How to Increase B2B eCommerce Sales
B2B eCommerce transactions are growing quickly. According to Forrester Research, B2B eCommerce in the United States will hit $1.8 trillion by 2023. How can businesses take advantage of the trend and find new avenues for growth? In this blog, we highlight three ways merchants can increase sales by embracing B2B eCommerce.
1. Personalize the Buying Experience
B2B buyers expect the same personalization they experience in B2C to translate into business purchasing. Sixty-five percent of business buyers say they’d switch brands if a vendor didn’t make efforts to personalize communications. To earn customer loyalty, B2B merchants must offer an experience tailored to each of their customer’s needs.
This starts with building trust and helping customers understand how a specific product can address their pain points. No matter what stage customers are at in their journey, providing information tailored to their needs will help them make a purchase decision more quickly.
For example, an email sent to a customer should contain content with recommendations based on their browsing behavior and past purchase history, if applicable. B2B customers are eight times more likely to pay for comparable products and services when personal value is present. Other ideas include offering personalized onsite prices and portals designed to accommodate a customer’s purchasing process.
2. Offer Flexible Payment Terms
Business customers want to see payment options that match their needs — otherwise, they are likely to shop with other merchants. A 2017 Baymard Study of eCommerce shopping cart abandonment found that approximately 8% of order abandonments occurred due to lack of accepted payment methods. When merchants offer a multitude of payment options, they will see a boost in sales and brand loyalty.
Flexible payments come in many forms. At Behalf, we specialize in helping merchants offer flexible financing options that allow business customers to buy what they need to grow* — whether inventory, supplies or more. Behalf offers net terms, an interest-free payment option that allows business customers an extension on their invoice. This encourages customers to increase their average order size and their purchase frequency.
No matter what payment options merchants choose to offer their customers, the experience should always be frictionless. Behalf’s API integrates with eCommerce solutions to offer financing to buyers without interrupting the purchase process. Business customers can apply for financing, check their eligibility, and get a fast answer on financing options without ever leaving the web page.
3. Adopt a B2B Mobile Ecommerce Experience
More business customers are using mobile phones for buying in the B2B space. A recent study found that mobile played a significant role in a recent purchase for more than 60% of B2B shoppers, and the trend is expected to continue.
Mobile-optimized websites not only accelerate the time to purchase by 20%, they also increase the likelihood of repurchase rates. For merchants to increase their B2B online sales and drive revenue, it’s essential they implement a website that is shoppable across all devices, especially mobile. If a company’s website doesn’t render properly on mobile, B2B buyers will likely look to another merchant.
Behalf supports companies in offering omnichannel customer experiences. The ability to integrate Behalf in any channel at no extra cost creates a seamless shopping experience for B2B buyers, which in turn positions merchants ahead of their competitors.
Are you ready to build a successful B2B eCommerce strategy? Contact our sales team to learn more about how Behalf helps merchants improve their online sales.
Disclaimer: **This post is for informational purposes only, not financial advice. Any reference to a web site of another party, does not constitute or imply endorsement. All businesses are subject to underwriting and approval criteria.