It seems that B2B companies are starting to follow the trend being set by their B2C counterparts and are about to delve deeper into the digital world. Over 80% of businesses have said that they are planning to increase their investment into the digital side of their business as they look to explore new revenue streams. Obviously, we specialize in supporting ecommerce sellers, but we also support many B2B business. Lead generating companies can really benefit from moving more of their operations online, and here’s how.
The Survey On B2B Digitalisation
The findings that this article are going to centre around come from a survey carried out by Copperberg. They surveyed over 50 European B2B manufacturers with a turnover of at least 250 million euros. The survey is very enlightening since, whilst much has been made about B2C shift to ecommerce, B2B has not had the same attention.
The research found that the main reason these businesses feel that they need to expand their scope is to access new revenue streams. This was found to be the case for 41% of respondents. 24% felt that they had invest into their digital operations to keep up with the global shift to digital solutions that we have seen since the pandemic.
The Conclusion? Heavy Investment Imminent
The fact that these B2B companies are willing to invest in digitalization becomes apparent when looking at their budget for investments into digital business strategies. At least 83 percent of manufacturers will increase their budget up to 20 percent this year. A smaller group will maintain the same budget as last year (15 percent), while 2 percent of manufacturers will decrease their budget with 1 to 20 percent.
It is interesting when one compares the different ways in which B2B and B2C businesses can use digitalization. Of course, both should invest in their website and ensure their customers can communicate with them easily. However, there are some differences.
For example, a B2B manufacturer might add more automation to their production process. Also, when it comes to marketing, a B2B company might use platforms such as LinkedIn to generate leads, whereas a B2C business might use Instagram as it might allow them to make their products look more visually appealing.
Contact Us Today
If you are a business who participates in cross border e-commerce, or exporting of any kind, we would be more than happy to help you register for UK VAT, the UK VAT deferral scheme, gain an EU and UK EORI number, file your UK and EU VAT returns, and help you comply with VAT in case your account faces any issues. This obviously goes for any B2B businesses as well.
At J&P, helping your business is our passion, and we understand that companies across the UK are at risk now more than ever. We are here to support you through Brexit, so please do not hesitate to give us a call on 0161 637 1080 or send an e-mail to enquiries@jpaccountant.com.
