Hokodo, the B2B eCommerce Association, OroCommerce and Greenwood Consulting have teamed up on a groundbreaking research report that explores the habits and eCommerce expectations of business buyers.
500 business buyers from a range of industries across the UK and the EU took part in a survey to share the wins and woes of B2B eCommerce. The Definitive Guide to B2B E-commerce Buyer Demands in 2024 reveals that a staggering 93% of B2B buyers now choose eCommerce platforms such as marketplaces, apps and websites for their procurement needs. Clearly, merchants who are not online or do not prioritise digital channels need to adapt – and fast.
The report found that almost three-quarters (71%) of B2B buyers make more than half of their purchases online. Due to a combination of factors – including the preferences of younger buyers that now make up a significant group of the workforce and the efficacy of eCommerce during the pandemic – the traditional, manual processes of B2B trade are being replaced with digital alternatives.
However, some businesses need to catch up, which puts them at risk of being abandoned by buyers who expect the B2B buying experience to replicate the service they receive as consumers.
Buyers demand payment terms
Significantly, 83% said that they would abandon an eCommerce purchase if no payment terms were offered at checkout, meaning that B2B sellers failing to offer payment terms are missing out on capturing new business and revenue growth.
With 79% of buyers agreeing that payment terms are critical for the success of their business in 2024, those who experience payment issues at checkout will be far more likely to abandon their cart in favour of another supplier offering better credit options. An overwhelming majority of respondents (82%) said that having access to payment terms is important when choosing a new B2B supplier.
For B2B sellers, the message is clear: payment terms aren’t just a ‘nice to have’, but essential for attracting and retaining customers.
Challenges at the checkout
However, a lack of payment terms is not the only issue that B2B buyers are facing at checkout. Shockingly, only 2% of buyers said they face no issues with eCommerce checkouts.
Respondents identified three top areas for improvement in B2B eCommerce checkouts:
- 44% said that more transparency is needed around shipping costs and other fees
- 43% said that customer support needs improvement
- 39% said that eCommerce checkouts need to be faster and simpler
Actionable takeaways
In addition to highlighting the challenges facing B2B eCommerce sellers, the report makes tangible recommendations that sellers can implement to improve their customer experience.
To tackle the dissatisfaction amongst B2B buyers, the report recommends that sellers request feedback from the people who use their checkout in order to find out where it can be improved. In doing so, sellers can pinpoint exactly where they’re going wrong and apply new measures to improve the experience – from bettering customer support, limiting checkout complexity or introducing transparency around additional fees, there are several measures suggested in the report that B2B sellers can use to impress and win customers.
Christopher Gee, UK Chapter Lead of the B2B eCommerce Association says:
“This report is packed with insights and data that B2B merchants can incorporate into their eCommerce strategies. To retain customers, B2B merchants need to build and maintain trust at the point of purchase.”
Visit Hokodo to download the full report.
