The age of selling online in a completely “new” way doesn’t really exist anymore. The basic principles are the same: enable, simplify, and innovate online purchasing. The days where businesses could afford to think that B2C expectations do not apply to them are over.
According to our most recent survey, not only do B2B buyers care about the online payment experience and checkout—but both have an impact on loyalty and conversion.
What that means for businesses: As long as they start to address the payment needs of their customers, B2B ecommerce merchants should be well-poised to earn buyers’ trust and loyalty—and their business.
Read on for 26 ecommerce payment stats that will help you create a B2B customer-focused payment experience.
Want to dive into the full research? Download the report here.
The B2B payment headache
Before diving into specific buying groups—every procurement officer and manager could unanimously agree on the fact that:
B2B ecommerce purchasing is hard
- 40% of buyers found the order process as the most complex part of ecommerce
- 37% stated that the ecommerce offerings that are available have an inconvenient or cumbersome user experience
- 35% stated that the lack of online payment options and financing was the greatest barrier to ecommerce
B2B payments matter
- 91% of buyers had specific payment requirements that if unmet, would make them switch ecommerce suppliers.
- 36% of buyers stated that digital invoicing was an important feature in order to want to shop with a merchant again.
- 53% of buyers stated that slow or cumbersome online net terms approval would be the top reason to change to another ecommerce supplier.
Payment preferences by industry and company size
While overall trends are a great place to start, B2B payment needs are not equal. Our data shows that buyers purchasing on behalf of smaller businesses care more about financing and the overall online experience. Among larger businesses, buyers care more about payment methods. And they are not afraid to abandon their cart as a result of a limited or subpar payment choice.
Company size: Over 500 employees
- 70% of buyers stated that not having payment methods was the reason they would choose another ecommerce supplier. This preference was higher than in any other segment.
- 43% of buyers stated that they would not become a loyal customer following a negative online payment experience
- 57% of buyers stated they would be somewhat likely to abandon their cart following a friction at checkout.
Company size: Less than 500 employees
- In regards to online purchasing, buyers stated that their greatest pain point was related to the user experience of ecommerce.
- 60% of buyers stated that slow or lengthy approval for terms was the main reason they would switch ecommerce brands they purchase from.
- 26% of buyers stated they wouldn't become loyal customers following friction at the payment stage, but a larger percentage, 46% stated that they would notify their colleagues and peers.
Depending on the industry you’re selling to, buyers can have different payment expectations.
These differences can be understood. For example, average order size varies greatly between industries. A credit card payment is not going to cut it for a customer purchasing $30,000 worth of steel online. But one thing was a standard: There was no industry where buyers did not rate the payment experience as important.
Engineering and building materials
- 57% of buyers stated that lack of financing and payment options were their greatest challenge, more than any other ecommerce challenge.
- 71% of buyers stated that net terms and their ability to apply easily and quickly, would be the most significant factor in their decision to choose an ecommerce site to purchase from.
- In the engineering industry, more than any other industry, 85% of buyers would not become a loyal customer after a poor checkout experience.
- 57% of buyers gave the highest level of importance to the B2B ecommerce checkout.
- In the retail industry, more than any other industry, 46% of buyers stated that they would be very likely to abandon their cart following friction at checkout.
- Following a negative payment experience, 47% of buyers stated that they would tell their peers to not shop with that ecommerce brand.
- 30% of buyers stated that in-cart financing was the most important factor in their decision regarding which ecommerce site to purchase from.
- 59% of buyers stated that slow approval for terms would be the main reason they would not want to continue purchasing from an ecommerce site.
- Following a negative payment experience, 49% of buyers stated that they would tell their peers to not shop with that ecommerce brand.
- 65% of buyers would be likely to abandon their cart if the payment experience did not meet their expectations.
- Following a negative payment experience, 50% of buyers stated that they would tell their peers to not shop with that ecommerce brand.
- 80% of buyers stated that they would not become a loyal customer following a negative ecommerce payment experience
- 63% of buyers would choose another ecommerce site to purchase from if they didn’t have in-cart financing
Want the full story behind these data points?
B2B customers aren’t all the same. Balance helps merchants across industries and business types roll out a payment experience that their customers actually want. Download the report, including insights on exactly how to provide a B2B checkout that keeps your ecommerce business ahead.