commercetools have released its research, “Accelerating Your Digital Vision: Taking Your Strategy to the Next Level.” The report examines digital maturity in the B2B commerce market, and is the second edition of a three-part series. The report provides B2B companies with a roadmap to accelerate their digital maturity. It uses a four-dimensional framework that focuses on digital tools, team culture, customer experience, and data insights.
The report found that the tides have turned in the over $7 trillion global B2B commerce market. 83% of companies surveyed are planning to spend more on digital investments in 2024 compared to last year.
With 94% of respondents reporting support from CEOs, B2B businesses now have the executive buy-in needed to make technology investments. This represents a notable departure from the cautious spending approaches that practitioners were lamenting in 2022 and 2023. The majority (79%) of businesses are prioritising investments in technologies that enhance customer experiences. The top areas of investment for these companies being eCommerce platforms, backend integrations with ERPs, and order management systems. However, timelines for showing return on investment (ROI) have shortened for the majority of respondents (64%) compared to the last three years.
Technology investment surge says commercetools
According to Dirk Hoerig, commercetools Co-Founder and CEO, “In 2024, we’ve seen a surge in technology investments from B2B customers. The market increasingly recognises the value of the flexibility and scalability that composable commerce provides.”
“This shift reflects how B2B business leaders are adopting a top-down approach to digital transformation, understanding that their overall success is closely linked to digital capabilities. By adopting a composable approach, B2B companies have reduced operational costs, increased revenue-generating opportunities, boosted innovation. They have also achieved a faster time to value in a matter of months, not years.”
B2B companies looking to unlock flexibility
With composable architectures, B2B companies unlock unparalleled flexibility and the ability to adapt to the changing needs of their organisations. Moreover, they can show the ROI on these investments quickly.
“We moved to a composable platform because we were having difficulty making updates to the website that the business teams were requesting. Small changes were taking 3-4 weeks,” said Matt Swan, Technical Product Manager at ACE Southern. “To be competitive, we couldn’t just do what everyone else was doing. We needed to move to a composable platform that would allow us to create a customer experience that would differentiate us from our competitors.”
With budgets available, companies are continually assessing where to allocate their funds. To make informed decisions, B2B companies need to first evaluate their current level of digital maturity. This enables them to more quickly progress as a company while also showing the value of their investment to the broader organization and leadership team.
Andy Hoar, Co-Founder, Master B2B, said, “In just a short period of time, we have seen that companies can no longer wait and see how emerging technologies, like AI, shake out. Companies that are not adopting new technologies are missing out on critical growth opportunities. Furthermore, they are falling behind competition.”
“If you are not a leader, or at least a very fast follower, you will be left far, far behind. B2B businesses — no matter their size, segment, or level of maturity — need to be adopting the technology that enables them to remain competitive and meet evolving market demands.”
Enterprise Times: What this means for business
This report is a step in the right direction for enterprises. Last year’s report suggested B2B Businesses were unsatisfied with eCommerce technology. Only one-third surveyed last year believed their digital commerce tech stack provided the modern digital experience B2B buyers needed. Perhaps this explains why 83% of B2B companies are planning to make a digital investment in 2024. Furthermore, 79% of B2B businesses are now looking to invest in technologies that improve purchasing experiences for customers.
These companies are prioritising eCommerce platforms, backend integrations with ERPs and order management systems as the top areas for investment. B2B customers often feel like Cinderella, experiencing far poor digital experiences while buying goods and services from other businesses. There’s no good reason why poor B2B CX should continue in today’s competitive business environment. This commercetools report provides a useful framework for businesses looking to break out of this Cinderella cycle.
