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Buyers are thinking about service providers at the onset of their purchasing process, according to data from software marketplace G2. More than a third say they start considering service providers during the research phase.

B2B software buyers are getting pickier and more demanding, and with artificial intelligence on the scene, these buyers also want a much faster return on investment.

What does that mean for B2B software developers of all types — including ecommerce platform developers? Game on, says a survey of more than 1,900 B2B software buyers from software marketplace G2.

For example, over two-thirds of software buyers (69%) say service providers/implementers are a factor in their software decision-making process.

Buyers also are thinking about service providers at the onset of their purchasing process. More than a third (38%) say they start considering service providers during the research phase and about one-quarter (24%) say they begin considering service providers even earlier during the discovery phase.

“While a majority believe software budgets are increasing over the upcoming year, the opportunity to win and retain the customers that hold those budgets is becoming more challenging,” according to the G2 report. “Buyers aren’t willing to wait to see the value. Deal velocity is slowed as buying cycles have increased. Their software investments are being scrutinized by executive leadership.”

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G2 findings about B2B software buyers

  • Buyers are thinking about service providers at the onset of their purchasing journey. More than a third (38%) say they start considering service providers during the research phase. About one-quarter (24%) say they begin considering service providers even earlier during the discovery phase.
  • Shortlists are shrinking. 31% of buyers said this list includes four to seven products. That compares to 45% who said this in 2023. Additionally, nearly half (49%) reported having just one to three products on their shortlists — up from 33% in 2023.
  • ROI expectations are heightened. 57% of buyers expect ROI within three months of purchase, and 11% expect this immediately after purchase.
  • In 2024, executive and legal teams are a part of stricter signoffs. During the software selection process, the chief financial officer always or frequently holds the final decision-making power (79%), while the legal team tends to slow or block purchases (61%).
  • 7% of respondents agree or strongly agree that software companies have genuinely advanced AI technology in their products beyond merely capitalizing on the AI hype.
  • Of buyers who said their organization had purchased an AI platform within the last three months, 83% reported their organization has already seen a positive ROI from that purchase.
  • Employee productivity was the No. 1 method (44%) noted for how organizations measure the ROI from their investments in AI software or AI-powered software.

“Software investments continue to grow, with 52% of buyers expecting their software and technology spending to increase next year,” according to G2. “Unsurprisingly, AI plays a significant role in these increased budgets. More than a year after ChatGPT’s public release kicked off the generative AI frenzy, buyers say they’re investing in AI platforms and AI-powered solutions.”

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