B2B companies increase their digital bet to reach Millennials
UPS is a North American multinational whose core business is deliveries. Every year, UPS publishes a study entitled "Europe Industrial Buying Dynamics", with the latest findings on trends in business buyers in Europe.
The latest edition of Europe Industrial Buying Dynamics demonstrates the changes experienced by business buyers and how they are leading to an adaptation of the company's offer. UPS’s effort is a reflection of the willingness of B2B companies to respond to the preferences of a new generation of buyers, focusing on the speed of services and after-sales customer support.
Millennials' entry into the business world has opened the door to a new era in which traditional service standards have changed. Millennials are technology savvy and do not just want their deliveries to be done quickly, they are very demanding throughout the process, including additional services and customer support.
The study was conducted based on more than 2,500 interviews with professionals who turn to services from B2B companies. The conclusions are that there are four major challenges that the new Millennial generation puts to B2B companies.
1 - Changes in demography: concerning a similar study from 2017, there was a 10% increase in the number of Millennials interviewed. These professionals are less loyal to tradition, less appreciating of contact with sales forces and trust more their research. The study also points to sustainability and after-sales support as valuation factors.
2- Changes in purchasing patterns: Millennials show a preference for purchases made directly to the manufacturer and in online marketplaces, with a rise in sales quota.
3 - Changes in international distribution. The study showed Millennials prefer to order their products from international companies, even if that means more costs if delivery is faster. 26% of respondents said they expected orders to arrive in two days, while 81% admitted that they demanded delivery on the same day;
4 - Excellence in after-sales support. Millennials are especially picky with after-sales support. The study found that 87% indicated that the search for better after-sales support could influence the change of their suppliers in the coming years.
If you are a manager in a B2B company, take advantage of this data and adjust to the requirements of new consumers.
