The COVID-19 crisis had a positive effect on at least some B2B marketers in 2020, judging by The State of B2B Digital Commerce, a global study by the former 2Checkout (now known as Verifone) finds.
For one thing, 21% of B2B firms worldwide increased their revenue by 25% or more. And 26% scaled up by up to 25%.
For 61%, the increase was a result of the COVID-19 pandemic, and for 33% it was due to a transition to online.
Another 29% built up their online presence, and 26% simply focused their investment on growth.
However, 11% experienced decreases of up to 25% and 9% had cutbacks of 25% or more.
For 79%, reductions were caused by the pandemic, and 25% exited some markets or closed regional shops.
U.S. firms seemed to do worse than the global averages — 30% suffered a decrease in business, whereas 33% saw no change. And 37% experienced an increase.
Moving forward, 55% plan to invest in their marketing activities in 2021.
Another 43% will spend on sales processes, 37% on product development,23% on partner management and 22% on compliance and security.
Among their biggest challenges were:
Each of the companies polled utilizes at least three sales channels, ranked here in order by usage:
Online direct/self-service via website — 55%
The ranking is a little different in the U.S., where firms “also employ a disjointed mix of channel to reach their buyers,” the study notes:
2Checkout surveyed 840 respondents globally between October and November 2020. The firm was acquired by Verafone in August of this year, and is now known as Verafone.