Recently, we discussed the data gleaned from the newly published B2B Buyers Report: More Payment Options Means More Purchases and “The top 3 B2B payment frustrations for SMBs and enterprises”. We discovered that buyers are frustrated with online shopping, and much of this frustration comes from the friction-filled purchasing experience.
Buyers cited a lack of B2B payment options, technology troubles and credit card complications as the top 3 setbacks they run into during the online purchasing experience. So, as a seller, what steps need to be taken in order to improve your checkout experience for buyers to increase cart conversions and brand loyalty?
- Offer Alternative Payment Methods: 60% of B2B buyers who make purchases once a week believe adding payment options beyond credit cards will lead to a better buying experience. And, 82% of B2B buyers would choose a vendor over others if that vendor offered invoicing at checkout with 30-,60- or 90-day terms.
- Create an Omni-Channel Experience: Consistency across all channels is key when it comes to satisfying buyer expectations. In fact, 98% of B2B buyers believe it’s important to have the same purchasing experiences across all channels (in-store, sales and online).
- Decrease the Workload: B2B buyers identify expense report work post-purchase as a top barrier to completing online purchases with a credit card, but that sentiment varies based on the size of their employer. When surveyed, 45% of respondents from companies with more than 500 employees agree as do 25% of respondents from companies with less than 500 employees.
Now, more than ever, buyers are speaking up about their preferences around online purchasing. See everything they had to say when you download the full data report.
It’s painfully clear that the checkout experience for buyers must change in order for businesses to grow and increase brand loyalty. One way to increase buyer satisfaction is to enlist the help of a solution like Credit as a Service® from MSTS. Ready to learn more? Request a demo and let’s get started.