Recently, MSTS President Brandon Spear and Director of Product Kirby Montgomery sat down with Worldwide Business Research to weigh in on the struggle to create the best purchasing experience possible for B2B buyers. And, Techo-bloc, a landscaping product supplier, offered their insight on designing a unified experience for both sides of the transaction to turn online payments into experience loyalty.
Spear kicked off the session with an overview of the current state of B2B eCommerce and unearthed several interesting statistics such as:
- Nearly half of all B2B eCommerce transactions are still done manually
- 74% of B2B buyers will buy from a competitor if the eCommerce experience can’t keep up
- 83% of B2B buyers agree personal buying experiences impact their business purchases
So, what does this information mean for B2B sellers? Experience loyalty is becoming the new brand loyalty. Buyers will leave a supplier for a competitor if the experience better suits them and their needs.
“Buyers want a seamless experience,” Spear said. “They want to be able to evaluate and assess all of the product offerings available and have it seamlessly flow into a purchasing process with features like detailed invoices, payment on terms, quick account set up, and support for any issues.”
Patrick Pelchat, Division Controller for Techo-Bloc, stepped in to share how they plan to leverage Credit as a Service® from MSTS to create a better payments experience. Techo-bloc, a landscape product supplier, has been in business for 25 years spanning both the United States and Canada.
In terms of customer behavior trends, Pelchat noted many customers are becoming more tech savvy and want more solutions to ease the friction in the transaction process.
“The market changes drastically where we have many more clients to take care of and that have many different needs, which puts a burden on our finance team to try and collect the money and make sure we’re able to provide a quick, onboarding experience to new clients,” Pelchat said. “We believe MSTS fits well with this change in our environment and helping us being able to attack this without hurting our internal process.”
MSTS Director of Product, Kirby Montgomery, took over to discuss what the purchasing experience should look like in order to provide an optimal outcome for both buyer and seller.
A seller should start by introducing a digital application that collects the minimal amount of information needed to get started. “As you’re working through that buyer and seller driven experience if you can auto-approve a buyer for an account in under 30 seconds, it starts to feel like a B2C experience,” Montgomery said.
And, sellers should work to provide a frictionless experience to buyers. In order to do that, sellers need offer buyers the ability to pay the way they prefer. Sellers should be able to accept various types of payments in order to cut down on the tension between accounts payable and accounts receivable.
Brandon Spear wrapped the session up by discussing the next steps sellers can take for optimizing their B2B checkout experience. “You can quickly and easily extend your eCommerce experience to include a more traditional model with your buyers, whether it’s payment on terms or trade credit, but you don’t have to do this work yourself,” Spear said. “MSTS is a partner that can do all of this for you.”
Sellers can leverage Credit as a Service® (CaaS) and seamlessly extend terms online, which will ultimately improve the checkout experience as a whole. And, since CaaS is a completely white labeled solution, the consistency and experience for buyers is that much smoother.
Be sure to watch the webinar on-demand to catch up on all of the great content.