Trends into action: what B2B e-commerce buyers want (and how to give it to them!)
Hokodo
Back at the start of 2024, we surveyed 500 procurement professionals and business owners from across the UK and Europe to learn about their habits, expectations and experiences when it comes to e-commerce. The resulting data was used as a basis for an industry-defining research report titled The Definitive Guide to B2B E-commerce Buyer Demands in 2024.
So, what did we learn? Ultimately, B2B buyers want a reliable supply of high quality products that can be delivered quickly and paid for at a later date.
We discovered that trade credit is not a ‘nice to have’ that buyers can take or leave but a crucial lever that most businesses rely on for their very survival. So, B2B merchants who want their fair share of e-commerce success must invest in their payment terms strategy.
Turning trends into action
We know a 5,000-word white paper isn’t everyone’s cup of tea – and that’s ok. In the table below we’ve summarised all the key insights from the report alongside actionable takeaways that you can apply to your B2B e-commerce strategy this year.
What your customers told us...
What you can do about it...
93% of B2B buyers now use online channels for their procurement needs. 71% estimate that more than half of their business purchases are now made online.
If you’re not already operating online or building an e-commerce strategy, now is the time!
55% of B2B buyers face a poor user experience with online checkouts, with slow, lengthy and complex processes posing a significant challenge.
Revisit and review your e-commerce checkout. Is there anything you can do to make it faster, easier or more efficient? Have you tested the checkout process to identify buyer pain points and problems?
Very few online checkouts are exceeding the expectations of B2B buyers.
Consider improving areas such as customer support, checkout complexity and fee transparency in order to impress and win customers.
98% of buyers say that they face some kind of issue when checking out online.
Sometimes the truth hurts… but if you think your checkout is perfect, then you’re probably wrong! Get feedback from the people who actually use it and make it better.
83% of B2B buyers will abandon an e-commerce purchase if no payment terms are offered. 79% agree that payment terms are critical for the success of their business.
Integrating seamless trade credit options into your B2B e-commerce checkout is priority number one this year. Get in touch to learn how Hokodo can help you.
There’s demand for a variety of different types of payment terms.
30 days. 60 days. 90 days. End of month. Instalments. There’s a world of payment terms possibilities out there – you just need to find out what your buyers want.
81% of B2B buyers would like to open a trade account with their main supplier(s).
Consider offering buyers the option to group their invoices together and pay them off in one go.
83% of B2B buyers expect credit decisions to happen in less than a day, including 19% who expect an instant decision.
Say goodbye to lengthy, manual credit checks. You need an automated solution that lets buyers get payment terms at the point of need. With Hokodo, you can offer instant credit decisions on >95% of orders.
E-commerce hasn’t yet solved some of the fundamental issues in B2B.
It’s not a miracle cure. When you migrate to the world of e-commerce, you must put in the work to adapt and refine your B2B offering.
The 3 most important things B2B buyers consider when choosing a supplier are:
Quality of product or service
Delivery speed
Availability of payment terms
Want to attract and retain buyers? All you need to do is be a reliable supplier of high quality products that can be delivered quickly and paid for at a later date. It really is that simple!
Ready to learn more about how to satisfy the demands and expectations of B2B e-commerce buyers? Download your copy of the report to unlock exclusive insights.
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