The COVID-19 crisis has impacted manufacturers and other businesses around the world. To better understand how B2B buying professionals responsible for purchasing from manufacturers are being affected by the pandemic, PROS worked with Hanover Research to conduct a survey. We surveyed 113 B2B professionals who self-identified as being buyers of manufacturing companies to understand their changing habits and preferences. This survey indicated that the crisis has driven mixed impact on spending with 37% reporting that the events have accelerated purchasing, 12% have seen no impact, and 51% 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. Since COVID-19, manufacturing buyers primarily purchasing through digital self-serve channels has increased by 40% (from 30% to 42% saying that more than have their spending is happening without the aid of a sales rep).
Challenged by slow, inefficient responses and lack of transparency in certain vendors, seven in ten buyers are shifting to suppliers that are offering better digital experiences, better information to supply availability, and of course, competitive prices. In fact, three out of five buyers say that they would switch to a vendor that offered dynamically, personalized pricing.
Ultimately, manufacturing 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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