News & Insights · Approx. 2 minute read
B2B Buyers Abandoning Their Shopping Carts for Faster Checkouts
Shopping cart abandonment is a common issue and top concern to many B2B sellers.
Abandonment rates have been increasing in recent years and there is reason to believe that much of the cause has nothing to do with indecision on the product itself, but with the overall buying experience, Asena Degirmenci writes.
In order to figure out how to deal with this, it is important to understand your clients and why they left. Identifying the reasoning behind the high abandonment rates give sellers the opportunity for revenue growth by winning their sellers back.
According to a recent survey released by TreviPay on B2B buyer trends, nearly 60% of B2B buyers have not completed a purchase for their company because the checkout process was taking too long.
As a result, the lack of quality content leads to reduced sales.
Websites that are old, outdated and with inadequate customer service have resulted in customers turning to competitors. Data from the survey further validated this notion as nearly 40% of B2B buyers admitted to being frustrated over inefficient websites when they are making purchased for their company.
With 70% of buyers depending on the ability to purchase products online, it is essential that the checkout process runs smoothly. In modern B2B CX, it is not enough for sellers to only offer online purchasing – the experience is just as important.
Along with a smooth checkout process, good customer service is also highly valued to B2B buyers with 55% of them placing a high priority on 24/7 customer service – effectively highlighting fast and efficient service.
Sellers facing this concern should not ignore the situation, otherwise they will run the risk of losing new and repeat customers.
There are many steps that can be taken to ensure buyers complete their transaction.
We speak to TreviPay president Brandon Spear on advice on how companies can create better checkouts to retain customers and prevent cart abandonment.
Electronic Payments International: Was there anything surprising about the report?
Brandon Spear: It was a little surprising how many buyers (60%) will abandon their shopping carts because the checkout process was taking too long. This makes sense when you consider that nearly half of all B2B buyers interviewed indicated it takes at least two to three days for a new vendor to on-board them before they can begin making online purchases.
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