Global CEO of Merkle B2B.
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Today’s corporate workforce might be returning to the office, but I don’t think anyone is under the illusion that we’re returning to “business as usual.”
Across the B2B landscape, companies operate differently today than they did at the end of 2019. Some of the changes represent an acceleration of trends that were already in motion. Others represent a wholesale pivot in thinking. In both cases, one thing is clear: We’re not going back.
Some of the most dramatic changes in the B2B space are evident in the buying process itself, including the primary means by which buyers and sellers connect with one another.
Let’s take a closer look at how we can expect the “new normal” of B2B to shake out over the coming year when it comes to commerce and industry events.
There’s More Behind B2B’s E-Commerce Growth Than the Pandemic
In the B2B space, as in the consumer space before it, commerce and e-commerce are becoming synonymous. According to one estimate, B2B e-commerce will increase more than 70% by 2027, up from $12.2 trillion in 2019 to nearly $21 trillion in 2027. This growth, while accelerated by the pandemic (along with all other e-commerce), represents a natural extension of ongoing developments in both technology and buyer behavior.
From a technology standpoint, we’re seeing back-end cloud solutions evolving and becoming increasingly integrated across all commercial functions, including commerce. These days, enterprises can connect their systems in a way that provides enhanced visibility and access across the entire customer journey — from inbound and outbound marketing and media through to transaction.
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Enterprises are giving customers the tools and ability to qualify products on their own, and, with just a few clicks, they can seamlessly proceed to purchase. In the B2B space, such solutions simply didn’t exist five years ago. But as buyers become more sophisticated and confident in their ability to navigate a brand’s digital ecosystem, such options are quickly becoming table stakes.
From the B2B enterprise standpoint, the quest for better first-party data is also driving the accelerated development and rollout of their customer-direct e-commerce engines. Now that Google has gotten serious about removing third-party cookie support from Chrome (albeit on a delayed timeframe), companies of all shapes and sizes are trying to figure out how to ramp up their direct relationships with customers in order to continue their data-driven marketing efforts in a privacy-first world. For B2B enterprises, direct e-commerce represents not only a way to keep pace with customer demands but also a way in which to bolster relationships and increase direct engagement and first-party data understanding of their audiences.
Where Does That Leave B2B Events?
Okay, so if B2B business is migrating to self-guided buyer journeys and rapidly growing direct online sales, where does that leave B2B events? After all, in a typical B2B industry, events have historically represented a major share of many companies’ marketing budgets. Prior to the pandemic, certain industry tentpole events had grown beyond massive proportions and served as vital annual business development moments for companies. Suddenly, in 2020, all of that changed.
Of course, live events will come back. We’re a social species, and if the pandemic taught us anything, it’s that we like being around people even when we don’t necessarily have to be around them to keep the wheels of industry spinning. As such, events will never go away, but I believe they will get smaller when it comes to the in-person element. Without a doubt, we should expect to see hybrid physical-virtual event formats dominating over the coming years.
This evolution of events will represent a win for B2B enterprises. By combining the relationship-building elements of physical events with the tremendous added reach and immersive experiences that are possible in a virtual format, companies can achieve the best of both worlds. These events will require powerful underlying digital platforms to tap into the true potential of the blended physical and digital experiences. But for those that get it right, the opportunities to experiment with innovative new formats while delivering highly attributable business results to sponsors and attendees are boundless.
For B2B marketers, the opportunity to tie the expansion of their connected e-commerce engines into this new world of business development is equally exciting. Those that continue to innovate coming out of the pandemic will find that the “new normal” of B2B isn’t just different. It’s better.
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Author: Michael McLaren, Forbes Councils Member
