B2B companies are grappling with a widespread product information problem. Akeneo’s 2024 B2B Survey highlights that 99% of business leaders face at least one challenge related to managing product information.
Akeneo’s survey, which gathered insights from 650 industry leaders across the UK, France, Germany, and the US, points to digital transformation, product information management (PIM), and regulatory compliance as core areas of concern.
The challenge is collecting product information and making sure it is accurate, comprehensive, and easily accessible across various platforms. In a marketplace where B2B buyers expect the same streamlined experience as in B2C environments, the struggle to manage product data efficiently is becoming a significant bottleneck for growth.
How B2B buying is becoming as smooth as shopping online
The line between B2B and B2C is blurring, with 90% of B2B organizations planning to improve their digital sales strategies within the next two years. B2B buyers now expect the same level of convenience and personalization they experience in B2C markets.
Companies are under pressure to deliver a smooth experience across digital channels, and those that fail to do so risk falling behind.
B2B buyers increasingly rely on digital platforms to guide their purchase decisions. Digital self-serve portals are used by 51% of B2B customers, offering a quick and efficient way to access product information without direct engagement with sales teams.
Social media, often seen as a B2C tool, is now used by 46% of B2B buyers as part of their purchasing journey, showing the growing influence of these platforms in B2B environments. Additionally, 45% of B2B customers prefer using product marketing websites to evaluate their options before committing to a purchase.
Why your brand values will soon be as important as your products
As buyers increasingly consider a company’s brand and product values when making purchasing decisions, consistency and personalization across all touchpoints are becoming essential.
Akeneo’s survey reveals that 66% of respondents believe that product and brand values will play a larger role in future customer experiences. For B2B organizations, this means that the story behind their product is becoming as important as the product itself, pushing companies to make sure that values such as sustainability, innovation, and ethical business practices are clearly communicated.
The top roadblocks in managing product data that keep leaders up at night
Managing product information in B2B environments is proving to be a multi-layered challenge. According to the survey, 37% of companies find it difficult to automate and incorporate AI into their product information systems. This is despite the growing availability of AI-driven tools that can streamline data processes, such as PIM systems.
Collaboration between teams is another critical area where 31% of respondents report challenges. With product data often being spread across different departments, maintaining cohesive and timely communication is essential, yet hard to achieve.
28% of companies struggle to launch products on time, often due to delays in compiling the required product data. A slow process can result in missed opportunities in competitive markets where speed to market is key.
Manual product data management still reigns despite tech advances
Even with advancements in PIM systems and AI technologies, 40% of organizations still rely on manual processes to manage product data. This is a staggering statistic in an age where digital transformation is often seen as a priority.
Manual data management slows down product launches, with companies taking an average of two weeks just to gather and collate the necessary information.
Enriching product data adds another layer of complexity, with the process averaging 16 days. For 12% of businesses, product launches can take over 31 days, further highlighting how manual processes create inefficiencies in a fast-paced digital world.
Compliance issues are holding B2B companies back
Regulatory compliance remains a thorn in the side of 99% of B2B companies. Navigating regulations while trying to manage and distribute accurate product data presents a significant challenge.
Akeneo’s survey highlights several core areas where companies are facing difficulties. 50% of respondents point to supply chain management as their top concern, while 45% are finding it challenging to automate compliance processes.
The regulatory wall
Regulatory compliance delays are having a direct impact on the speed at which companies can bring products to market. For 36% of B2B organizations, compliance-related issues are a blocker to timely product launches.
This can be particularly frustrating when the demand for speed in product development is increasing. Companies also struggle with data protection and security (36%) and maintaining data accuracy (34%), adding additional layers of complexity to their operations.
Delivering high-quality product experiences will boost your bottom line
Delivering high-quality, consistent product experiences is a top priority for business growth. According to two-thirds of senior managers, offering an excellent product experience is linked directly to increased repeat business and conversions. The pressure to create these experiences is mounting, as B2B customers now expect product interactions that are on par with their personal consumer experiences.
B2B buyers place high importance on the information they can access about a product. The survey shows that 79% of respondents value clearly written product descriptions, while 78% look for comprehensive technical data sheets. Furthermore, 75% of buyers want access to warranty information, compatible product details, and customer testimonials before making a decision.
The future of B2B is digital, and it’s coming faster than you think
Akeneo’s survey finds that 85% of companies have already adopted a digital sales strategy, with digital channels accounting for 48% of their total revenue. For some companies, digital sales contribute even more, with 9% reporting that over 80% of their revenue comes from online channels.
As the B2B sector continues to evolve, key innovations are expected to have a significant impact. 42% of respondents believe that AI adoption will be a major driver of future growth. Additionally, 40% of companies are focusing on hyper-personalization of product content and exploring AR/VR integration.
IoT is also making waves, with 38% of respondents predicting its use in enhancing support and service teams through data collection.
Finally, 37% of organizations expect a shift toward composable architecture to reshape their digital infrastructure, making sure they can adapt.
With 90% of B2B companies actively expanding their digital capabilities, the pressure to meet rising customer expectations is higher than ever. Digital transformation is no longer optional, it’s essential for staying competitive. As companies invest in new technologies and strategies, those that lag behind risk losing their relevance in a fast-moving market where customer demands are continuously shifting.
