Millennials surpassed Baby Boomers as the largest living adult generation in 2020 and as of 2022, they’re the largest B2B purchasing group. The millennial age group (born 1981-1996) has significant purchasing power and influence in the B2B market. As they progress in their careers and take on more decision-making responsibilities, they are increasingly influencing B2B buying decisions, especially in the area of technology. Distributors and manufacturers that cater to the needs and preferences of this buying demographic (think digital purchasing options) will tap into this significant source of revenue.
How will millennials shape B2B buying in the years ahead? Here are four trends to watch closely:
Millennials are digital natives and expect to be able to access information and make purchases seamlessly from any device. B2B businesses need to provide a mobile-friendly experience (via websites and/or apps) to meet the demands of this demographic.
Millennials value transparency and expect a high degree of personalization in their purchasing experiences. B2B businesses should strive to communicate clearly and provide tailored recommendations and solutions to meet the unique needs of each millennial buyer.
Millennials B2B buyers are accustomed to using data and dashboard technology driven by ERP and CRM systems to inform their purchasing decisions. B2B industrial businesses should present relevant product data and solution information in a meaningful way to appeal to this expectation.
Millennials place a higher value on sustainable and socially responsible business practices. B2B businesses that focus on these values and communicate their efforts effectively will attract and create loyal millennial buyers.
According to an IBM Institute for Business Value report, millennials “want data, speed, and trusted advisors who are eager to collaborate. They want an easy, omnichannel experience personalized to their specific needs”.
Is your B2B business ready to cater to the needs of the millennial B2B buyer?