Traditional B2C retailers are discovering a unique sales juncture; selling to B2B customers in addition to consumers. Finding opportunity in a new revenue stream is exciting for retailers but it can also cause confusion as B2C retailers are often unsure of not only how to meet the needs of these new customers but grow this new revenue stream as well. Getting B2B customers through the purchase and pay cycle in the quickest, smoothest way possible is very different from that of a B2C experience.
It doesn’t help that the needs and preferences of B2B buyers are rapidly changing. In fact, more than 80% of B2B buyers agree their personal buying experiences impact their expectations for business purchases. B2C retailers looking to develop a new revenue stream in B2B need to understand what B2B buyers expect in a purchasing experience to keep them coming back.
The majority of B2B buyers prefer to pay on invoice, which can be challenging to implement if a retailer is unfamiliar. But, since 74% of B2B buyers who are presented with the option of paying by invoice will buy more products or services from a vendor, retailers need to get up to speed, quickly.
Leveraging a B2B payments platform can help B2C retailers smoothly and quickly pivot to offer a B2C-like experience to B2B customers. And, a credit and payments management solution can help retailers go up against the marketplace giants by offering an omni-channel experience that B2B buyers crave.
B2C retailers who find themselves selling to B2B customers can take advantage of Credit as a Service® (CaaS) to support B2B buyers and their unique needs in the purchasing experience. CaaS is able to extend Net 30 terms to buyers when completing a purchase online. And, buyers can set up an account and receive automatic credit decisions up to $250,000, all in under 30 seconds. Plus, MSTS takes care of collections, customer service, and billing operations in a white labeled fashion.
Ready to take your new revenue stream in B2B retail to the next level? Schedule a demo today.