The growing number of millennial and Gen Z professionals have very high expectations for B2B ecommerce, says a new report from Forrester Research Inc.
Millennial refers to people born between 1981 and 1996. Gen Z refers to those born between 1996 and 2012.
“Generational shifts in the workplace are turning the business buying process on its head,” says Amy Hayes, vice president and research director at Forrester. “Lack of understanding about millennial and Gen Z buying behaviors can adversely affect providers’ ability to reach, engage, and ultimately win these buyers over.”
Millennials and Gen Z zoomers constitute 64% of business buyers. Furthermore, millennials make up more than half of all business buyers, Forrester says.
“These younger buyers are more demanding, engaging in more buying activities, and more willing to express their dissatisfaction with the buying process,” Forrester says. “These changing buying behaviors, combined with continued economic uncertainty and tighter budgets, necessitate that sales and marketing leaders adapt their go-to-market strategies.”
Millennial and Gen Z B2B buyers also have high standards for engaging and purchasing online from sellers
- Younger buyers carry new demands and expectations for B2B buying. Forrester predicts that in two years, more than a third of millennial and Gen Z business buyers will purchase through self-guided digital channels. Those include vendor websites, marketplaces, app stores, or directly from an existing product.
- Millennials and Gen Z B2B buyers are active information seekers. Younger buyers go to more sources and find third-party resources more impactful than vendor resources.
- This group is quicker to express dissatisfaction with the buying experience. 90% of younger buyers cite dissatisfaction with their vendor in at least one area compared to 71% of older buyers.