COVID Accelerates Adoption of New Technologies for B2B Organizations

Among other changes caused by the ongoing COVD-19 pandemic, B2B companies are accelerating their adoption of new technology. Historically, B2B companies have been slower than B2C firms to adopt new technologies and processes. Many B2B firms operated in an environment where personal relationships, face-to-face meetings, and large industry events were a crucial part of the selling process.

COVID-19 has changed all that. With many areas remaining under or reintroducing new lockdown orders and severely restricted travel, B2B companies are finding new ways to connect and compete in a changing marketplace. They are making technological changes during COVID 19 so they can continue operating. These technological changes due to COVID include video calls, webinars, and virtual events have become commonplace.

The transformation extends beyond the adoption if new technological tools. It has also accelerated the adoption of new processes and new approaches, new ways of thinking about how to connect with partners, customers, and prospects. The pandemic is changing the way that people engage with one another across the value chain.

These COVID technology changes are unlikely to go away once the pandemic ends. For B2B businesses, this situation presents new challenges and opportunities. In many ways, changes in consumer behavior due to the pandemic are an acceleration of tends that already existed.

B2B sales operations going forward are likely to look very different than past B2B sales operations. McKinsey predicts that, going forward, B2B companies will see digital interactions as two to three times more important than traditional sales interactions. In addition, almost 90% of sales have moved to a videoconferencing/phone/web sales model, and more than half of business leaders predict that this model is equally or more effective than sales models used before the pandemic.

Provide Self-Service Tools for Your Customers

Business leaders included in the McKinsey report identified live chat as the top channel for researching B2B suppliers. They also reported a 30% increase in B2B customer preference for placing orders via mobile apps. McKinsey noted a 250% increase in B2B orders placed through mobile apps. COVID technology changes among B2B companies have also altered employee behavior, accelerating trends such as increased the use of eCommerce.

According to the results of McKinsey’s 2019 survey, suppliers who provide outstanding digital experiences are more than 50% more likely to be chosen as a primary supplier compared to suppliers who provide poor digital experiences. The key to providing an outstanding digital experience is the address customers’ most common pain points and frustrations, which we will discuss in next week’s post.

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