Yesterday, Linda Taddonio, Chief eCommerce Officer from Insite Software, and Scott Costa from tED magazine joined forces on an Industrial Distribution webinar focused around the topic of buyers vs. consumers. During this webinar, Linda covered key characteristics and attributes that differentiate B2B buyers from consumers while Scott Costa explained the impact and preferences of Millennial’s.
When it comes to B2B, 98% of purchasing managers are active with online purchasing, whether they are comparing products and prices or purchasing products online. Linda discussed some of the very complex issues that B2B companies must tackle to provide their customers a successful online experience. For example, processes around inventory availability, pricing, drop ship, freight costs, and sales commissions are all disrupted with the online channel. Keep in mind, these are just a few of the items. Most order acquisition and order management processes are so entrenched in the business that it’s hard for companies alone to understand the future impact of added online competition, and a new generation of online buyers.
Scott Costa highlighted that in the next 8 years Millennial’s will make up more than 35% of the world’s population. If your company plans to continue meeting revenue growth projections over the next 8 years and beyond, then you cannot ignore the facts of this major population shift. The time to ponder is over, it is time to act. In many cases, Millennial’s are both the B2B buyer and the B2B seller. They have expectations around every online activity, and the table stakes have been raised. Bigger companies like Google Shopping for Suppliers, Amazon Supply, and Grainger are meeting their expectations today. How about your business? Can you say the same?
If you would like to hear more from this engaging conversation, please feel free to check the full webinar on demand at http://tinyurl.com/buyersvsconsumers