This document summarizes the key findings from the 2014 State of B2B Procurement Study conducted by Acquity Group. The study found that B2B buyers are increasingly conducting online research and making purchases. They are more comfortable purchasing a wide range of products online. However, buyers often abandon online shopping carts due to issues like high prices elsewhere, slow websites, or confusing checkout processes. Younger buyers especially are adopting mobile devices. While price is important, suppliers can compete based on customer experience, such as by offering convenience features like free delivery or better security.
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Accenture b2 b-procurement-study 2014
1. Accenture Interactive – Point of View Series
2014 State of B2B
Procurement Study:
Uncovering the Shifting Landscape in
B2B Commerce
2. Acquity Group’s annual State of B2B Procurement study explores the purchasing
habits of corporate business procurement professionals in organizations
across the U.S. The 2014 report uncovers key insights into how B2B buyers are
searching, discovering and purchasing on the Web through a survey of 500
procurement officers with annual purchasing budgets in excess of $100,000.
What follows is a deep dive into business buyers’ purchasing habits and
preferences to help suppliers, manufacturers and other B2B organizations adapt
and stay competitive in a rapidly changing procurement environment.
2014 State of B2B Procurement Study:
Uncovering the Shifting Landscape in B2B Commerce
3. Engaging the New B2B Buyer
B2B buyers in the United States
are more active online than
ever before, spending more time
and company dollars in the
digital space.
The 2014 Acquity Group State of B2B
Procurement study uncovered massive
growth in online research and spending by
B2B buyers across multiple devices. Study
highlights include:
• Sixty-eight percent of B2B buyers now
purchase goods online, up from 57
percent in the 2013 State of B2B
Procurement study
• The number of respondents who spent
90 percent or more of their budgets
online in the last year doubled from 2013,
increasing from nine to 18 percent
• Forty-Four percent of respondents
have researched company products on
a smartphone or tablet in the past year,
compared with 41 percent in 2013
• Thirty percent of B2B buyers report they
research at least 90 percent of products
online before purchasing, up from 22
percent in 2013
Although buyers are researching and
spending more online, suppliers are not
capturing a large enough share of the
market. Fifty-seven percent of business
buyers have made an online purchase of
$5,000 or more in the last year, and 66
percent of business buyers say they make a
major purchase of $5,000 or more (online
or via print, or telephone) at least once per
month. But less than half (48 percent) of
respondents purchase goods online directly
from suppliers, opting instead for third-party
websites and other purchasing channels.
Among third-party websites, Amazon Supply
is the most popular—nearly one in five (17
percent) of B2B buyers use Amazon Supply
to make a business purchase regularly and
38 percent of B2B buyers make a purchase
using the service at least once per quarter.
Electronic Purchasing Platforms Users Participated In
However, few are successfully leveraging
their suppliers’ websites to find the
information and make the purchases they
need — representing a significant missed
opportunity for B2B organizations. In the face
of an increasingly competitive omni-channel
environment, the B2B supplier industry must
adapt to attract and engage today’s savvy
B2B buyers, increase revenue and capitalize
on ripe digital growth opportunities.
0%
10%
20%
30%
40%
50%
48.2%
SUPPLIER’S
WEBSITE
13.4%
SAP
7.4%
ORACLE
PROCUREMENT
16.6%
AMAZON
SUPPLY
31.6%
I DO NOT
PURCHASE
ONLINE
9.4%
OTHER
PERCENTAGEOFUSERS
35%
4. Online Product Research and Price Comparison
Popular Among B2B Buyers
Additionally, procurement teams are
spending more time researching products
and comparing prices online for goods at all
price points. Forty percent of buyers research
more than half of goods under $10,000
online. Thirty-one percent of buyers research
more than half of goods costing $100,000 or
more online. For larger corporate purchases
of $5,000 or more, 34 percent spend more
than three hours researching products.
