Virtually all B2B firms are struggling to offer their prospects with correct and complete product data.
That is based on Akeneo, a product expertise (PX) firm, which has launched the findings of its 2024 B2B Survey performed by 3Gem. The survey, which focused 650 business leaders and decision-makers throughout the UK, France, Germany and US, sheds gentle on the evolving panorama of the B2B sector, specializing in digital transformation, product data administration, and regulatory compliance.
“This yr’s B2B survey gives crucial insights into the business’s shifting dynamics,” stated Kristin Naragon, chief technique officer at Akeneo. “As B2B prospects more and more anticipate the identical seamless experiences they encounter in B2C, organisations should adapt shortly to remain aggressive. The info highlights the alternatives and challenges forward and underscores the significance of leveraging superior applied sciences to fulfill these evolving calls for.”
B2B Shopping for Expertise Mimics B2C
The road between B2B and B2C shopping for experiences continues to blur, with B2B prospects anticipating the identical stage of comfort, personalisation, and seamlessness they expertise whereas procuring as shoppers. The survey revealed that 9 in ten (90%) B2B organisations are planning to extend their digital gross sales technique within the subsequent two years, particularly in bigger firms. Well-liked pre-purchase channels amongst B2B prospects embody digital self-serve portals (51%), social media (46%), and product advertising and marketing web sites (45%). Moreover, two-thirds (66%) of respondents imagine that “product and model values” will improve in significance within the coming years, highlighting the necessity for constant and personalised product experiences throughout all touchpoints.
Product Data Administration Challenges
Managing correct and complete product data stays a major problem for a lot of B2B organisations. The survey discovered that 99% of enterprise leaders face a minimum of one product data problem, with the applying of automation and AI being the most typical (37%), adopted by workforce collaboration (31%) and well timed product launches (28%). Whereas firms more and more leverage applied sciences akin to PIM techniques and AI to deal with these challenges, 40% of organisations nonetheless handle product data manually, and the implementation of AI stays a problem. On common, firms take two weeks to gather and collate all needed knowledge for a product launch, with round 12% taking a minimum of 31 days. Enriching product knowledge takes barely longer, averaging 16 days.
Regulatory Compliance Points
Regulatory compliance is a common problem within the B2B sector, with 99% of firms dealing with a number of compliance-related points. Provide chain administration is the highest concern for 50% of respondents, adopted by product knowledge consistency and discoverability/search engine optimisation. Implementing automation into the compliance course of stays a battle for 45% of organisations. Making certain regulatory compliance is a major blocker to fast product launches for a couple of third (36%) of B2B organisations. Different vital challenges embody complying with knowledge safety/safety (36%) and making certain knowledge accuracy (34%).
Significance of Excessive-High quality Product Experiences
Delivering high-quality, compelling, constant product experiences is essential for buyer satisfaction and income development. The survey discovered that two-thirds of senior managers see elevated repeat enterprise and conversions as key advantages of providing high-quality product experiences. B2B decision-makers discover a number of product data sources critically necessary, together with clearly written product descriptions (79%), technical knowledge sheets (78%), guarantee data (75%), appropriate merchandise (75%), and buyer testimonials (75%). These components contribute to a constructive buyer expertise and foster loyalty.
The way forward for B2B is Digital and Omnichannel
Digital experiences and the adoption of modern applied sciences will outline the way forward for B2B. The survey revealed that 85% of firms have already adopted a digital gross sales technique, with digital channels accounting for practically half (48%) of complete firm income. Moreover, one in ten (9%) organisations report that digital gross sales make up over 80% of their income. Trying forward, B2B organisations anticipate that essentially the most impactful improvements will embody additional adoption of AI (42%), hyper-personalisation of product content material and suggestions (40%), and the mixing of AR/VR (40%). Different vital traits embody IoT integration to gather utilization knowledge, foster new worth streams for assist and repair groups (38%), and embrace composable structure (37%). 9 in ten (90%) of B2B firms are increasing to fulfill buyer expectations, highlighting digital transformation traits and challenges.
The analysis was issued by 3Gem and commissioned by Akeneo to raised perceive the challenges and alternatives for B2B organisations, notably as they relate to digital transformation and evolution throughout the B2B business. Roughly 650 respondents have been surveyed throughout the US and Europe.
