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It was a known fact for us that eventually a time would come when boomers will retire and millennials will start to take over the workplace rapidly. That time is upon us, fortunately. The millennials’ generation are, in size, larger than any other adult cohort. They represent the world's largest population, they account for 23% of the global population. Millennials are a cohort that spans the births from the early 1980s to the mid-1990s. They are considered a special faction of the world who straddled the before-and-after of rapid technological change. They are the world’s first digitally-native generation, their tech-saturated brought up has made them distinguished from the older generations that preceded them.
If you are a millennial, chances are that you have seen the origin of almost every single luxury of the modern world: the first car was invented, skyscrapers shot up into the sky, Computers were invented and were utilized in every industry, and the Wright brothers invented the first flying machine. Your generation saw life-changing both before and after the popularization of the camera, cinema, sneakers, and Coca-Cola.
Where older generations rely on outdated methods, millennials believe in truly utilizing the digital tools for maximum productivity. Being one of the largest generations of world history, they are in their prime spending years. Millennials have reshaped the standards of the economy; have changed the way companies buy and sell. Their fresh approach has forced older and seasoned businessmen to examine their ways for decades to come.
Millennials offer a different worldview, an approach that’s never been thought of before. Since they have grown up in a time of rapid development, their priorities and expectations differ sharply from previous generations. Millennials’ affinity for technology has reshaped the retail space for the better. With a wide variety, relevant product information, customer reviews, and price and quality comparisons at their fingertips, Millennials are turning to brands that offer maximum convenience at the lowest cost.
As per the stats, 73% of millennials take participation in B2B purchase decisions. B2B businesses must keep up with the new buyer's demands, especially as they relate to e-commerce experiences. Let’s have a look at the preferences of this new buyer group and their expectations with B2B e-commerce.
The need for flexibility and ease of access is comparatively higher in millennials as compared to older generations. Gone are the days when you just needed to be on one platform over the web. The millennial buyer could be approaching you from anywhere, and you should be ready for it. Be it an app, a tradeshow, company website, or a social media platform, B2B businesses need to be prepared for the inquiries.
A recurrent theme in millennial buying is looking for clear and frequent feedback. They want to know exactly what they are buying, and they want to hear about it often. As a B2B business, it's imperative for you to establish a timely feedback system that will assure your millennial buyer of the quality of the transaction.
Millennials prefer to not be social before they eventually have to. They will snoop around your company, check reviews, compare prices, contact your old customers and then decide. If they contact you directly at all, they will be halfway across the buying process. They are fiercely independent and will approach you only when they’re ready to buy. More than you, they believe in the word of mouth. When they approach you, they will be informed about your history, product, services, and competitors thanks to their online research skills.
Millennial B2B buyer has redefined the meaning of a good customer experience. A large number of millennials prefer to make payments online, and companies are working to match this pace. Update your e-commerce site to accommodate the latest payment methods to facilitate all the millennial ways of transactions. When COVID-19 hit the world, it impacted how businesses process and pay invoices. The business that adopted these digital payment methods reaped off the benefit while the businesses with traditional payment methods suffered great losses.
The moment a user visits your website, it should feel personal and welcoming. You must recommend products based on past site visits, geographical location, demographic search, and latest trends. Businesses that offer familiarity and consistency to their users will experience a boost in ROI. Similarly, when B2B businesses display personalized product and service assortments and average order sizes based on past searches, the user feels seen and heard. A good business collects the necessary customer information, and it tailors search results based on user's preferences and needs.
If your business is considering digital transformation, you’ve got to know how the next generation of your buyers think, in order to guarantee success with the business. The next updates to your e-commerce platform could be your last if you don’t plan accordingly.
