OVERLAND PARK, Kansas, August 27, 2019 — B2B buyer demands are higher than ever before. Buyers look for convenience and ease of use to match the experiences of everyday consumer purchases — and they aren’t afraid to change vendors to get it. According to the MSTS B2B Buyers Report released today, B2B sellers should offer their buyers better payment options, convenience and stronger support to remain competitive in a market where loyalty increasingly favors the customer experience over brands.
MSTS, a global B2B payment and credit solutions provider, surveyed 300 B2B buyers about their expectations, challenges and goals when it comes to making purchases for their companies. The report found that more than 80% of B2B buyers agree their personal buying experiences impact their expectations for business purchases, and yet, 50% of B2B buyers prefer a payment method other than credit cards. This shows that B2B buyers have high expectations for the transaction process due to ease of consumer purchasing and require more payment options for complex business purchasing processes to match the access they have as consumers.
The 2019 B2B Buyers Report further explores insights on how purchasing patterns and needs are evolving and how sellers can meet these new expectations. Additional key insights include:
– Buyers aren’t receiving the payment options they want. About half of all B2B buyers (48%) have not completed a purchase for their company because their preferred payment method wasn’t an option, and 80% of B2B buyers would choose a vendor over others if invoicing were offered at checkout with 30-, 60-, or 90-day terms.
– Convenience is key to unlocking customers’ loyalty. 98% of B2B buyers believe it’s important to have the same purchasing experiences across all channels, and 74% of B2B buyers said they would purchase from a competitor if their vendor’s e-commerce store could not keep up with their purchasing expectations as a buyer.
– Faster checkouts should be a top priority. Nearly 60% of B2B buyers have not completed a purchase for their company because the checkout or process was taking too long, and 41% of B2B buyers are frustrated by inefficient websites and portals when making purchases for their companies.
– Credit cards are falling out of favor when it comes to younger buyers. 54% of millennial B2B buyers agree vendors should prioritize additional payment options beyond credit cards; this number bumps up to 58% for Generation Z. Additionally, 57% of millennial B2B buyers place a high priority on purchase controls when selecting a vendor; 40% of Generation Z says the same.
“With the number of vendor options available to B2B buyers today, it’s more important than ever for sellers to ensure they provide the most streamlined payment experience for both current and potential customers,” said Brandon Spear, president at MSTS. “Sellers should pay attention to B2B buyer trends across all generations, as millennials and Gen Zers have very specific preferences when it comes to business purchasing. If sellers can use the insights gleaned from this report to inform their payment options and processes moving forward, they will optimize opportunities to grow their business and their customers’ businesses too.”
For more insight into how sellers can increase repeat purchases, prioritize customer support and cater to what B2B buyers want throughout the entire buying process, download the full data report.
MSTS is a financial technology company, working globally with B2B companies across transportation, manufacturing, retail and eCommerce. MSTS’ Credit as a Service® solution accelerates business commerce by streamlining payments and A/R processes. On behalf of its clients, MSTS processes over $5 billion in transactions a year. MSTS, a wholly-owned subsidiary of World Fuel Services Corporation, has 40 years of experience underwriting businesses for credit and facilitates transactions for its customers in over 190 countries and territories.