Study Finds Nearly Half Of B2B Buyers Have Used Amazon Supply To Make A Company Purchase
CHICAGO, June 18, 2013 /PRNewswire/ -- Acquity Group (NYSE MKT: AQ), a leading Brand eCommerce® and digital marketing company, announces today the loyalty findings of its 2013 State of B2B Procurement Study, which surveyed corporate buyers with annual budgets in excess of $100,000 on their purchasing habits and preferences.
The study found that 45 percent of respondents have used Amazon Supply to make a purchase in the last year, and 25 percent of respondents who have used Amazon Supply purchase from there frequently.
"B2B suppliers must be aware of the revenue threat from the third-party B2B eCommerce websites," said Robert Barr, Senior Vice President at Acquity Group. "This is particularly important since many buyers do not visit suppliers' physical stores, but rely on catalogs and websites to research products. Unfortunately, many of supplier's websites are outdated and lack capabilities to meet customer expectations."
Corporate buyers have limited loyalty to suppliers. If another website or supplier sells the same product at a lower price, 85 percent of respondents stated they will buy the lower cost option instead, despite loyalty to their current supplier.Buyers choose ease of use over price The study showed that while price is a factor, customers will abandon supplier loyalty for improved convenience. The majority of buyers (71 percent) indicated they would purchase from the website with a more convenient and efficient purchase process when price is equal, despite loyalty to their current supplier. When asked which aspect was more important for a company purchase, 32 percent of buyers ranked factors such as customer service and convenience over price. "While Amazon Supply and other third-party websites offer goods at lower price points, they also provide added convenience and familiarity, which buyers value," said Barr. "Corporate buyers are very concerned with process efficiency. Suppliers have an opportunity to increase revenue by offering a better shopping and research experience online."
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts