Vendors that continue to hang on to traditional sales methods are likely affected by customers that fall under the same demographic as themselves. Essentially, experienced professionals continue to use the methods they became accustomed to during the bulk of their careers. However, as the online generation ages and becomes more ingrained in the corporate landscape, it's time to start accommodating their preferences.
According to the Acquity Group report, procurement specialists under the age of 35 are 131 percent more likely to buy for their company online rather than through traditional channels. In fact, there are very few young B2B buyers who don't prefer online. According to the research, 90 percent of procurement specialists aged 18-35 buy online. Unsurprisingly, the number shrinks as buyers get older, as only 45 percent of those aged 45-60 buy online and 29 percent over 60 use eCommerce for business purchases.
The explanation resides in the fact that most older buyers did not grow up with online services, unlike those under 35 years old. However, as time progresses, the number of buyers who didn't have the internet in their homes growing up will continue to dwindle, so now is the time to procure payment solutions that can cater to online purchases.
This includes an online payment gateway that can process Level 3 data. By working with a B2B payments consultant and obtaining the tools needed to submit Level 3 data with line-item detail, companies can ensure their online sales channels are appropriately managed and that they pay the lowest possible interchange rate and maximize the value of each transaction.