60% Tech Buyers Involved In Renewal Decisions Regret Nearly Every Purchase: Report
Gartner’s survey on Thursday revealed 60 per cent of technology buyers involved in decisions to renew or expand “as-a-service” agreements regret nearly each of their purchases marking a six per cent increase from 2020.
It underlined the feelings of regret are largely driven by the challenges of buying technology with distributed buying teams and funding.
Hank Barnes, Distinguished VP Analyst at Gartner said, “Regret is a known issue with enterprise technology purchase decisions."
He emphasised the issue is significant enough that it raises the question of whether business-to-business (B2B) technology buyers have negative attitudes toward purchases by default.
Furthermore, the survey found that technology buyers’ negative attitudes are shaped by frustrating buying experiences, poor communication and an overwhelming number of options to consider. These issues create challenges, such as longer buying cycles and conflicting objectives within the team, when pursuing expansion opportunities, it added.
Meanwhile, despite these challenges, the survey found technology buyers would prefer to have minimal interactions with sales teams. 95 per cent of technology buyers indicated that they would have preferred a fully digital or online experience for their purchase expansion.
‘Pessimism and regret’ are the two continuously growing experiences among enterprise technology buyers, said Barnes.
He stressed, this usually has little to do with the provider or the products themselves, but rather is driven by ineffective or dysfunctional behaviours within the buying team.
