Demographic trends have frequently coincided with sea changes in technology and commerce. With that in mind, it should be no surprise that the Millennial generation, generally described as the world’s first generation of digital natives, have been the main driving force behind the ongoing B2B (business-to-business) payment revolution.
What is surprising is the sheer scale at which Millennials are responsible for B2B interactions. According to the report “Innovating B2B Payments” by i2c and PYMNTS, Millennials are behind approximately 75% of all B2B purchasing decisions.
Relying on relatively cutting-edge digital architecture including machine learning and APIs, improved digital B2B payment platforms have led to sales and purchases among businesses more closely resembling B2C (business-to-consumer) retail transactions with which Millennials have become increasingly comfortable. Among other benefits, this has led to B2B transactions that are faster, more accessible, and that more frequently make use of tools such as virtual cards and digital wallets.
The upshot of this trend: a likely continuation of investment in B2B technology across all markets. “Considering the pace of innovation and high consumer adoption rates, the payments industry is primed for even more innovation throughout 2022,” wrote Ava Kelly, Chief Product Officer of i2c.