Today, nearly every website is optimized in some way to help visitors quickly find what they need. From replacement ink cartridges to a new fridge, finding what you need at the moment you need it is no longer hit or miss. Now is the time for businesses to better focus on helping customers discover new things along the way.
When we think of browsing and discovering new products, we tend to think of business-to-consumer (BTC) marketplaces such as Amazon and eBay. Consumers have a much greater tendency to browse, and businesses cater to their needs, helping them discover new things they didn’t know they needed or wanted. But B2B is an even bigger opportunity than B2C: an estimated $100 trillion flows between businesses each year, nearly five times higher than the volume of transactions that flow between businesses and consumers.
According to data from McKinsey, B2B companies that transformed their customer experience processes saw a 10 to 15% revenue growth, higher client satisfaction scores, improved employee satisfaction, and a 10 to 20% reduction in operational costs. Discovery browsing is one way of creating great B2B experiences and B2B marketplaces are a great example of where discovery matters. Right now, only 5-10% of B2B transactions happen online and about 50% of transactions are still done over the phone, over fax, or via in-person meetings with sales reps. The entire B2B ecosystem is inefficient, opaque, and convoluted.
For more information, reach out to Peter Curran, GM of Commerce at Lucidworks, who can share expert insight on what it takes for businesses to enhance your B2B discovery browsing and maximize the customer experience.