Recently, there’s been a trend in several verticals of traditional B2C merchants finding an accidental revenue stream on the B2B side of the house. And grocers are no exception. Between selling to caterers, restaurants, food trucks, small businesses, and even healthcare facilities, it’s time for grocers to capitalize on this new revenue stream to get ahead of going up against food distributors.
In order to compete and keep the new B2B customers coming back, grocers must change the way they think about the purchasing process. B2B buyers require a purchasing experience that is consistent across sales channels and POS by being able to use a physical card, visibility into the transaction and invoicing process as well as maintaining purchase controls. On top of that, specific information like purchase order numbers, SKU information, and detailed pricing are all pieces of the B2B purchasing puzzle. One way to streamline all of the pertinent information, requirements, and processes involved in the B2B purchasing experience is to offer an omni-channel experience, or one that remains the same across all purchasing channels (in-store, online and sales). According to a recent study, an astonishing 98% of B2B buyers believe it’s important to have the same purchasing experience across all channels.
It’s the age of convenience and B2B buyers are no different than B2C consumers in that they have specific needs when it comes to purchasing. In order to be appealing and build an experience that delights these buyers, grocers can offer relationship-based pricing as well as integrate into many of the backend systems including buyers’ AP systems.
Historically, grocers have relied on open-loop credit cards to complete the transaction. However, for grocers to build loyalty among a B2B customer base, they will need an in-house credit program, the ability to extend credit on the without having to use a third-party, or a white-labeled credit solution to grow that loyalty while adhering to purchasing preferences, such as being able to pay on net terms and submit invoices.
The transaction-level data that grocers can’t get on their own without paying for it from open-loop credit card companies is now critical to managing the B2B segment. When leveraging a white-labeled credit management program, grocers can access level 3 data. This deep set of data can help inform critical information such as being able to calculate food costs and margins, monitor purchase controls and increase operating efficiency.
Now is the time to build a holistic, end-to-end B2B-centric buying experience. Offer your business customers a diverse selection of payment methods that align with their preferences to gain traction and beat the marketplace giants. Credit as a Service® (CaaS) lets B2B grocery suppliers outsource their credit and payments program to support the tailored needs and requirements of B2B buyers. Doing so allows grocers to quickly pivot as CaaS offers white-labeled A/R support to extend credit, improve the onboarding process and handle collections. Plus, CaaS easily integrates into legacy platforms, POS systems, and bank systems to streamline internal processes. Suppliers can provide contract pricing by customer down to the SKU level, across geographies thanks to dynamic pricing capabilities. Ultimately, CaaS will provide the buyer with what they want, and fast, strengthen the relationship between A/R and A/P and allow for a new stream of revenue to grow.
Leverage the power of CaaS to increase revenue and drive loyalty. Request a demo to get started.