The jury may still be out on the gains of demonetisation but there is little doubt about the devastating impact the sudden withdrawal of high-value currency notes in November 2016 had on small and medium enterprises (SMEs). Just when these businesses were limping back to normal, the coronavirus dealt another brutal blow.

Whatever the verdict on demonetisation, one thing is clear: online payments, digitilisation and cashless transactions, which took off during the period and skyrocketed during the pandemic,  are the way forward for businesses.

So, will business-to-business (B2B) companies embrace the change? A quick survey of B2B chief experience officers (CXOs) reveals that online purchasing seems to be on the rise globally. Does this mean job losses for salespeople? Marketing folks’ job will get complicated but the digital push can empower them to look after sales from start to finish.

It seems B2B buyers are happy to do research online but only a few buy online. As per a Forrester Group study, in the US alone, over a million salespeople will lose their jobs if self-service e-commerce goes full steam.