The COVID-19 pandemic has caused economic disruption in Southeast Asia and affected overall B2B sales. With the need for businesses to stay afloat, this region is well-positioned to leverage on the digital revolution with a much younger and tech-savvy working population joining the foray compared to other major economies. Digital adoption in this market will allow the companies to cope with the current economic challenges, as highlighted in our latest white paper, “Transforming B2B Digital Sales in Southeast Asia".
This pandemic has accelerated an inevitable digital revolution on B2B sales, forcing companies to shift from traditional sales approaches to embracing online sales channels. IMF has previously projected that the average GDP growth of the ASEAN-6 will shrink at -3.4%. With many businesses forced to look beyond existing accounts and markets – digitalizing sales is a potential option to look at.
Why Digitization is Critical in B2B Sales
Our research suggests significant findings related to the importance of digitization in B2B sales:
- B2B Sales Decline During COVID-19
The economic contraction of major trading partners like China, Japan, the US, and the European Union has a massive negative impact on export demand.
- Traditional Sales No Longer Work
Due to border restrictions and lockdown measures, B2B firms cannot conduct sales like how they would just a few months ago.
- Opportunities in B2B Sales Digitalization
B2B buyers have increasingly relied on online channels as a supplement and conduct online research before purchasing decisions, and 68% eventually make purchases online.
B2B companies should take this as an opportunity to establish their online channels to be well-positioned to capture new sales leads. Download our report to find out more about digitalization in B2B sales.