Consumer behavior has changed dramatically in recent years, which makes understanding online buyer expectations crucial for players in the digital marketplace – and, in an increasingly omnichannel environment, the physical space too.
Technology has long been the chief catalyst of the change that has swept global economies and businesses, a phenomenon accelerated by COVID-19. According to research by consulting giants McKinsey, the pandemic saw adoption rates of digitally enabled products, services and systems advance by a full seven years in a matter of months, necessitating a revolution in the way organizations approach their go-to-market strategy.
Rise of the new online buyer
At the heart of this cross-industry business transformation – the likes of which the global economy hasn’t witnessed since the Industrial Revolution in Europe during the 18th and 19th centuries – lies the fast-evolving nature of the online buyer. What differentiates them from previous generations? Three points are key when it comes to understanding online buyer expectations and behavior in this new landscape:
- Today’s always-on shoppers are far more tech-savvy than their predecessors. Accustomed to an on-demand, 24/7 information diet, they are confident navigating online environments and digital channels as part of their buying journey. This journey consists of sophisticated digital-discovery tools, online reviews, ‘insider wisdom’ gleaned from private-group exchanges and dark social interactions – an under-the-radar crisscross of conversations occurring on channels such as instant messaging, social media, texts, emails, intranets and professional work hubs like Slack.
- Thanks to the Uberification and Amazonification of online habits, understanding online buyer expectations is to understand that shoppers can be easily put off by product discovery and purchase journeys that aren’t memorable, personalized, or at the very least, simple and seamless. Among the main facets expected of brands today are: simplicity (“I don’t want to solve riddles or jump through hoops”), relevance (“How well do you know me?”) and information (“Don’t waste my time: Give me only what’s useful”). Thanks to multi-tasking trends, this new generation of buyers is also forever distracted, giving entrepreneurs and sales professionals an ever-smaller window to engage prospects, thus compounding the challenge.
- The 21st-century buyer shows a strong preference for self-service digital experiences that put them firmly in control of the purchase cycle with minimal interaction or interruption. More than 30% of B2B customers are already tapping into self-service channels at each phase of their purchase journey, and that number will only rise going forward. The growing prominence of this trend led market research company Forrester to predict the death of the B2B salesman some time back. And while that may be an extreme forecast, it’s clear that consumers have a preference for independent discovery, comparison, research and evaluation during the product exploration and consideration cycle. Where buyers do turn to sales advisors, it’s often for deep subject-matter expertise, which cuts to the chase and supplies them with precisely the information they are looking for.
The opportunity to reimagine B2B sales
Armed with this new understanding of online buyer expectations, how can enterprise captains, revenue leaders and founders ramp up their sales functions aggressively, and at the same time ensure online buyers have the independence and flexibility they love? The secret to sales and business transformation in the ‘next digital normal’ is to strike the elusive balance between proactive, human-led selling, and hands-off, product-led growth.
One approach that has led to proven success, in firms of all sizes and across sectors, is the integration of immersive technology to overhaul customer engagement strategies. Offering a combination of seamless, intuitive buying journeys, interactive personalization options and memorable purchase experiences, 3D and AR is a one-stop technological solution that meets the demands buyers place on firms today.
With the potential to boost conversion rates by up to 200%, reduce returns by up to 40% and deliver significant ROI, a simple two-part framework offers manufacturers, brands and businesses a powerful route to transform their customer journeys and woo the new generation of online buyers.
The play for customers: Build ‘wow moments’ by bringing product pages to life with 3D and AR
Today’s online buyer is accustomed to brands innovating with regularity in order to deliver faster, smoother and more memorable digital interactions. By understanding online buyer expectations through this prism, companies can use 3D and AR to buck the status quo and secure a competitive advantage in their market.
For customers, the ability to zoom, rotate and – crucially – configure products to their preferences in real time adds a whole new layer of convenience and confidence when it comes to making buying decisions. Research by Snap/Publicis found that 80% of shoppers are more confident in purchases made with the help of AR. In addition, users can experience ‘try before you buy’ previews by visualizing products in their own homes or offices with AR, ensuring items fit their intended space, match the color scheme and look just right. And all of this can be achieved without additional hardware, using just their mobile phone, with solutions such as the no-app, no-code platform developed by Enhance XR.
Configure and click 'See in your space' to try an augmented reality experience now | Enhance XR
Not only are shoppers shown to spend longer on product pages offering this functionality – up to 21% longer, according to research in the Harvard Business Review – there is also a marked increase in the likelihood of adding an item to their cart and placing an order, according to statistics cited by Shopify. What’s more, these immersive buying experiences lend themselves perfectly to social media, making them ideal for sharing. This positively impacts vital metrics – page views, average time on page, reach, engagement – for marketers, and also helps entrepreneurs and sales teams hit the holy grail of delighted customers who subsequently go on to become growth ambassadors for the brand.
The play for leaders: Build multi-dimensional, cross-functional teams with 3D and AR at the core
For companies looking to get ahead of the curve and leverage the dynamics created by today’s online buyer expectations, a slew of opportunities exist for those willing to innovate. Steps to take include:
- Create proprietary immersive commerce playbooks based on their unique learnings with 3D and AR sales.
- Set up systems that empower frontline teams with everything they need to deliver captivating 3D and AR demos.
- Align tech stacks and CRMs with 3D and AR workflows to bring everyone on the same dashboard.
- Encourage sales and marketing teams to work in unison and feed them with tools and insights to optimize online-prospecting efforts.
This is where things get really interesting, for this is also the stage and cue for business leaders to introduce the X-factor of human touch to their digital transformation matrix.
How do they do that? By creating multi-functional 3D and AR teams on hybrid models that allow specialists and experts to step in at strategic points. Plugging in their insights and recommendations personalizes the funnel, providing buyers with the right information, nudges and road-signs at the right time and the right place.
Finally, onboarded clients should be eased onto the 3D and AR highway by handholding them with best practices, insights and ongoing guidance during the initial months, to ensure online buyer expectations are met and great customer outcomes delivered.
3D and AR: Ensuring products are bought, not sold
Enterprise commerce and B2B selling is undergoing rapid change. To start with, sales teams today have only about 5% of a prospect’s time to put a foot in the door. Aggravating the problem is the modern buying process, which can involve multiple stakeholders and decision makers – sometimes as many as 10. A non-linear purchase path – with buyers requiring multiple layers of sign off – can complicate matters further.
The good news? Some things haven’t changed. While online buyer expectations have evolved, emotions still drive business, and customers continue to make purchase decisions based on a wealth of tangible and intangible factors, taking in visual appeal, brag-worthiness, intuition and the subconscious.
Redesigning the digital transformation arc with spatially immersive and visually gripping 3D and AR moments engineers emotional pull and touches a deeper chord with audiences, playing on these new online buyer expectations and helping businesses venture beyond leads to generate lasting demand.
