Losing shoppers online is frustrating. Consider a step-by-step walk through of the online journey to evaluate the experience you put your B2B shoppers through. Is navigation intuitive? Do you have enough product information? How long does it take you to onboard customers? Is dynamic pricing available? What payment options do you have? If you don’t have a solid answer to those questions, your eCommerce site needs serious TLC.
Too many distributors are treating eCommerce sites like pets, according to Justin King, B2X Partners. When the site brings in an extra $500k in sales, the leadership pats it on the head and says: “What a cute little web store.” A businesses eCommerce site should be much more than a pet, it should be a large part of the sales strategy. Seventy-four percent will buy from a competitor if a vendor’s eCommerce store could not keep up with purchasing expectations.
Here are three ways to improve conversion rate at checkout:
- Offer payment options B2B buyers want. To date, credit cards have been the go-to payment option but that’s not the optimal choice. Eighty-two percent would chose a vendor over others if 30-60-90 day terms were offered at checkout.
- Decrease time to onboard. On average, it takes 2+ days to onboard a customer and 57% did not complete a purchase online because it took too long.
- Eliminate false positives. More than half of businesses consider false positives to be the key inhibitor to conversions. For every one fraudulent charge, five legitimate purchases are prevented and could cost your business nearly 2.2% of annual revenue.
Whether it’s false positives, lack of payment options or extended onboarding, Credit as a Service® (CaaS) from MSTS can help. MSTS builds relationships with the seller and evaluates every buyer that onboards to eliminate the worry of declining trusted buyers. The CaaS technology also utilizes machine learning and alternative data in the credit approval process to evaluate every buyer. Say hello to fraud prevention and goodbye to false positives, you’re legitimate buyers will never be lost.
Lastly, onboard and extend terms instantly using InvoiceMe, a tool within CaaS. B2B buyers have complex needs in payments, from custom pricing and purchase controls to preferred payment methods such as invoices. The seamless integration into your eCommerce site will automatic credit decisioning at checkout in under 30 seconds, up to $250,000.
Ready to improve your conversion rate? Request a demo today.