split into thirds: self-service digital commerce, distant online transactions with sales reps, and in-person sales. The report refers to omnichannel ecommerce is the mixture of self-serve digital commerce and the multiple types of distant transactions with reps, including email, mobile apps, live chat and video conferences.
McKinsey cites demand for integrated omnichannel commerce
The report asserts that it’s crucial for B2B sellers to supply a “cohesive, integrated omnichannel experience.
“Customers don’t need a mere number of multiple channels; they need a true omnichannel sales experience that feels smooth, curated, and orchestrated to satisfy their specific needs.”
The report cites a trend during the last two years of B2B buyers showing a sharply increased willingness to put high-value orders through self-service digital commerce and distant online connections with sales reps:
⦁ 73% of B2B buyers, up from 59% two years ago, are willing to spend over $50,000 per order.
⦁ 39% of B2B buyers, up from 28%, are willing to spend over $500,000 per order.
⦁ 20% of B2B buyers, up from 15%, are willing to spend over $1 million per order.
Regarding B2B sellers, the report’s statistics also include:
⦁ 71% of respondents sell through at the very least one type of B2B ecommerce.
⦁ B2B online sales through self-service digital commerce and distant online connections with sales reps account for 34% of revenue.
⦁ For the fourth consecutive yr, B2B firms that that sell online ranked ecommerce as their only channel.
⦁ In-person sales generated 17% of revenue, down from 22% two years ago.
“Ecommerce is the backbone of the omnichannel strategy,” McKinsey offers a takeaway from the report. “With customer preferences shifting yr over yr, it’s now undeniable that ecommerce is a magnet channel in B2B sales. Ecommerce has moved from being a minor investment in a company’s [go-to-market] plan to being the cornerstone of a successful omnichannel strategy and a driver of revenue growth.”
Paul Demery is a Digital Commerce 360 contributing editor covering B2B digital commerce technology and strategy. [email protected].
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