- 83% of B2B companies are planning to make a digital investment
in 2024, prioritizing ecommerce platforms, backend integrations
with ERPs and order management systems as the top areas for
investment.
- 79% of B2B businesses are looking to invest in technologies
that improve purchasing experiences for customers.
- The report provides B2B companies with a roadmap to accelerate
their digital maturity using a four-dimensional framework that
focuses on digital tools, team culture, customer experience, and
data insights.
MUNICH, May 22, 2024
/PRNewswire/ -- commercetools, a global commerce company and
the market leader in composable commerce, today announced the
release of research published by Master B2B and supported by
commercetools, "Accelerating Your Digital Vision: Taking Your
Strategy to the Next Level," which examines digital maturity in the
B2B commerce market, and is the second edition of a three-part
series. The report found that the tides have turned in the over
$7 trillion global B2B commerce
market, as 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 their 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 prioritizing investments
in technologies that enhance customer experiences, with 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.
"In 2024, we've seen a surge in technology investments from B2B
customers as the market increasingly recognizes the value of the
flexibility and scalability that composable commerce provides,"
said Dirk Hoerig, Co-Founder and
CEO of commercetools. "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, and achieved
a faster time to value in a matter of months, not years."
With composable architectures, B2B companies unlock unparalleled
flexibility and the ability to adapt to the changing needs of their
organizations and 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.
"In just a short period of time, we've seen that companies can
no longer wait and see how emerging technologies, like AI, shake
out — companies that aren't adopting new technologies are missing
out on critical growth opportunities and are falling behind
competition," said Andy Hoar,
Co-Founder, Master B2B. "If you're not a leader, or at least a
very fast follower, you'll 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."
commercetools provides the leading composable commerce platform
for B2B companies enabling them to future-proof themselves from
unexpected market forces, increase revenue-generating
opportunities, reduce operational costs and scale globally.
Customers including ACE Southern, Dawn Foods and Zoro USA have chosen commercetools to transform
their digital commerce experiences and unlock the value of true
composability.
To learn more about commercetools and download the full report,
please visit commercetools' resources page.
About commercetools
commercetools, a global commerce
company, is the market leader in composable commerce. We enable
companies to flexibly customize, tailor and scale shopping
experiences across markets. Our composable commerce platform equips
some of the world's most influential businesses with tools to
remain agile, future-proof digital offerings, reduce technical
risks and costs, and build outstanding experiences that drive
revenue growth.
With headquarters in Munich
(Germany) and Durham (US) and
employees spread across five continents, commercetools has led a
global renaissance in digital commerce by combining cloud-native,
technology-agnostic, independent components into a unique system
that addresses personalized business needs. We empower brands ––
including Audi, Danone, Eurorail, NBCUniversal, Sephora and
Volkswagen Group –– to stay ahead of changes in the market and
consumer preferences by powering distinctive, dynamic user
experiences.
To learn more, visit commercetools.com.
About Master B2B
Master B2B publishes industry-leading
thought leadership research and operates an elite community of B2B
eCommerce executives who network and share best practices through
peer-to-peer dinners, roundtables, and summits.
To learn more, visit masterb2b.com.
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