Percentage of Items Researched Prior to Making Company Purchase
In a scenario that parallels the consumer retail industry, B2B organizations are undergoing a
major shift in customer behavior, marked by a steady increase in online research and browsing
across multiple sources before purchasing. Overall, 94 percent of B2B buyers report that they
conduct some form of online research before purchasing a business product. Fifty-five percent
of B2B buyers conduct online research for at least half of their corporate purchases.
When conducting product research and price
comparisons, buyers rely on a variety of
online sources to make a purchase decision.
The most popular sources include supplier
websites, Google searches, user product
reviews, blogs, social media and third-party
websites such as Amazon Supply.
0%
10%
20%
30%
40%
50%
48.2%
SUPPLIER’S
WEBSITE
77%
GOOGLE
SEARCH
83.4%
SUPPLIER’S
WEBSITE
34%
3RD PARTY
WEBSITE
41.8%
USER
REVIEW OF
PRODUCTS
10.8%
BLOGS
8.6%
SOCIAL
MEDIA
6.4%
I DO NOT
PARTICIPATE
7.4%
OTHER
10% or Less 11% – 49% 50% – 89% 90% or more
13.4%
SAP
7.4%
ORACLE
PROCUREMENT
16.6%
AMAZON
SUPPLY
31.6%
I DO NOT
PURCHASE
ONLINE
9.4%
OTHER
PERCENTAGEOFBUYERSPERCENTAGEOFONLINERESEARCHPERCENTAGEOFUSERS
20%
25%
30%
35%
0%
20%
40%
60%
80%
100%
31.6%12.4%
10.5%
2013
2014
5. Only 37 percent of B2B buyers
who conduct research through
a supplier’s website feel it’s the
most helpful tool for research.
Although supplier websites are the most
popular channels for conducting research
online (according to 83 percent of
respondents), buyers are not satisfied with
the level of information offered—only 37
percent of B2B buyers who conduct research
through a supplier’s website said it was the
most helpful channel for this purpose.
These findings reveal a significant gap
between the information procurement
officers want and the content that B2B
websites currently provide. This is despite
the fact that many suppliers appear to be
adapting to changing preferences among
B2B buyers. Only 3 percent of procurement
officers in 2014 reported that their suppliers
do not have an online catalog, compared
with 11 percent in 2013.
As more B2B buyers, especially younger
generations not tied to a particular
distributor, turn to the Web to research
products, reviews and prices, suppliers must
provide more useful product information,
tailored content, and seamless browsing
experiences to attract customers and keep
them engaged. Businesses that bridge
this gap quickly will realize an increase in
customer engagement and revenue, and a
faster return on digital investments.
Percentage of Online Research Participation By Channel
77%
GOOGLE
SEARCH
83.4%
SUPPLIER’S
WEBSITE
34%
3RD PARTY
WEBSITE
41.8%
USER
REVIEW OF
PRODUCTS
10.8%
BLOGS
8.6%
SOCIAL
MEDIA
6.4%
I DO NOT
PARTICIPATE
7.4%
OTHER
10% or Less 11% – 49% 50% – 89% 90% or more
PERCENTAGEOFBUPERCENTAGEOFONLINERESEARCH
20%
25%
0%
20%
40%
60%
80%
100%
31.6%
16.2%
15.8%
13.4%
12.4%
10.5%
Research and purchase on my own
online, but would like phone support
with any issues.
Speak to someone directly via telephone
to discuss options and walk through the
entire process.
Research and purchase on my own online,
but would like live chat support with any issues.
I’d like to do my own research, but talk
through purchasing on the phone.
I’d like to speak with someone directly
in person to discuss options and walk
me through the entire process.
Research and purchase on my own online,
no sales person necessary.
6. Online Catalogs Lead to Greater Buyer Independence
Only 12 percent of buyers want to meet in person with a sales representative.
Most respondents (71 percent) prefer to conduct research and purchase on their own with
access to a sales representative via the phone or online chat when needed, demonstrating the
importance of a highly integrated, omni-channel eBusiness approach to sales and marketing.
B2B organizations must empower their customers to browse, research, and purchase
products with ease through any medium, while also finding the support they need through
any channel.
