B2B Technology Spending Rebounds, With 79% of Businesses Focusing on Tech Investments to Enhance Customer Experiences, According to Recent Research - Published by Master B2B in Partnership with commercetools
- 83% of B2B companies are planning to make a digital investment in 2024, prioritizing ecommerce platforms, backend integrations with ERPs and order management systems as the top areas for investment.
- 79% of B2B businesses are looking to invest in technologies that improve purchasing experiences for customers.
- The report provides B2B companies with a roadmap to accelerate their digital maturity using a four-dimensional framework that focuses on digital tools, team culture, customer experience, and data insights.
MUNICH, GERMANY - May 22, 2024 - commercetools, a global commerce company and the market leader in composable commerce, today announced the release of research published by Master B2B and supported by commercetools, “Accelerating Your Digital Vision: Taking Your Strategy to the Next Level,” which examines digital maturity in the B2B commerce market, and is the second edition of a three-part series. The report found that the tides have turned in the over $7 trillion global B2B commerce market, as 83% of companies surveyed are planning to spend more on digital investments in 2024 compared to last year.
With 94% of respondents reporting support from their CEOs, B2B businesses now have the executive buy-in needed to make technology investments. This represents a notable departure from the cautious spending approaches that practitioners were lamenting in 2022 and 2023. The majority (79%) of businesses are prioritizing investments in technologies that enhance customer experiences, with the top areas of investment for these companies being ecommerce platforms, backend integrations with ERPs, and order management systems. However, timelines for showing return on investment (ROI) have shortened for the majority of respondents (64%) compared to the last three years.
With composable architectures, B2B companies unlock unparalleled flexibility and the ability to adapt to the changing needs of their organizations and can show the ROI on these investments quickly.
With budgets available, companies are continually assessing where to allocate their funds. To make informed decisions, B2B companies need to first evaluate their current level of digital maturity. This enables them to more quickly progress as a company while also showing the value of their investment to the broader organization and leadership team.
commercetools provides the leading composable commerce platform for B2B companies enabling them to future-proof themselves from unexpected market forces, increase revenue-generating opportunities, reduce operational costs and scale globally. Customers including ACE Southern, Dawn Foods and Zoro USA have chosen commercetools to transform their digital commerce experiences and unlock the value of true composability.
To learn more about commercetools and download the full report, please visit commercetools’ resources page.
About commercetools
commercetools, a global commerce company, is the market leader in composable commerce. We enable companies to flexibly customize, tailor and scale shopping experiences across markets. Our composable commerce platform equips some of the world’s most influential businesses with tools to remain agile, future-proof digital offerings, reduce technical risks and costs, and build outstanding experiences that drive revenue growth.
With headquarters in Munich (Germany) and Durham (US) and employees spread across five continents, commercetools has led a global renaissance in digital commerce by combining cloud-native, technology-agnostic, independent components into a unique system that addresses personalized business needs. We empower brands –– including Audi, Danone, Eurorail, NBCUniversal, Sephora and Volkswagen Group –– to stay ahead of changes in the market and consumer preferences by powering distinctive, dynamic user experiences.
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