B2B online customers are inherently online shoppers in a personal capacity. This means that the business buyer is looking for experiences similar to B2C platforms when they start buying products online. But, there is a twist though.
The advantages for the B2B online buyer when buying online are clear, they can research and compare products objectively and in their own time, often times there are cost savings involved and they can also buy whatever time of day that suits them.
Can they pay how they want to though? Does the platform where they found the product, cater for their specific business when it comes to the type of payments or payment terms offered?
As a B2B platform, you can do everything right, from product offering, price competitiveness, service and after sales service delivery, have the best user experience and have the most attractive B2B portal, but if companies find the payment options limiting, you will lose the sale.
Online B2B e-commerce websites that embrace the challenge to offer the right payment options to their customers find themselves in a strong position to build a loyal customer base and gaining new customers.
Interesting Statistics to Consider (MSTS survey June 2019)
- More than 50% of B2B buyers want a richer buying experience by vendors offering more payment options beyond just Credit Cards
- 90% of B2B buyers who make purchases once a week experience some sort of problem during the purchasing process
- 79% of Buyers who most often use credit cards to pay for online purchases experience post-transaction hassles.
- 82% of B2B buyers would choose a vendor over another if that vendor offered invoicing at checkout with 30 day or longer payment terms.
- 74% of B2B buyers who are presented with the option of paying by invoice will buy more products or services from a B2B Seller
In conclusion the statistics tell us a story of how B2B Sellers can leverage conventional business processes and principles in the online world to get more sales. There is no doubt the customers are complicated and demand more from Sellers every day.
The B2B Sales Formula looks like this:
B2C Experience & Features + B2B Payment Terms = More B2B Sales
Cassie van Wyk is the main author of this blog and has years of experience in the field of channel marketing and e-commerce respectively. He has a passion for writing and sharing knowledge, and does a lot of research in order to bring factual information to all the blog visitors. Feel free to reach out at any time!