Ecommerce & Marketplaces Newsletter - August 2 2024
This week's featured Ecommerce & Marketplaces Newsletter articles delve into the transformative dynamics shaping the B2B ecommerce landscape. In Digital Journal, "Millennials and Gen-Z: The New Power Players in B2B Purchasing" explores the significant generational shift in buying behaviors, with 71% of B2B buyers now being Millennials and Gen-Z. Forrester's "Younger Generations Are Shaking Up B2B Buying — Are You Prepared?" further emphasizes this trend, revealing that 71% of B2B buyers are now from these younger cohorts. BigCommerce’s "Don’t Sleep on These Valuable Brand-Building Tips for Attracting Gen Z and Gen Alpha" highlights how Gen Z's preference for online shopping is reshaping ecommerce strategies. Digital Commerce 360's "B2B Buyers Increasingly Seek Digital-First Omnichannel Options" outlines the growing demand for omnichannel purchasing. Meanwhile, DC Velocity reports on Alibaba's upcoming AI-powered sourcing engine, poised to revolutionize B2B sourcing. Total Retail’s "B2B to DTC and Back Again: How Tech Influences the Way Brands Sell" underscores the integration of technology in seamless shopping experiences. Lastly, Benziga explains the factors behind Fiverr’s stock surge, including its strategic acquisition of AutoDS.
The convergence of these insights signals an urgent need for B2B ecommerce operators to modernize their experiences. As younger buyers dominate the market, their digital-first mindset and expectations for consumer-like conveniences, including AI-augmented features, are reshaping B2B purchasing. These buyers, having grown up with the internet, demand seamless, intuitive, and efficient buying processes that mirror their personal shopping experiences. B2B companies must swiftly adapt to these evolving expectations by integrating advanced technologies and omnichannel strategies to stay competitive and meet the sophisticated demands of this new generation of buyers.
Enjoy this week's featured articles:
Digital Journal
A generational shift in buying behaviour is well underway. As of 2023, according to Forrester, 71% of B2B buyers are Millennials and Gen-Z (born after 1980). These younger generations, known for their digital savviness and distinct values, bring with them new expectations and behaviours that are transforming traditional B2B purchasing processes. Understanding and adapting to the unique characteristics of Millennials and Gen-Z is no longer optional for B2B companies; it’s a necessity to stay competitive.?
Forrester
Forrester’s Buyers’ Journey Survey, 2022, revealed that Millennials and Gen Zers (born after 1980) had become the majority of B2B buyers, at 64%. One year later, our annual survey showed that the share had climbed to 71%. While this shift is, of course, inevitable, it’s forcing a reckoning among B2B companies. Millennials and Gen Zers — most of whom grew up with the internet — bring different approaches and expectations to the buying process than their older peers. Technology plays a role, but the differences go beyond tech.
BigCommerce
Representing 20% of the US population, Gen Z is quickly becoming a major demographic of online consumers. As a generation born in a transformative age of technology, it’s no surprise Gen Z enjoys the ease and convenience of online shopping — especially when it comes to apparel. A 2023 study by Statista found that clothing and shoes are Gen Z’s most preferred products to buy online.
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Digital Commerce 360
Across the board, B2B buyers are a mobile and an increasingly digital group. Just four years before the global COVID-19 outbreak, B2B buyers made about two-thirds of their organizational goods and services purchases through traditional email, by phone or fax, or in the branch, and about one-third online. But time and economic trends have changed that buyer behavior. Today, B2B buyers do not limit themselves to only a handful of channels. Instead, buyers use multiple channels to connect and purchase from sellers. And digitally driven buyers are increasingly researching and purchasing across electronic channels.
DC Velocity
Chinese e-commerce powerhouse Alibaba will launch an AI-powered conversational sourcing engine in September, saying the tool will revolutionize the global sourcing process for small and medium-sized enterprises (SMEs), making it more intuitive and highly efficient. Designed for B2B e-commerce, the sourcing engine synthesizes vast quantities of information, interprets sourcing needs using natural language processing, matches buyers with products and suppliers with unprecedented accuracy, and provides advanced tools for seamless sourcing decision-making, the company said.
Total Retail
Shoppers can purchase virtually anything online, and the e-commerce experience is better than ever. There’s a wide selection, search results are more accurate, and websites surface personal recommendations. But modern consumers want more, like the freedom to discover products online and try them on in a local store. DTC brands that have expanded their sales channels — both online and in person — use technology to make the shopping experience seamless.
Benzinga
Fiverr International Ltd FVRR +1.80% Get Free Report reported second-quarter fiscal 2024 sales growth of 6% year-on-year to $94.66 million, marginally beating the analyst consensus estimate of $94.62 million. Revenue was above the midpoint of Fiverr’s guidance despite macro volatility, as it continued to expand customer wallet share and drive an increase in take rate. Fiverr announced its acquisition of AutoDS, a subscription-based end-to-end solution for drop shippers that includes product research and sourcing, inventory management, and automated fulfillment. The financial terms of the deal remain undisclosed.
Great insights into the evolving B2B e-commerce landscape, particularly with Millennials and Gen-Z now leading the charge! The emphasis on digital-first, omnichannel experiences and advanced technologies like AI is crucial. For businesses looking to stay competitive and meet these new expectations, exploring innovative platforms SHUPPLE - D2C eCommerce Platform can offer a fresh alternative, helping to seamlessly connect with this digital-savvy generation?