Introduction
While the pandemic drove up consumer eCommerce spending, it did so because the right conditions were in place for such unprecedented growth. For example, logistics and shipping are so advanced these days that getting an order to your door is easier and faster than ever before. The #B2C online payment experience is also fantastic. But it wasn't always that way!
Is anyone aware of how many form fields had to be completed prior to one-click checkout, swipe-to-pay, and Face ID?
When Amazon patented '1-click' checkout technology in 1999, the self-service checkout craze began (and trademarked it). When the patent expired in 2017, other companies were free to follow suit. Amazon benefited from its creativity.
Would Amazon have become what it is without this competitive edge? Having a self-page checkout for your customers will keep you in a competitive position among your peers.
Self-service Business Checkout Will Revolutionize B2B eCommerce
B2C eCommerce is massive, and implementing a streamlined checkout experience played a significant role in its rapid growth. Consider #B2B #eCommerce now. When you think about it, all B2C eCommerce is enabled by a chain of businesses paying each other all the way down the supply chain to the retail consumer's hands. What about those business transactions?
In 2018, global B2B eCommerce transactions totaled $21 trillion, accounting for only 10% of all B2B transactions.
Can a streamlined B2B checkout experience mean the difference between companies that take advantage of this opportunity and those that don't?
Copying B2C payments is insufficient for B2B payments.
Reducing friction in B2B transactions will alleviate a significant bottleneck for merchants, marketplaces, service providers, SaaS companies, and virtually any other business. Self-service is the gold standard for frictionless interactions, and it's already happening. According to a McKinsey report, the vast majority of B2B seller interactions have shifted to remote or digital channels in the last year.
We've gone beyond the self-serve credit card offering that's so common today for B2B payment methods, allowing buyers to breeze through self-serve checkout using all of their favorite old-school payment methods. We've eliminated the drawbacks of offering transaction financing and flexible payment options for B2B payment mechanisms by approving buyers for terms directly from the checkout and paying sellers immediately. Best of all, we’ve made it all extremely easy to start using.
A typical check-out page process is mentioned below;
There are four major advantages to using one-page checkout:
Fewer steps and clicks: Reducing the number of steps and clicks makes the checkout process shorter, simpler, more frictionless, and more appealing to customers.
Rapidity and efficiency: A single-page checkout saves time by reducing the time it takes to load between payment pages.
Ease of use: One-page checkouts are more user-friendly. Customers can enter information at their own pace and in their own order because all form fields are on one page.
Lowering the checkout abandonment rate: It is important not only for pleasing your customers but also for increasing conversions and revenue. The optimized checkout page increases conversions and revenue while decreasing checkout abandonment.
Conclusion
We anticipate that digital payments in business-to-business will become the norm sooner rather than later. We hope to accelerate the consumerization of business transactions by digitizing B2B payments. B2B eCommerce, like its B2C counterpart, will take off as soon as business sellers are provided with the appropriate payment methods and mechanisms, as well as a smooth user experience.
To receive notifications of new #posts, please subscribe to my blog and follow Ram Sekhar Repaka on Linkedin.
Comments