As we step into 2024, the consumer market is buzzing with new preferences and buying trends. In this ever-changing landscape, staying in the know is not just beneficial; it’s critical for suppliers aiming to excel in a competitive environment.
Shifts in the Industry
The question is, what’s driving these changes? Primarily, advancements in technology, a growing focus on environmental sustainability, and heightened health consciousness are key. For you as a supplier, understanding these shifts is your ticket to not just meet but exceed customer expectations.
Top 4 Buying Trends in 2024
Now, let’s cut through the noise and focus on the top buying trends of 2024 that are reshaping the market. We’ll explore each trend and suggest ways to turn these insights into strategies that position your business at the forefront in 2024.
1. Buyers Are Embracing Artificial Intelligence
In 2024, buyers are more open to AI. A recent survey found that 51% of consumers believe AI improves their shopping experience. While this number may not seem that high, 77% of shoppers admitted that they like it when brands offer personalized recommendations —which is commonly implemented using AI and other technology. In addition, Gen Z is now actively seeking out AI assistance when shopping! A staggering 59% of Gen Z consumers are eager for AI assistants to guide their purchasing decisions.
Whether knowing or not, buyers like and are open to the benefits that AI provides for their shopping experience. They’re drawn to AI for its ability to simplify shopping, offer personalized recommendations, and enhance their overall buying experience.
Supplier Action Plan
While AI has been met with skepticism, we are at a turning point where you will either embrace AI or risk being left behind. It’s time to harness the power of AI buying trends in your B2B business.
- Implement AI chatbots on your site to answer customer questions efficiently.
- Use AI to tailor content marketing on your blogs and social media, giving each customer a personalized experience.
- Encourage your sales team to utilize AI for their day-to-day tasks (emailing, lead scoring, appointment scheduling, data entry, etc.).
By utilizing AI, you’re not just selling products; you’re offering a smart, personalized shopping journey.
Related: AI Lead Generation: The Future of B2B Sales
2. Buyers Want to See an Online Presence
An online presence is no longer optional; it’s essential. Buyers are increasingly relying on the internet to evaluate a brand’s credibility and personality. If they can’t find you online easily, their trust in your business plummets. It’s no longer just about having social profiles; it’s about showcasing what makes your brand unique.
Buyers are scouring social media to get a feel of what you stand for, your brand’s authenticity, and whether you are reputable. They expect to find you not just on traditional platforms, but also on trendier ones like TikTok. For them, your online presence is a reflection of your brand’s relevance and reliability. Moreover: wherever they find you, they anticipate a smooth and seamless shopping experience. So it’s best to ensure your tracking links, and profiles are optimized accordingly.
Supplier Action Plan
It’s time to up your digital game. Develop a captivating online presence across platforms. Make your website and shopping interfaces as smooth and user-friendly as possible. And influencers? Partner with them. They’re your bridge to a broader audience. Around 80% of consumers have purchased something after seeing it recommended by an influencer on social media. Keep your finger on the digital pulse – innovate constantly to offer cutting-edge digital products and experiences. Remember, in the digital age, staying static is not an option, adapt to the buying trends.
3. The Era of Personalization in Buying Trends
Buyers are more aware than ever that their shopping habits are being tracked. It’s a bit of a double-edged sword. Not everyone is thrilled about this level of monitoring, but it’s become an accepted part of the digital landscape. The catch? Since they know their data is being used, buyers expect something in return: tailored ads and messaging. They think, “If you’re going to track my habits, at least make it worth my while.” This shift in expectations has catapulted us into an era where personalization isn’t just appreciated; it’s anticipated. According to a survey, 55% of respondents were okay with AI analyzing their social media activity.
Supplier Action Plan:
Here’s your cue to step up your personalization game. It’s time to make all that data work for you – and your customers. Dive into your analytics and start segmenting your audience. Create customer profiles based on their shopping patterns, preferences, and behaviors. Then, tailor your marketing efforts to these profiles. Customized email campaigns, personalized product recommendations, and targeted ads should be your weapons of choice.
