McKinsey & Company’s ninth global B2B Pulse Survey

McKinsey & Company’s ninth global B2B Pulse survey has revealed an unstoppable shift in how buyers across industries are purchasing everything, from high-value big ticket items to low-cost products, to new and repeat purchases.

What was seen as a COVID-19 ‘purchasing fad’ is now cemented as a must-have capability, with buyers demanding in-person, remote, and self-serve interactions across the entire sales process in equal measure. This trend is consistent across all geographies, industries, and company sizes and buying occasions. And is accompanied by a buyer willingness to ‘walk away’ – more than half (54%) are now willing to abandon a purchase or change supplier if they experience a poor-quality digital customer experience.

This shift in buyer demands has led to 71% of B2B suppliers investing in e-commerce. For those that are offering e-commerce, it has now dethroned in-person sales for the second year as their top revenue generator, with one-third (34%) of their sales now coming from this channel. Meanwhile, in-person revenue across all companies has fallen five percentage points year-over-year – dropping overall from 22% to 17%.

·                     Comfort in remote and self-serve $1-10+ million transactions has jumped to 20%, up from 15% in 2022 

Everything from wind turbine generators to MRI scanners and crawler cranes are now being purchased via remote or self-service interactions in 20% of B2B organizations. This comfort to spend big without ever meeting the supplier in person has jumped from 15% in 2022 to 20% in 2024 globally. The UK has seen a jump from 11% in 2021 to 21% in 2024 and the US, from 15% in 2021 vs. 20% in 2024.

·                     Most B2B buyers are willing to walk, if their omnichannel experience falls short 

B2B decision makers now use an average of 10.2 channels in their buying journey, jumping up from five channels in 2016. But selling across multiple channels is no longer enough to retain customers. More than half (54%) of B2B decision makers say they would abandon a purchase or switch suppliers if they experienced a poor-quality omni-channel customer experience. Customers now expect a personalized buying experience on the channel that most suit their needs and to be able to switch easily between channels.

·                     “Rule of thirds” stays true across industries – from tech to energy to logistics 

At any given stage of the buying journey, one-third of customers hope for in-person interactions, one-third want remote communications, and one-third prefer digital self-serve options. This ‘Rule of Thirds’ stays true across the more traditional industries like energy and materials and transport and logistics. These industries have caught up with tech and are adopting multi-modal purchasing. For example, spare parts for industrial machinery are now ordered directly online, with integration into distributor networks, and procurement automated through ERP systems.

·                     Japan favors traditional interactions, whilst Australia shows digital self-serve preference 

The rule of thirds is also remarkably consistent regardless of country. Japanese buyers have a slightly higher preference for in-person transactions, with 44% interacting with sales reps in this way. Australian buyers in contrast, show a slight preference for digital self-serve at 38%. Buyers in the US and UK buyers have a slightly higher preference for digital self-serve at 36%.

·                     Hybrid working increases growth potential, with flexibility boosting revenue  

Companies with hybrid work environments (where employees mix up their work locations during the week) are more successful than those whose employees spend four or five days per week in a single location. 35% of respondents from hybrid companies say their company achieved greater than 10% growth over the previous year, compared with 28 % of nonhybrid companies.

·                     Organizations blending generative AI and personalization are more likely to grow 

A notable 19% of companies report fully implemented GenAI use cases in B2B buying and selling, with another 23% currently in the process of implementing (e.g., ongoing development and/or experimentation).  Some are using AI for research assistance, while others are adopting it to inform the next best action or to provide smart coaching, in combination with other use cases. Those that blend personalized customer experiences with gen AI are 1.7 times more likely to grow market share than those that do not.

Jennifer Stanley, Partner, McKinsey & Company said: “E-commerce, initially seen as a minor channel in B2B sales or a brief pivot during COVID-19, has permanently reshaped buyer behavior. B2B buyers now expect flexibility —be it to connect in-person, remotely, or via digital self-service. And businesses are clearly responding, with over one-third increasing their investments in e-commerce by more than 11% over the last year.”

Candace Lun-Plotkin, Partner, McKinsey & Company said: “Purchasing wind turbines or MRI scanners should be as simple as grocery shopping. When it isn’t, B2B buyers are now willing to walk away. The level of this behaviour is unprecedented, as changing suppliers in B2B has traditionally been complex and time consuming. But, we are now seeing consumer-reactions to poor or inconsistent sales experiences.”

Liz Harrison, Partner, McKinsey & Company said: “Customers and prospects are demanding more flexibility than ever, whether that’s chatting with a sales rep in person, connecting via video, or going fully self-service through e-commerce. For B2B companies, the challenge is to balance these customer expectations with the financial impact of delivering them. Embracing innovative strategies in your go-to-market approach will be critical for success, both today and in the future.”