Member Article

Business buying – It’s all about the click, swipe and scroll

There was once a time when all important business deals were conducted in person and ended with a firm handshake and the customer signing on the dotted line. But while personal relationships still play a key role in businesses’ buying decisions, the evolution of digital transformation and the ease of being able to buy online whenever you want now also plays a hugely vital role.

The influence that e-commerce giants now have within many B2B markets has grown massively in recent years. With the rise of Amazon Business in Japan and India and the launch of Business Prime, the online retail giant has set its sights firmly on the global online B2B market - allowing businesses to make purchasing quick and simple. Amazon aside, today most B2B purchasing involves the web in one way or other. A study by Accenture for example showed that 94% of B2B buyers conduct online research at some point during the buying process. According to the analyst Forrester 59% of buyers prefer to do their research online instead of interacting with a sales rep. Perhaps mirroring changes in consumer behaviour, some business buyers seem to prefer not having a sales agenda imposed on them and instead want to do their own research to solve a problem that they are facing.

Buying online has also come a long way from the difficult to navigate e-commerce sites of the past with limited options. Nowadays a wealth of products and services are available and businesses are able to purchase pretty much anything they wish with a simple click from any device they choose. This evolution also means that more businesses are choosing to buy direct from the manufacturer, cutting out the middle man and potentially getting themselves a better deal.

Considering recent research suggests that 72% of organisations believe they will sell 100% of their products and services online in the future, it’s not surprising that markets such as energy are also evolving in this way. Being able to set up an energy contract online is becoming increasingly popular, and with the recent Competition and Markets Authority (CMA) regulation changes it is now easier than ever for small businesses to see exactly what the market has on offer. Under the new regulations energy suppliers must provide quotes for small micro businesses based solely on the business’ postcode and energy consumption - making quick and easy like-for-like online comparisons possible.

The online energy buying process provides a wealth of benefits for business customers, such as the ease of surveying the market in a non-pressured environment. Sites such as Trust Pilot, Feefo and Energy Advice have allowed businesses to do their research based on others’ past experiences and make assessing providers’ quality and customer service simpler – which are important value considerations alongside price. Being able to review and compare the market and cut out the negotiation process is less daunting for businesses and allows them to review all options to make informed decisions.

More and more businesses are breaking away from traditional face to face buying and following their consumer counterparts choosing to buy online, however it’s important that companies shop around and read the small print to ensure there’s nothing lurking within the terms and conditions that could get overlooked. You may think you’ve found a bargain, but potential hidden charges or restricted contracts can mean that you’re not getting the deal you thought you were promised.

Whether you’re purchasing energy online or shopping around for new office furniture, if you’re a business who is new to buying this way it can seem complicated, but the majority of online sites now come with helplines or live chats to assist you through the process. If you’re planning on making your next business energy purchase online, make sure you compare the market and check out what both your current energy supplier and others have to offer.

This was posted in Bdaily's Members' News section by Juliet .