What's the biggest difference between digital experiences in B2B and B2C?
We were joined by Markus Jansson, Chief Product Officer at Payer, to discuss differences between buying journeys in B2C vs B2B on "a roaring podcast.". This is a summary blog of the episodes key takeaways.
Millennials and digital natives
According to recent research, 73% of millennials are making B2B buying decisions and 70% of all purchases in B2B are made from smartphones. Why is this important to B2B companies?
Well, millennials are so called digital natives, where a digital-first approach has been imprinted in their mindsets for a long time, basically from birth. Hence, expectations of what a digital journey is supposed to be like is far more demanding than an older person.
In other words: Creating smooth digital buying experiences in B2B should be a top priority. Markus explains:
"We're seeing different forces drive change in the market, affecting the expectations of B2B buying journeys. Two of them stand out; Younger people are involved in decision-making today in B2B, and a lot of purchases are made from smartphones. Simply put, if B2B companies are not digitizing and automating their customer journeys, they will not meet the requirements from todays customers."
B2B is 10 years behind B2C
"It's much more difficult to complete a purchase for a person acting on behalf of their company, rather than as a private individual today." Markus says.
"In that sense, B2B is 10 years behind B2C, in terms of digitalizing commerce. The result is that companies get out-competed by businesses who offer swifter and "hassle-free" buying journeys"
Markus Jansson, CPO at Payer
Adapting to changing customer expectations
B2B companies need to adapt to changing customer expectations by offering smooth digital customer journeys, in order to stay competitive.
A culture of testing and experimenting
B2B companies can benefit greatly from increased testing and experimenting. Starting small and evaluating changes made to their buying journeys to optimize over time.
Using data to remove manual steps
Internal and external data can be used to remove manual steps, autofill forms, approving or rejecting prospects trying to become customers, and tailor offers based on firmographics for example.
a roaring podcast.
Check out more episodes of a roaring podcast., with insights and tips on how to digitize and automate your time-consuming business processes.