But personalization goes beyond just marketing. Think about the entire customer journey. How can you make each interaction feel unique and personal? Customized landing pages, personalized product bundles, and even tailored customer service responses can make a huge difference in accommodating buying trends.
Related: Why You Must Have A Brand Archetype
4. Value-Driven Consumption
A new breed of buyers is emerging in 2024 – values-driven buyers. It’s no longer just about getting the best bang for their buck. No, it’s more than that. Buyers are increasingly considering the wider impact of their purchases. It’s about the triple threat: society, environment, and well-being. They’re scrutinizing how their shopping habits affect the world around them. Is this product eco-friendly? Is this brand ethically responsible? How does my purchase contribute to a sustainable future? These questions are front and center in the minds of modern consumers.
Supplier Action Plan:
In this new era of conscious consumerism, it’s time for you, as suppliers, to align your strategies with the evolving buying trends of your customers. Here’s how you can do it:
- Evaluate and Evolve Your Product Line: Can you introduce products that are more eco-friendly or ethically sourced?
- Be Transparent and Earn Trust: Be open. Share your journey towards sustainability with your customers.
- Engage in Responsible Marketing: Your marketing should reflect your commitment to social and environmental values.
- Forge Meaningful Partnerships: Collaborate with organizations and brands that share your values.
Understanding and Leveraging Sales Trends in 2024
Following our discussion of buying trends and actionable plans, let’s talk about sales trends. As you’re adapting to the evolving buying trends of 2024, a parallel shift in sales strategies is equally crucial. To stay competitive in this dynamic marketplace, you must understand and leverage current sales trends. Check out our top 3 sales trends for 2024.
Embrace AI
We discussed how buyers are now accepting AI, but it’s also crucial that sales teams do the same. AI-powered tools are transforming sales processes, enabling teams to focus on strategic aspects rather than routine tasks. From automating appointment scheduling to crafting personalized messaging, AI is a game-changer in sales efficiency and effectiveness.
AI optimizes operational tasks and empowers sales teams with insights for crafting compelling messaging and strategies. With AI, sales teams can predict customer needs, personalize interactions, and ultimately drive higher conversions.
- 26% of organizations are using AI for marketing and sales
- 35% of organizations are retraining their teams to use new AI and automation tools
- 83% of companies say AI is a top priority for their business plans.
Related: How AI Could Enhance Your Sales
Human Connections Matter
Despite the digital revolution and the rise of AI, the importance of human engagement in sales remains unwavering. As we move towards a more automated world, the craving for genuine human interactions becomes more pronounced. In 2024, buyers still value the warmth, empathy, and understanding that only human connections can offer.
This trend emphasizes the need for sales strategies that blend technological efficiency with human empathy. Authentic connections foster loyalty and trust that can’t be replicated by artificial intelligence. As a result, sales teams can stand out in a crowded digital landscape.
- 86% of buyers are willing to pay more for a great customer experience.
- 82% of salespeople say building relationships is the most important part of their job
- Humans are preferred over chatbots by 90% of people.
Growth of Social Selling
The influence of social media in the sales world has grown exponentially. In 2024, social selling has become a fundamental strategy for sales teams. This trend involves using social media platforms not just for ads and marketing, but as active channels for engaging with potential customers, understanding their preferences, and building relationships.
The affordability of social selling, coupled with its wide reach, makes it a powerful tool in the sales department. It enables sales teams to connect with prospects in a more relaxed and informal setting, providing insights into buyer interests and behaviors that traditional sales channels might miss.
- Companies leveraging social selling in 2024 have reported an average of 45% more sales opportunities and a 51% increase in the achievement of sales quotas.
Final Thoughts on Buying Trends
2024 is an exciting year for B2B suppliers, filled with opportunities to innovate, connect, and grow. By anticipating buying trends and focusing on strategic implementation, you can set your business apart as a leader in its industry. Remember, the key to success lies in understanding your customers, leveraging technology, and staying adaptable in an ever-changing landscape.
As you navigate the B2B sales landscape, remember that 360Connect is here to support you. We connect suppliers like you with high-quality leads. Join 360Connect today and transform your sales strategy for the future. Let’s embark on this journey together, where your growth is our priority.