Improve B2B Payments on Magento
B2C experiences are shaping business expectations
The B2B customer experience journey continues to evolve as technology in the space grows and begins to match the pace to that of B2C. Additionally, B2B buyers’ personal shopping experiences in B2C are influencing the decisions and expectations when they make B2B purchases. In fact, according to a recent report, 74% of B2B buyers said they would purchase with a competitor if their vendor’s eCommerce store could not keep up with their purchasing expectations as a buyer.
What does this mean for sellers?
Forrester recently reported that US B2B eCommerce will hit $1.8 trillion by 2021 and will account for 17% of all B2B sales in the US by 2023. Essentially, if sellers aren’t leveraging a Magento instance to cater to the way B2B buyers prefer to purchase, it’s time to start. So, as a B2B seller, what are the steps that need to be taken to maximize Magento to drive cart conversions? There are a few items to tackle that will increase traffic and ultimately sales.
When it comes to purchasing for companies, B2B buyers are vocal about their preferences and pain points in the checkout experience and payments in the online shopping flow. The days of buyers solely relying on credit cards are over. The argument can be made that these methods are doing more harm than good. When surveyed, 76% of B2B buyers said they have encountered an issue that has prevented them from completing an online purchase with a credit card. Also, inconvenient issues associated with using a credit card for transactions, such as expense reporting, surcharges, low lines of credit and the risk of fraud can cause your cart conversions to drop.
Sellers can overcome issues at checkout by offering payment methods that buyers prefer, one of which is the option to pay on an invoice.
Recognize B2B eCommerce Roadblocks and Get Started with Net30 or Net60 at Checkout
Magento and TreviPay have made it easier than ever to add an alternative payment option available to all B2B Magento customers. Get more information on the impact of improving B2B payments on Magento by downloading the report now.
Want to see it for yourself? Request a demo today.