The B2B purchasing revolution: 2030 is here, are you?

It's no secret that many business-to-business (B2B) companies have long been stuck in a rut, with very few innovations to disrupt their day-to-day operations.

To put it bluntly, most B2B companies are doing business exactly as they did 30 years ago: fax machines, paper files and snail mail are still commonplace in the digital age! It's time for these businesses to shake things up by adopting new ways of selling products and services to each other; otherwise they'll be left behind by the competition.

The B2C-driven revolution

The B2C purchasing revolution has been underway for a while now, and it’s no longer limited to the consumer sector. The B2C-driven revolution is changing the way businesses are buying products and services from vendors.
Many modern B2B purchasing processes are still heavily influenced by traditional methods of procurement, but this is gradually shifting as more companies adopt digital working practices, including online purchasing portals.

About ecommerce and the pandemic

While the current B2B purchasing revolution can be attributed to a number of factors, including globalization and technological advancement, it is important to note that this type of industry-wide change does not happen overnight. It takes time for ideas and technologies to become adopted by both companies and consumers. As more and more B2B buyers opt to source online, however, we will see a drastic shift in how they choose their products and services. Consultancy powerhouse McKinsey estimated that in 2020, at the beginning of the pandemic, online purchasing advanced the equivalent of 10 years in just 3 months! 2030…is here…it’s time to catch up!

B2B buyers: The new generation

The last decade has shown a clear shift in buyer behavior. The next generation of buyers are younger and more demanding than ever before. They expect a high level of service from your company, and they're more likely to buy online than their predecessors.
They’re also more likely to be millennials (born between 1981 and 1996), they're more likely to be female, and they’re more likely to be digital natives—people who grew up with technology like smartphones and tablets as part of their daily routine.

B2B is no longer business as usual

The internet has changed the way people buy products and services, and this has thrown a wrench into traditional sales tactics. In the past, buyers were uninformed and easily persuaded by sellers' pitches. Today, they are more educated and demanding—they want to know exactly how your product will benefit them before they commit to a purchase.
This new paradigm puts pressure on companies to change their business model: products can no longer be sold through persuasive pitches or marketing strategies; instead, they must evolve into solutions that solve real problems for customers.

Business-to-business companies need to change the way they sell their products or risk losing their customers

As the B2B purchasing revolution progresses, businesses that fail to adapt their sales strategies are likely to lose market share. The old-school methods of marketing and selling products no longer work as well with today’s B2B buyers as they did in the past.
Companies must now provide online options for their customers including online stores or portals where customers can browse and purchase products and spare parts, as well as features such as automated invoicing, inventory management, and order tracking. Not only will will this dramatically increase customer satisfaction and loyalty but it can also help B2B companies streamline their sales process saving money and manpower.

Conclusion

B2B purchasing has changed dramatically in recent years. It is now dominated by a new generation of buyers who are more demanding, more informed and less tolerant of traditional sales methods than ever before. And while they may not be driving the demand for new technologies, they are reacting to them—and thereby influencing how businesses operate in the future.