There is no question that the B2B buying process has evolved and changed. Covid-19 has a strong influence on how buying processes have changed and how they are likely to evolve further in the future.

As you might expect, the pandemic forced B2B buyers and sellers to resort to digital processes. That shift has now become the new norm, and it has had an enormous impact on how buyers and sellers will conduct business moving forward.

Research conducted by McKinsey & Company revealed that over three-quarters of buyers and sellers prefer digital self-service over face-to-face interactions. That trend has continued to strengthen despite markets opening and returning to normal.

What are the reasons for this trend towards self-service digital B2B buying processes? Many cited safety as one of the primary reasons for the shift. Still, many others point out that digital self-service buying makes it a lot easier to obtain information, place orders, and get service. It might surprise you to learn that only about 20% of B2B buyers want to return to in-person sales. This is even true for industries such as pharmaceuticals and medical products which the “field sales” model has long been the standard.

With younger players entering the buying process, they are accustomed to digital processes and prefer personal customization and control over their decisions and buying processes. They cite that they can easily compare products and services and gather a lot of information online.

Other factors propelling more B2B processes to go digital include more people being involved in the buying process. Digital processes allow buying groups to get more information from social media sites and vendor sites and streamlines the time it takes to obtain and review the information. It can also help shorten the decision-making process.

More and more B2B customers are shopping online because they are so comfortable with online purchasing for their personal life. When B2B customers are shopping for vendors or solutions, they now spend more time looking at peer recommendations and review sites and social media more than they used to. Did you know that LinkedIn is the most influential social media channel for B2B buyers and that B2B buyers use social media to learn more about vendors and issues related to their purchase? Buyers also get recommendations and suggestions from other users and contact individual thought leaders for their opinions. This is all in line with how we conduct our personal buying. Trust is being built through digital channels rather than one-to-one sales meetings where you directly build a relationship with your vendor. Now we build our trust in vendors based on the opinions and experiences of other people we trust.

Another driver for digital buying processes is increased vendor expectations. Because it is easy to compare vendors online, buyer expectations regarding what a vendor can deliver are increasing. It isn’t just about products and prices anymore. Customer service is more important than ever. Buyers expect both digital self-service and human customer interactions.

The bottom line is that digital buying processes have made it simpler, easier and faster. These are core concepts that will continue to drive the expansion of digital self-service as the primary process method for B2B buying processes in the future.