Speed counts when going digital
Speed beats perfection for businesses when it comes to going digital according to a new report.
Sixty eight per cent of decision makers are convinced of this when it comes to digitizing B2B commerce speed beats perfection and "Fail fast, learn fast" is thus common practice as businesses learn to take advantage of the potential of digitization.
And rightfully so, says the report. Those who are hesitant in digitization are losing ground to competitors and are already forfeiting future opportunities today.
Growth was stated as one of the most important drivers of digitization. Almost half of the companies surveyed stated that the increase in turnover (47%) or market share (45%) influenced their strategy. Almost as high is the strategic goal of digitization projects to improve the customer experience (46%).
More efficiency, more sales, more customer satisfaction
The impact of digitizing B2B sales and services can be huge, according to the report. All respondents (400 businesses) had seen benefits already. They cited more efficiency (42%), followed by increased sales success and customer satisfaction (39% each).
This is also a result of the mix of sales channels available to customers; e-commerce websites (48%) remain the most frequent digital channel for the sale of products and services, closely followed by B2B marketplaces (41%) and e-mail (31%). However, the difference between the groups, identified in their degree of digitization, is enormous: 69% of digital masters and 29% of digital newcomers have their own e-commerce sites. However, the digital newcomers seem to have recognized an urgent need for action here, as 40% of them already want to establish their own online channel in 2019.
"The better you are, the better you get"
Dr. Jochen Wiechen, Chairman of the Management Board of the Intershop Communications AG, explains: "B2B commerce is in a self-accelerating cycle. The better you are, the better you get. The faster you are, the more sales channels you can operate and the greater their efficiency. Modular cloud-based solutions with open interfaces can be a great help in strengthening, expanding, and connecting digital sales channels. It doesn't matter whether a company simply doesn't want to lose their grip or is already taking the next development steps."
The research was conducted on behalf of Intershop by Vanson Bourne, an independent specialist in market research for the technology sector.