Earned Media

News Image News Image
09/25/2019
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 MSTS 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Websites that are old, outdated and with inadequate customer service have resulted in customers turning to competitors.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 MSTS 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.
 
Read the rest of the article here. Don't have a login? Send us an email and we'll pass along a copy of the article. 

 

In the Press

Media Image
12/06/2019
Curing The $2.4T Manufacturing Sector’s Cash-Flow Crunch

The U.S. manufacturing sector, valued at approximately $2.4 trillion, accounts for an estimated 11 percent of the national gross domestic product (GDP). However, U.S. manufacturing has encountered significant damage recently over the ongoing trade war with China. In fact, the U.S.

Media Image
12/04/2019
Exec: Continually Adapting Keeps 40-Year-Old B2B Solutions Provider Growing

When Brandon Spear took over as president for MSTS four years ago, the company began to shift away from what it had been focused on for 40 years prior.

Media Image
12/04/2019
Cart Abandonment Issues? It Might Be Your Outdated Payment Processes

By Brandon Spear

Media Image
12/02/2019
Four Ways Women in Business Can Succeed Without Relying on Loans

By Martha Salinas

Media Image
10/31/2019
The Future Of Venture Capital Funding Is Female

By Martha Salinas

Media Image
10/30/2019
Leaning Into Venture Capital: How Women Can Secure Funding in a Male-dominated Space

By Martha Salinas

Media Image
10/21/2019
B2B Buyer Expectations Are Evolving — Can Your Payment Processes Keep Up?

By Brandon Spear

Media Image
10/12/2019
The Order to Cash Cycle Seeks Its Automated Reinvention

In B2B, suppliers and getting them paid is a friction-filled process.

The friction is especially acute in manufacturing. The relationships between manufacturers and their suppliers often cross borders, and payments can involve several different currencies.

Media Image
09/25/2019
B2B Buyers Abandoning Their Shopping Carts for Faster Checkouts
Media Image
09/12/2019
Neutralizing The Clash Of The B2B Buyer And Supplier Titans

The “clash of the titans” is a metaphor that is used to describe situations in which two powerful forces refuse to yield to the wishes or conditions of the other.