Hokodo published a report examining the habits and e-commerce expectations of business buyers.
Of the 500 B2B buyers surveyed, 83% said they would abandon an e-commerce purchase if payment terms were not presented at checkout. This means B2B sellers who can't offer payment terms are missing out on new business and revenue growth.
The majority (73%) of respondents to Hokodo's survey said payment issues at checkout were causing problems. This includes inappropriate payment methods and lack of payment terms offered. 79% of buyers agree that payment terms will be important to business success in 2024, and buyers who encounter payment issues at checkout are far more likely to abandon their cart will be higher. An overwhelming majority of respondents (82%) said having access to payment terms is important or very important when choosing their new B2B supplier. For B2B buyers, the ruling makes clear that payment terms are not just a “nice to have” but essential to business survival.
However, lack of payment terms isn't the only problem B2B buyers face at checkout. In fact, only 2% of respondents said they had no problems at all when checking out. This suggests that buyers generally have very low expectations of what suppliers can deliver. As a result, low customer expectations can reduce feelings of loyalty, and many merchants risk losing customers to more reliable suppliers.
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Respondents identified the top three areas for improvement in B2B e-commerce checkouts. 44% say they need more transparency around shipping and other fees, 43% say customer support needs to be improved and 39% say e-commerce checkout needs to be faster and easier. Stated.
The new report not only highlights the challenges facing B2B merchants and marketplaces, but also provides concrete recommendations that merchants can take to improve the customer experience.
To address B2B buyer dissatisfaction, the report recommends that sellers ask for feedback from the people who use their checkouts to find out where they can improve. By doing so, merchants can pinpoint where issues are occurring and apply new measures to improve the experience. The report suggests several steps B2B sellers can take, including improving customer support, limiting checkout complexity, and introducing transparency around surcharges. Use it to impress your customers and acquire them.
Louis Carbonnier, co-founder and president of Hokodo, said:
“These findings confirm what we at Hokodo have always known: payment terms are essential for B2B e-commerce. We have spent the past six years developing solutions that address this critical need. “We've made improvements to enable merchants to instantly offer flexible payment terms when they need it, even on a customer's first purchase.”
