27 July 2023
With the advent of digital technology and various distribution channels, the expectations of B2B buyers have evolved considerably: more demanding, interactive, and personalised… Less direct contact and less time wasted… We tell you everything you need to know about the modern buyer to help you adapt your B2B marketplace strategy!
Who is the B2B buyer? What do they need behind the screen? What information are they looking for? One thing’s certain: they quickly buy online as they grow older and more digitalised. As proof of this, 70% of B2B decision-makers are millennials who have mastered the web. As a result, the new-generation B2B buyer is well informed. Able to search for information on the Internet, they easily find the answers to their questions and compare offers before taking action. Opinions, comments… They are responsive to feedback.
Another attribute of today’s B2B buyers is that they are looking for the same high-quality, rich, and fluid customer experience as B2C buyers, even if it means paying more for it. They are looking for simplicity and speed and are attentive to ergonomics and UX design.
Modern B2B buyers love the autonomy that the web gives them! Most of the time, they start the buying process without having had any contact with the company. And why is that? Because when they have much information at their fingertips, they feel free to decide and place an order. Two figures that reflect this strong trend and are shaking up the sales sector:
However, he is quick to call in an expert for complex purchases.
Open to innovation and new technologies, B2B buyers also see the benefits of using data science to optimise prices according to different criteria. Evolving in the context of successive crises, they seek to reduce costs but remain sensitive to values and reputation: 77% of B2B customers make purchasing decisions based on the brand name. Far from wanting to flit around, the modern B2B buyer prefers to build lasting relationships based on trust and is only too happy to be retained!
Over 60% of buyers say sustainable development is a priority objective for their purchasing function. Still, at the same time, almost half say that it is difficult to find partners who respect sustainable practices. So, while modern buyers want to get the best deal possible, they also want to remain true to their values and the company’s CSR policy.
In their quest for efficiency and a personalised experience, B2B buyers can now find what they want on B2B marketplaces. By 2021, over 30% of B2B purchases will have occurred on marketplaces!
Why this growing success? Because these platforms combine the quality and user experience of B2C marketplaces with a wide selection of customisable products and a secure environment, even for multi-digit transactions.
Price transparency and simplified purchasing processes attract new buyers keen to save their company time and money.
From pre-sales to post-sales, B2B buyers must be guided through a perfectly oiled purchasing path. From information that can be easily consulted from your catalogue to documentation that can be downloaded in one click for technical products via a messaging system or chatbot, you need to respond quickly to any questions a buyer may have.
Then, once the transaction has been validated, the delivery must arrive safely, on time and in perfect condition. To achieve this, you need a reliable logistics partner and a high-performance ERP system that allows you to monitor all your activities in real-time. And remember to manage cancellations or disputes effectively, with a clear refund policy, to avoid negative opinions or bad experiences.
Deferred payment, credit insurance, payment in instalments, pay-by-link… These solutions meet the expectations of new B2B buyers looking for speed and ease. And remember that, unlike a B2C marketplace, you can display prices according to each buyer and apply sliding scale prices according to the quantities purchased.
Finally, it is essential to guarantee the security of transactions and avoid fraud. To achieve this, it is necessary to put in place an effective KYC system that checks the identity of sellers. It’s a way of gaining buyers’ trust and preserving your reputation.
With a better-informed and more demanding buyer who makes his purchasing decision (for 68% of B2B buyers) before talking to a salesperson, sales teams need marketing teams to disseminate better information.
Content needs to be high-impact, easy to understand, connected to reality on the ground… and above all, better used! 65% of the content created by the marketing team is not reused by sales staff. So, there’s an urgent need to improve content management and distribution and even to adopt a Sales Enablement solution that automates content distribution.
Every sector is protected from sustainable development, least of all online sales. Aware of environmental issues and keen to improve their company’s image in line with their CSR policy, new B2B buyers are turning to marketplaces capable of adapting their business model to today’s challenges. The circular economy, making the most of second-hand products, recycled materials, reclaimed waste… There are many ways to limit waste and the impact of your marketplace on the environment.
Lemonway is here to help you launch your B2B marketplace or roll out your business! As a pan-European Payment Service Provider specialising in complex payment management for digital platforms, we are experts in the B2B buying journey and at the forefront of innovative solutions to meet the needs of new buyers. Contact us to find out more!
