EXCLUSIVE: Heavy machinery buyers harvest power of digital
Heavy machinery sales have significantly shifted online as digital and remote transactions have become the preferred channel for buyers, according to exclusive new research.
A survey of 25,000 buyers by ExpoPlatform and LECTURA. reveals how important online has become to markets which have traditionally valued buying through face-to-face interactions.
The findings show high levels of spending have moved online for industries such as construction, agriculture, materials handling and transportation.
Luke Bilton, Chief Growth Officer at ExpoPlatform, said: “Buying and selling rapidly moved online through the Covid-19 pandemic.
“Two years since it began, we wanted to understand the impact in B2B industries.
“While the research highlights that demand for in-person events remains high in these markets, the level of comfort with entirely digital transactions is surprising for industries which are usually considered to be fairly conservative.”
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Petr Thiel, CEO of LECTURA, added: “We have seen an increasing trend towards marketplaces being widely accepted in heavy machinery sectors.
“The pandemic has unpredictably changed the business environment as many on-site events and tradeshows had to be cancelled or changed for online sessions and webinars, further digitalizing the heavy machinery industry.
“This latest survey confirms how digital is transforming buyer behaviour to an omnichannel future.”
While in-person interactions remain popular, the convenience of digital self-service ecommerce and remote contact with sales teams have now taken the lead.
More than two-thirds (67%) of materials handling buyers preferred to purchase heavy machinery through digital channels, the survey shows.
This is 62% for the transport sector, 56% for construction and 46% for agriculture.
The survey also highlights that 75% of those buying through digital channels were willing to spend more than $10,000 entirely online.
While in-person events are still considered to be the most effective ways of discovering new products, this was followed closely by online product reviews and video demonstrations .
The research was carried out on the LECTURA Specs website, an ultimate buyers guide that is visited by over 1 million professionals each month.
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