Researching product, prices, and suppliers are just some of the things buyers must do before making purchases online. Because buyers need to make purchases with the least time and effort, it’s no surprise that suppliers who provide the greatest level of convenience are winning the battle for business.
A study by Acquity Group, found that buyers will leave their current suppliers for a more convenient online experience; even over lower prices. According to Robert Barr, Senior Vice President at Acquity Group, “Many buyers do not visit suppliers’ physical stores, but rely on catalogs and websites to research products. Unfortunately, many of supplier’s websites are outdated and lack capabilities to meet customer expectations.”
Because buyers are under a tremendous amount of pressure to increase efficiency, a few dollars is not an issue when a properly constructed catalog site can save them time, ordering mistakes and other hassles. . This is why buyers are willing to let loyalty to their suppliers go if they can have better customer service and better supplier’s catalog elsewhere.
The study showed that 71% of buyers would go for “the website with a more convenient and efficient purchase process when price is equal, despite loyalty to their current supplier.” Also, when it comes to what is important for a company purchase, “32% of buyers ranked factors such as customer service and convenience over price.”
Barr even mentioned how suppliers can benefit from efficient and easy-to-use systems in their websites. He says, “Corporate buyers are very concerned with process efficiency. Suppliers have an opportunity to increase revenue by offering a better shopping and research experience online.”
But we’ve learned a deeper advantage to this tendency. Think about this… if convenience and efficiency mean happier buyers, doesn’t it follow that giving them more convenience that anyone else can give you a competitive edge? That’s one way we help our clients dominate; with customer specific buying sites. PunchOut catalogs, key account sites, and private marketplaces will give your buyers a shopping and ordering experience that caters to their specific preferences and needs.
If you want to improve your results with new prospects and keep you clients happy, give your buyers what they want. To see some real world examples of how we can help you do that, take advantage of a free consultation with our e-commerce specialists today.