No B2B transaction occurs in a vacuum. Buyers and suppliers must consider the history of their relationship, negotiated rates and payment terms, and the reputations of the companies working together. Every interaction — from negotiating contracts to making payment to extending credit — is connected, but the complexity of B2B commerce creates many opportunities for disjointed, friction-filled experiences on both sides.
Brandon Spear, president of global B2B payment and credit solutions provider MSTS, said these negative experiences can be frequent, potentially jeopardizing the buyer-supplier relationship at a time when it’s becoming a more strategic component of B2B commerce than ever. A simple change in commerce channel is just one example of how a B2B transaction can quickly go awry if buyers and suppliers are not interconnecting their processes.
Spear told PYMNTS, “If you purchase from a retailer who has a B2B channel from their eCommerce platform, then walk into a physical store, or maybe you phone them to place an order — how does that seller still maintain their omnichannel solution for you so they know who you are, and interact with you the same way, whether you’re online or on the phone or in a physical store? That’s a challenge.”
Read the full article by PYMNTS to see what components build a successful omnichannel strategy.
In the Press
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.
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.
By Brandon Spear
By Martha Salinas
By Martha Salinas
By Brandon Spear
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.
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.