Do you think the online purchasing is something that should be invested in only for those companies who sell to the young B2C market? Guess again!
B2B buyers from all generations are jumping on board with B2B ecommerce for their corporate purchasing needs. A recent infographic based off the Acquity Group’s, “the 2013 state of B2B procurement Study,” proves that while the Gen-Y is most likely to buy online, the Baby Boomers and Gen X are not too far behind. The report also supports the notion that B2B ecommerce needs to be similar to B2C from a user experience standpoint and B2B buyers are ready to spend a pretty penny online when given the right tools. Some of the key findings from this study include:
It is not tough to guess that this study would find the younger crowd being the most excited about making their purchases online, but you may find it surprising how quickly the older demographic is adopting the new trend:
- Gen-Y buyers are 131% more likely to make online B2B purchases than those over 35 years of age
- Of Gen-X 68% of professionals make their B2B purchases online
- The Baby Boomers are separated into two smaller categories when it comes to their B2B ecommerce activity:
- 45% of buyers between the ages of 46-60 have made B2B purchases online
- 29% ages 60+ have made online business purchases
B2B buyers expect a B2C-like experience
- 71% say they would increase their B2B ecommerce buying if the process were faster, easier, and if the site was convenient to browse.
- 28% would be more likely to make a major purchase of $5,000 using a mobile device if available.
- 71% would purchase from a website with a more convenient and efficient purchasing process than their current supplier.
Across the board, no matter what generation, purchasing online for B2B buyers is going to continue to grow in popularity and they are looking to spend some serious cash that way!
- 37% predict that they will spend more of their budget online next year
- 57% have spent time making b2b purchases online
- 13% of companies with a budget of $500million+ will purchase directly from a suppliers website
- 50% of buyers in that budget range will spend 90% + of that budget online
So what this study tells us is that if you are one of the many who think B2B ecommerce is superfluous to your business and customers, you stand to lose as the online purchasing trend becomes the norm. yes, Gen-Y is the early adopter,but soon your Baby Boomers will retire and adoption among Gen-X will continue to grow. if you are not ready and willing to give them the easy, accessible, 24/7 service they crave, you stand to lose customers and money playing catch-up.
See the original infographic here