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It’s no secret that the digital world has made its mark on the B2B industry in recent years.

With its rise in popularity, digital commerce provides customers with what they want: convenience, flexibility, and personalization at the click of a button. Regardless of what industry you operate in, the B2B landscape is transforming. Still, one thing remains clear: digital commerce is here to stay.

Looking specifically at the Canadian asset financing market, equipment sellers and financing companies alike are balancing the shift toward providing a customer experience that meets the expectations of today’s B2B buyers and adapting their traditional business model – and with good reason.

According to McKinsey, in 2017, only 20% of industrial companies preferred digital interactions and purchases. In 2021, that number grew to 67% and remains relatively the same in 2024.

The sudden shift to digital interactions and commerce is staggering, however, the effects of recent years have only accelerated a trend that has been building over time.

Joel Druwe, Chief Strategy & Integration Officer at CWB Equipment saw the signs early and quickly got the digital customer experience ball rolling to ensure customers could get their financing when and how they wanted to.

“We’ve had our finger on the pulse of what customers need for years,” says Druwe, “Solutions like a financing portal for customers, quoting portal and custom-made online applications for our equipment dealer partners have been years in the making, and are changing the face of the way we do business.”

The time to act is now

The demand to have online options for equipment financing is high, and that extends to equipment dealers needing to showcase and sell equipment online. Although some clients prefer viewing equipment in-person, many dealers rely on their websites and partnering platforms to facilitate their sales.

Online equipment listing sites like AgDealer.com are adding features like online shipping and financing solutions to help their equipment buyers and sellers do business direct from the site.

Growing digital ticket sizes

This trend toward online buying and selling extends to bigger ticket items too. McKinsey reports that the comfort level of B2B buyers has risen significantly. In 2022, 59% of B2B consumers were open to making self-serve and remote purchases greater than $50,000. Today, that number has increased to an impressive 73%.

With purchases in the thousands or even tens of thousands, that’s where financing solutions come in – whether they’re on or offline.

“Even if business owners have that much cash on-hand to buy new equipment, most recognize that the potential tax benefits of financing equipment, flexible payment plans and freeing up your cash flow make financing a solid business decision” says Druwe, adding, “Whether our customers connect with us online, on the phone, or in-person, we want to make sure our customers are getting the experience they want.”

Customer experience is king

If a customer who prefers online shopping is on your website looking for equipment, and you’re making them go offline to get their financing, then are you really providing them the full-service solution they’re looking for? Customers like options, so providing a variety of ways they can connect with you is of the utmost importance.

Sure, there are plenty of people who prefer the offline approach, but in some cases, that’s not an option anymore, so those who would rather sell or shop offline, will still need to adapt their styles

Digital commerce is becoming increasingly popular. According to McKinsey, for organizations that offer it, more than one-third of revenue is generated from E-commerce sales, and customers comfort with remote and online purchasing is only getting more popular. For the B2B market, this means that adopting online channels is vital.

Every industry is reacting to the changing market in different ways and at different paces. “For those dealers who are not yet selling online, there may be a variety of things holding them back, but the reality is that we’re so ready to support our partners” says Druwe. “With one simple link, our equipment dealer partners can be up and running with online financing on their websites. It’s really the future of financing – and the future is now.”