Percentage of Preferred Sales Representative Involvement
77%
GOOGLE
SEARCH
83.4%
SUPPLIER’S
WEBSITE
34%
3RD PARTY
WEBSITE
41.8%
USER
REVIEW OF
PRODUCTS
10.8%
BLOGS
8.6%
SOCIAL
MEDIA
6.4%
I DO NOT
PARTICIPATE
7.4%
OTHER
10% or Less 11% – 49% 50% – 89% 90% or more
PERCENTAGEOFBUPERCENTAGEOFONLINERESEARCH
20%
25%
0%
20%
40%
60%
80%
100%
31.6%
16.2%
15.8%
13.4%
12.4%
10.5%
Research and purchase on my own
online, but would like phone support
with any issues.
Speak to someone directly via telephone
to discuss options and walk through the
entire process.
Research and purchase on my own online,
but would like live chat support with any issues.
I’d like to do my own research, but talk
through purchasing on the phone.
I’d like to speak with someone directly
in person to discuss options and walk
me through the entire process.
Research and purchase on my own online,
no sales person necessary.
10% or less
18.2%
21.2%
Not only are B2B buyers researching more online, they are becoming
more independent and partial to self-service purchasing models. Only
12 percent of buyers want to meet in person with a sales representative
when determining a purchasing decision and 16 percent want to discuss
their purchasing options with a sales representative over the phone.
7. Forty-six percent of respondents said their companies will increase
online purchasing next year.
B2B Online Spending Growth Creates New
Opportunities for Suppliers
In addition to online research, online procurement spending is also on
the rise, with 68 percent of B2B buyers making online purchases in 2014
versus 57 percent in 2013. Nearly half (46 percent) of buyers spent at
least 50 percent of their corporate procurement budgets online in the
last year. Eighteen percent of buyers spent 90 percent or more of their
corporate procurement budgets online—double the amount in 2013.
Percentage of Company’s Procurement Last Year Budget Spent Electronically
Customer
Service
Price Convenience Speed of
Delivery
Accuracy of
Availability
IMPORTANCERANKINGS–1.0BEINGMOSTIMPORTANT
31.6%
16.2%
15.8%
13.4%
12.4%
Research and purchase on my own
online, but would like phone support
with any issues.
Speak to someone directly via telephone
to discuss options and walk through the
entire process.
Research and purchase on my own online,
but would like live chat support with any issues.
I’d like to do my own research, but talk
through purchasing on the phone.
I’d like to speak with someone directly
in person to discuss options and walk
me through the entire process.
Research and purchase on my own online,
no sales person necessary.
11% – 49%
50% – 89%
90% or more
10% or less
32.8%
27.8%
18.2%
21.2%
3.5
3.0
2.5
2.0
1.5
1.0
We can expect this upward trend to
continue, as 46 percent of respondents
said their companies will increase online
purchasing next year. This growth will
transcend all product categories with 41
percent of procurement officers indicating
they feel comfortable purchasing any type
of B2B product category online.
It is clear that procurement teams are more
comfortable researching and purchasing on
the Web because they recognize the value
and convenience of B2B eCommerce. Of
the mere 4 percent of procurement officers
who expect their corporate online spending
to decrease next year, only 13 percent said
it is because they do not see any major
advantages to ordering online.
8. Mobile and Technology Adoption Growing
Among Millennials
Procurement officers, especially in the millennial generation, are relying
more on mobile and tablet devices to conduct research and purchase
business goods. In fact, mobile purchasing and research habits generally
diverge among the youngest and oldest generations of workers:
• More than half (55 percent) of millennial
workers ages 18-25 use mobile phones
for procurement research, compared
with 36 percent of respondents over the
age of 45
• Half of millennial B2B buyers use tablets
to conduct research, while 31 percent of
buyers over the age of 45 use tablets for
product research
• 44 percent of respondents have
researched an item for their company
using a mobile device
• 24 percent have made a purchase for
their company using a mobile device
• More than a third (35 percent) of
millennials have made a corporate
purchase using a mobile device,
compared to only 19 percent of buyers
over the age of 45
• 37 percent have researched business
goods on their tablet devices
• 25 percent have made a corporate
purchase using a tablet device
Despite these generational differences, buyers of all ages are using mobile and tablets
devices to research and purchase corporate goods:
9. Sixty-nine percent of B2B buyers
have abandoned an online
shopping cart in the last year.
