E-commerce B2B: how do customers make purchasing decisions? Monogo E-commerce News
Whether we are talking about buying services or products, more and more young people are participating in companies' buying processes. From a certain perspective, this may not be noticeable, but there is undoubtedly an impact of age and experience on the buying and selling process. A report by Forrester, shows how B2B buying by younger and older people differs.
Younger vs older in B2B buying
As a 37-year-old, I've been hearing about millenials, or generation Z, for a few years now. Being at one of my family dinners a few years ago, I realised that people born after 1995 and 2000 are already active in the workforce. Mathematically it all adds up, even including university, they should already be working.
These people grew up in a slightly different reality to me and the managers, directors and VPs older than me. Looking at the employees, it is impossible to ignore the fact, the different priorities, the world view. Without any judgements, the immediate conclusion is that these differences can and do affect the way we buy in B2B. The report referred to in this text shows some interesting facts on numbers.
Younger buyers are far more likely to encounter factors that can delay purchasing decisions. This is explained by less experience or position in the organisation. In addition, depending on the region, price plays an important role in the purchasing decision.
Access to information is key
Younger buyers, as they have less experience, need more information regarding the products or services they intend to buy. Suppliers should put more energy into transactions, as this is what buyers expect.
In addition to this, older buyers seem to rely on previous experiences with suppliers, while younger buyers rely on external experts. Maintaining good relationships with industry analysts, partners and experts seems to be a wise move on the road to building a stable business.
The conclusion, for B2B e-commerce, is that a basic product sheet is no longer enough. In B2B too, broad product information, with good media, is even necessary to address the needs of younger buyers. We have written about this on Monogo e-commerce news, but it is worth mentioning at every possible opportunity. The effectiveness of a B2B sales platform depends on good user experience, visual appeal and the amount of information available. For both product and services
Regional differences
The Asia, Europe and North America. The Forrester report, shows the differences in the factors that determine the success of the buying process in these regions. As for America and Europe, price plays a key role, so for Asia, good relationships.
Independence in decision-making (at least up to USD 50,000), have buyers in America, then there is Europe, finishing with Asia.
What is important?
In conclusion, the only thing that can be said with a high degree of certainty is that knowing who the buyer is and which generation they come from can be a determining factor for success. Generational differences, will become more and more apparent as time goes on. The sooner we can learn to work with the younger shopping generation, the better for our business.