Indian buyers are the most frustrated while buying B2B products online (60% against global average of 46%), and are most likely to switch their suppliers compared to their global counterparts, according to Wunderman Thompson Commerce & Technology’s B2B Future Shopper report.
The report says Indian B2B buyers are the most likely to buy from a supplier who has a greater purpose — something that goes beyond merely selling goods and services. Hugh Fletcher, global head of consultancy and innovation, Wunderman Thompson Commerce & Technology, says, “Businesses cannot forget the importance of building genuine, human relationships; particularly with the wider societal shift to work from home.”
In its third edition, the Wunderman Thompson Commerce & Technology report offers a deep dive into 11 international markets, including India.
The report notes that Indian B2B buyers are more likely to buy from a supplier that “inspires” them. The most commonly used source of inspiration is the suppliers’ websites and mobile sites (39% and 40% respectively), followed by suppliers’ apps (35%). A large chunk of these buyers, 94% to be specific, often want to get through the purchase process — from inspiration to purchase — as quickly as possible. “We call this ‘compressed commerce’ and those businesses, retailers and marketplaces that can do this best, often find themselves winning against their online competition,” says the report.
According to the report, on an average, Indian B2B buyers are the most daring in terms of their willingness to spend online for a single item. Amazon Business, Indiamart, Ebay, JioMart, and Alibaba are the B2B marketplaces that Indian B2B buyers use the most. The study also finds that globally, the majority of B2B consumers — that is, 67% — begin their purchase journeys online, with Indian buyers leading the stakes, with 90% starting their purchase journeys online.
One of the key methods of communicating with B2B buyers today is online and video chat. The report says this tool is not used widely but here again Indian B2B buyers are at the top of the list.
BOX: Report highlights
* Indian B2B buyers are more likely to buy from a supplier that inspires them
* Amazon Business, Indiamart, Ebay and JioMart are the most used B2B marketplaces
* Indian B2B buyers rank as the most frustrated buyers switching their suppliers in the last 12 months
* Indian B2B buyers are the most likely to buy from a supplier who has a greater purpose that goes beyond selling goods and services