More B2B Buyers are Willing to Spend Big Bucks Per Online Order

McKinsey’s latest B2B Pulse Survey finds that 39% of B2B buyers, up from 28% two years ago, are willing to spend over $500,000 per order through self-service digital commerce or remote online connections with a sales rep.

B2B omnichannel ecommerce is surging to new heights, bringing new urgency for companies to move far beyond traditional in-person sales with a mix of self-service digital commerce, live chat and several other forms of online commerce, management consulting firm McKinsey & Co. says in a new report.

"Ecommerce has dethroned in-person sales as the top revenue-generating channel among organizations that offer ecommerce as a purchasing channel."

Many B2B companies are already increasing investments in omnichannel technology and operations, but McKinsey says those who aren’t stand to fall far behind.

“Companies are putting more money into ecommerce,” the management consulting firm says in its ninth annual B2B Pulse Survey, which surveyed 3,942 B2B decision makers across the United States and 12 other countries. “One-third of all our respondents have increased investment by 11% or more.”

McKinsey says omnichannel is a crucial strategy

But McKinsey is quick to warn that omnichannel ecommerce is not just a nice-to-have strategy.

“Those in B2B sales who think it’s optional to invest more in ecommerce are mistaken,” it says in the report, which was authored by McKinsey partners Candace Lun Plotkin , Jennifer Stanley and Liz Harrison and associate partner Victor Garcia de la Torre .

“The investment in ecommerce is paying off,” the report adds. “Results show that buyers’ comfort with remote and self-service spending has leaped in 2024, especially for orders worth $500,000 or more. Even buyers in sectors such as medical technology, where ecommerce has historically been slower to take off, are more comfortable than in the past.”

The report asserts that omnichannel ecommerce has “become the leading sales channel in revenue generation, usage, effectiveness, and investment. Since last year, ecommerce has dethroned in-person sales as the top revenue-generating channel among organizations that offer ecommerce as a purchasing channel.”

McKinsey notes that B2B commerce revenue is divided into thirds: self-service digital commerce, remote online transactions with sales reps, and in-person sales. The report refers to omnichannel ecommerce is the combination of self-serve digital commerce and the multiple forms of remote transactions with reps, including email, mobile apps, live chat and video conferences.

McKinsey cites demand for integrated omnichannel commerce

The report asserts that it’s crucial for B2B sellers to provide a “cohesive, integrated omnichannel experience.

“Customers don’t want a mere variety of multiple channels; they want a true omnichannel sales experience that feels smooth, curated, and orchestrated to meet their specific needs.”

The report cites a trend over the last two years of B2B buyers showing a sharply increased willingness to place high-value orders through self-service digital commerce and remote online connections with sales reps:

? 73% of B2B buyers, up from 59% two years ago, are willing to spend over $50,000 per order.

? 39% of B2B buyers, up from 28%, are willing to spend over $500,000 per order.

? 20% of B2B buyers, up from 15%, are willing to spend over $1 million per order.

Regarding B2B sellers, the report’s statistics also include:

? 71% of respondents sell through at least one form of B2B ecommerce.

? B2B online sales through self-service digital commerce and remote online connections with sales reps account for 34% of revenue.

? For the fourth consecutive year, B2B companies that that sell online ranked ecommerce as their most effective channel.

? In-person sales generated 17% of revenue, down from 22% two years ago.

“Ecommerce is the backbone of the omnichannel strategy,” McKinsey offers a takeaway from the report. “With customer preferences shifting year over year, it’s now undeniable that ecommerce is a magnet channel in B2B sales. Ecommerce has moved from being a minor investment in a ?company’s [go-to-market] plan to being the cornerstone of a successful omnichannel strategy and a driver of revenue growth.”

Source: DigitalCommerce360

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