The Digital Experience:
Opportunities for Suppliers to Improve
Acquity Group’s 2014 State of B2B
Procurement study demonstrates
significant year-over-year growth
in online spending among
procurement professionals. Since
most B2B organizations are just
embarking on the road to digital
transformation, we can expect
this growth to continue as more
suppliers and manufacturers
optimize their digital experiences
and continue to add value through
their online channels.
• 37 percent abandoned their carts because
they found a lower priced product from
another supplier
• 35 percent abandoned their carts because
the website page did not load properly
• 26 percent abandoned their carts because
the checkout process took too long
• 22 percent abandoned their carts because
the checkout process was too confusing
However, for suppliers to fully capitalize on
this growth, they must address several areas
of their online experiences, including poor
conversion rates. Sixty-nine percent of B2B
buyers have abandoned an online shopping
cart in the last year, for a variety of reasons
Aside from price, the high rate of cart
abandonment is primarily attributed to
customer experience problems. The number
one reason cited by buyers for purchasing
from a third-party site like Amazon Supply
was an easier ordering process. The reality is
procurement officers at major corporations
expect the same level of convenience that
they receive from popular B2C websites,
which many B2B websites are not currently
delivering.
B2B organizations can overcome these
issues, encourage growth in online spending
and improve customer engagement by
incorporating value-add features into
their websites and streamlining the online
buying experience. Sixty-seven percent of
procurement officers said the amount of
their budget spent online would increase
with value-add features such as warranty
tracking, notifications, invoice printing
capabilities and the ability to consolidate
and record spending. Additionally, 61
percent of buyers would increase their
online budget spend if it were easier and
more convenient to browse and purchase
items from suppliers’ websites.
In terms of the most important features in a
supplier or manufacturer’s online experience,
respondents highlighted price as the most
critical, followed by customer service.
10. While B2B organizations can’t
always compete on price, they
can compete on customer
experience. There are many
features B2B organizations can
consider providing in their online
experiences to streamline the
research and purchasing process,
and capture more online sales.
• Nearly three in five business buyers
(58 percent) would be more likely to make
a major purchase online if free delivery
was included
• Nearly half of business buyers (49 percent)
would be more likely to purchase online if
a site offered enhanced security measures
• Younger consumers are even more
worried about security, with 75 percent
of millennials indicating improved security
would make them more likely to purchase
from a supplier
Perks such as free deliveries and secure transactions also rank high among B2B buyers:
3rd Party Supplier Purchase Offerings Importance – One Being Most Important
Customer
Service
Price Convenience Speed of
Delivery
Accuracy of
Availability
IMPORTANCERANKINGS–1.0BEINGMOSTIMPORTANT
50% – 89%
32.8%
27.8%
3.5
3.0
2.5
2.0
1.5
1.0
When price is not a factor, 71 percent of B2B buyers would switch suppliers if the overall
digital experience was better with another organization, while 53 percent of respondents
would switch suppliers for easier electronic search processes and 49 percent would switch
for better electronic purchasing capabilities.
Other popular features include free returns and exchanges, better online customer service,
customer-friendly website designs and comprehensive product resources.
The key for B2B organizations is to transform their customer’s online journey into an
omni-channel experience that emphasizes digital channels, especially since younger, tech-
savvy generations will soon make up the majority of corporate procurement departments.
By focusing on continually improving the holistic experience for corporate buyers and
integrating value-add features, organizations can dramatically increase online sales,
profitability and return on digital investments.
11. To learn more about the shifting landscape
in B2B commerce, contact:
Bob Barr
bob.e.barr@accenture.com