The COVID-19 crisis has impacted the technology industry and several other businesses around the world. To better understand how technology B2B buying professionals are being affected by the pandemic, PROS worked with Hanover Research to conduct a survey. We surveyed 128 B2B professionals who self-identified as being buyers of technology companies to understand their changing habits and preferences. This survey indicated that the crisis has driven mixed impact on spending with 41% reporting that the events have accelerated purchasing, 13% have seen no impact, and 45% have seen deceleration in purchasing.
Procurement and purchasing leaders had already been steadily shifting purchasing from traditional reliance on sales reps to self-serve ordering through digital channels, but this survey shows that COVID-19 dramatically accelerated this shift. Post COVID-19, 46% of technology buyers expect most of their purchases to be primarily done through digital self-serve channels (a 35% increase from 34% of buyers who said that since COVID-19, more than have their spending is happening without the aid of a sales rep).
Challenged by slow, inefficient responses and inconsistent pricing in certain vendors, seven in ten buyers are shifting to suppliers that are offering competitive pricing and better digital experiences. In fact, pricing inconsistency is such a challenge that, three out of five buyers say that they would switch to a vendor that offered dynamically, personalized pricing.
Ultimately, technology businesses that are able to deliver on frictionless digital experiences that drive buyers to personalized offers with competitive, market relevant pricing will be able to gain competitive advantage despite the overall economic slow-down.
If you’re interested in seeing all of the data from this survey, please visit: How COVID-19 is Changing B2B Buying.
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