In a market projected to reach $18.57 Trillion by 2026, retailers must tailor their approach to meet the unique needs of these buyers. Here are three essential strategies to attract corporate spending during the holiday season and foster long-term buyer loyalty:
To capture business buyers on a larger scale, retailers must provide convenient payment methods such as trade credit or net terms. Recent research by TreviPay revealed that 85% of global business buyers prefer the option to pay on net terms, leading to increased purchasing and customer retention.
Business buyers expect a seamless purchasing experience supporting bulk orders, repeat purchases and delivery tracking. Retailers should also consider offering special pricing for businesses, necessitating dedicated SKUs and volume-based decisions.
Payment technology partners can streamline back-office operations by automating accounts receivable processes, integrating with retail accounting or ordering systems. This simplifies transaction tracking, reconciliation and cash flow management, freeing up resources for more strategic tasks.
By providing the right payment options, preparing for large orders, and reducing manual processes, retailers can capture more corporate business, increase market share and foster lasting buyer loyalty.
