With the B2B market predicted to hit $18.57 Trillion in revenue by 2026, investing in a B2B channel is the largest opportunity for retailers to drive revenue and get ahead of the competition.
Plus, many retailers may be surprised to learn they already have B2B buyers hidden in their checkout. It’s not unusual to find business buyers using corporate credit cards to purchase office supplies, electronics, groceries and more from businesses that are primarily direct to consumer.
However, It’s not enough to assume that a B2C setup will work for B2B buyers, and there are essential factors to consider before turning on the “open for business” sign. For example, credit cards are not the preferred payment method for B2B buyers looking to purchase large orders like dozens of laptops, cables and chairs. Instead, B2B buyers prefer to pay with trade credit, and 4 out of 5 would pick a vendor that offers 30-, 60- or 90-day terms at checkout.
Retailers seeking to capitalize on the B2B opportunity must cater to business buyers’ purchasing needs. Download TreviPay’s new eBook to learn how to recognize B2B buyers, address their pain points and help them buy more, more often, with a B2B payments strategy.