The shopping behavior of business-to-business (B2B) buyers in China is changing rapidly, according to a newly released research from Forrester and SAP Hybris.
This change is due to the rapidly growing B2B e-commerce market and an increase in demand of a more personalised purchasing experience.
Requirements of B2B sellers in China are also changing and they now demand personalisation, omni channel capability and seamless integration.
Online channels is set to become more mature and dominant in the B2B commerce landscape, as insightful market sellers are keen on planning ahead for technology investments to win more market share
"B2B e-commerce is expected to develop quickly in the future, with different industries expected to form their own e-commerce models," said Frank Zhang, general manager of SAP Hybris in Greater China. "Businesses that fail to evolve as this trend takes hold — either by building an ecommerce platform that does not meet customer needs or by failing to build a competitive ecommerce platform — will find it difficult to compete with those that provide a personalised experience catering to the needs, habits and preferences of customers. This is likely to result in impact sales and customer retention. For B2B sellers in China, deploying ecommerce platforms with the features and functions that the China market expects needs to be a high priority."
The number of Chinese B2B buyers who make more than 25 percent of their purchases online is likely to grow two-fold in three years' time.
Sixty-eight percent of B2B buyers said they find looking up product information across each channel as important when it comes to making a work-related purchase online.
Fifty-eight percent of these buyers emphasized the importance of returning or exchanging products across channels and 37 percent voted for the ability to share unified account and order history.
Forty percent of sellers reported conflicts among different channel organisations when asked to select the barriers or challenges that have prevented their organisation from fully implementing a B2B online strategy.
"With the B2B e-commerce market gaining momentum in China, B2B sellers must accelerate their digital transformation via technology platforms to deliver a more personalised shopping experience and meet challenges from buyers with evolving demands and expectations," said Charlie Bai, principal analyst of Enterprise Architecture, Forrester Research.
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