Study Finds More Than 1/3 Of Corporate Buyers Expect Online Spending To Increase In The Next Year
Acquity Group's 2013 State of B2B Procurement Study discovers 40 percent of corporate buyers spend at least half of their procurement budget online, but many suppliers lack the online capabilities they demand.
CHICAGO, May 29, 2013 /PRNewswire/ -- Acquity Group (NYSE MKT: AQ), a leading Brand eCommerce® and digital marketing company, announces today the results of its 2013 State of B2B Procurement Study. The study surveyed corporate buyers with annual budgets in excess of $100,000 on their purchasing habits and preferences. Findings revealed 57 percent of corporate buyers have purchased goods online, and 37 percent expect to increase the amount of their budget spent online in the next year. The majority of corporate buyers are comfortable making major purchases of $5,000 or more online. In fact, 59 percent of respondents are currently making major purchases online with varying frequency:
27 percent make a major purchase of $5,000 or more once per month
30 percent make a major purchase 2-4 times per month
23 percent make a major purchase 5-11 times per month
22 percent make a major purchase 11 or more per month
However, many B2B suppliers are missing out on this online revenue, especially among purchasers with budgets in excess of $500 million. Only 13 percent of business buyers with a budget of $500 million or more purchase directly from a supplier's website, even though 50 percent of buyers in this budget range spend 90 percent of their budget or more online. This means they're spending 37 percent on third-party websites, such as Amazon Supply. "B2B suppliers have a significant opportunity to increase their revenue from eCommerce," said Robert Barr, Senior Vice President at Acquity Group. "Our study revealed corporate buyers are comfortable and willing to make major purchases online – and many are already doing this, but not on suppliers' websites. With online spend expected to rise in the next year, suppliers who don't invest in eCommerce and multi-channel initiatives will miss out on revenue gains from this channel." Best practices for B2B companies For the 63 percent of respondents who do not plan to increase online spend in the next year, the main reason is they do not see any major advantages to ordering electronically, suggesting that B2B companies need to offer more compelling content, research tools and in some cases, fully functional eCommerce capabilities on par with popular consumer brands.