B2B buyers express dissatisfaction with current providers

Forrester's latest research highlights considerable dissatisfaction among business buyers, with over 80% of buyers expressing discontent with their chosen providers post-purchase.

According to Forrester's "The State of Business Buying 2024" report, the B2B buying process remains fraught with challenges, including strict budgetary constraints, the role of artificial intelligence (AI) in decision-making, negative purchasing experiences, and protracted purchase cycles. These factors are seen to exacerbate difficulties for both buyers and sellers.

The report indicates that 86% of B2B transactions experience delays, with a significant percentage of buyers feeling unsatisfied after making a choice. The data suggests that while buyers frequently utilise self-service tools and autonomous interactions during the purchasing process, they also expect providers to empathise with their challenges, promptly address their needs, and engage in collaborative decision-making.

The report recommends that providers rethink their go-to-market strategies and enhance their comprehension of buyers' requirements to aid B2B buyers in making informed decisions. One key suggestion includes preparing for the integration of generative AI, which is anticipated to be used by nearly 95% of buyers in supporting their decision-making within the next year.

Providers are also encouraged to transition from traditional sales tactics to assisting buying groups. The report states that on average, decision-making involves 13 individuals within an organisation, with 89% of purchases engaging two or more departments.

Moreover, Forrester advises that providers plan for and manage external influencers to whom buyers might turn. Developing robust influencer programs can help buyers feel assured that their potential provider is well-regarded within its respective network.

At a regional level, the report highlights distinct trends in the Asia-Pacific (APAC) sector. Mavis Liew, Forrester Executive Partner & Principal Analyst, said, "The last few years have accelerated the changes and shifts in buyer behaviour around the world, which is becoming more pronounced in the APAC region. This is primarily due to the fact that younger buyers are making up the bulk of purchase decision makers today in APAC. They also have considerably different needs and requirements of their winning vendor that older buyers."

Looking ahead, Forrester anticipates that by 2025, generative AI will prompt APAC buyers to evaluate four or more providers for significant acquisitions. Furthermore, dissatisfaction is predicted to lead two-thirds of business buyers to seek alternative solutions, with half of younger buyers considering ten or more external influencers in their purchasing process.