B2B buyers have moved beyond basic personalization — they now demand “individuation, a one-to-one interaction tailored to a customer’s specific organization and pain points,” according to Transforming the B2B Ecommerce Experience In A Digitized Landscape, a study by Capgemini.
But have B2B sellers caught up with them? Only 48% of buyers receive email offers that are significantly personalized to their companies’ needs, the study says. Another 40% say they get moderately personalized offers.
Yet 60% of buyers rank personalized emails as one of their top three resources.
In general, 38% expect advanced personalization. And they are willing to surrender a little privacy to get it.
For instance, 67% of buyers are comfortable with suppliers using their data to personalize their experiences and offers — as long as the company is transparent about how it is done. And almost 100% are comfortable with suppliers using their data in some form.
What drives B2B loyalty? For 46%,it’s inventory and pricing transparency. And 43% are drawn to subscription commerce/auto-refill capabilities.
But don’t throw everything at one form of customer engagement.
“While sales organizations may think of a successful connected experience as simply offering different touchpoints (a website, email marketing), the data from this report shows that customer loyalty is won through a connected ecosystem of storefronts, customer insights, and back-end systems,” the study notes.
Meanwhile, executives with sole decision-making power over purchases at their companies are even more likely to demand accuracy and transparency.
Among them, 66% ay accurate product descriptions are a top-three driver of supplier trust, versus 60% of all procurement officers.
Moreover, 55% of those with sole authority say inventory and pricing transparency is a top three loyalty driver, compared to 46% of all procurement officers.
And, 56% say inaccurate product descriptions are among the main three experiences that will make them less likely to return to a supplier. In contrast, 49% of all procurement officers say that.
Here are the overall stats. The top five drivers of supplier trust are:
And the leading motivators of supplier loyalty:
What turns buyers off? The primary annoyances are:
Capgemini surveyed 650 U.S. B2B sellers and buyers in two waves — in February 2020 and in September 2020, after COVID-19 had fully hit.