Industrial buying behaviours are changing. The exponential advancement of technology over the past 20 years, and the millennial generation that has come of age in this digitally inter-connected world, are transforming the way procurement decisions are made.
The UPS Industrial Buying Dynamics study, conducted biennially since 2015, offers insights into the shifting habits and expectations of B2B buyers and the opportunities they present for suppliers.
The 2019 edition of the study focuses on three key trends identified from extensive interviews with procurement professionals in four major European markets: France, Germany, Italy and the UK, with comparisons to the US and China.
As the digital world has become ubiquitous in our daily lives, it is blurring the lines that traditionally separated B2B from B2C purchasing decisions. This has implications for the sales cycle and presents opportunities for manufacturers that are positioned accordingly.
Millennials are on the cusp of becoming the dominant generation in the global workforce and are exercising increasing influence over procurement decisions. Understanding their values, habits and expectations, and how they differ from previous generations, is key to unlocking future growth.
Our study indicates that procurement professionals are increasingly willing to take a pick-and-choose approach to B2B purchasing. In this context it is more important than ever to deliver value that differentiates at different stages of the customer journey.