The Revolution Is Here for B2B Buyers

“In a digital-first world, B2B companies must also address the revolutionary changes in customer expectations brought on by both a new generation of buyers and the permanent shifts from COVID-19 impacts,” says Eric Christensen, chief payments officer for Digital River. Read more of his insights on how B2B and B2C brands are looking to drive customer loyalty and repeat business amid the digital shift in “The Way Payments Are Now Done.”

Whether B2B or B2C, our clients are looking for flexibility to meet shoppers’ and buyers’ demands. Increasingly, that includes an expanding suite of buy now, pay later (BNPL) options. We’re seeing the buying power rise for a digital-first generation of shoppers, who might not have access to credit cards due to inadequate credit history or are looking for a way to stretch their budgets, without incurring interest payments on credit cards. Even countries where shoppers typically prefer cash options are seeing a rise in BNPL purchasing.

This is not just a B2C phenomenon. In a digital-first world, B2B companies must also address the revolutionary changes in customer expectations brought on by both a new generation of buyers and the permanent shifts from COVID-19 impacts. B2B buyers who require a variety of payment options, including net terms, now expect their purchases to be transacted with the ease and convenience of an Uber transaction, and to be made digitally. With options like our offering with TreviPay, which provides a seamless eCommerce solution with net terms and invoicing at checkout, B2B buyers can enjoy a frictionless consumer-like transaction – and merchants can protect their cashflow while scaling their B2B programs across the world.

The pandemic pushed people who were on the fence about a digital-first experience into the eCommerce world. That led to a lot of “aha” moments, as buyers of all generations realized that digital-first B2B experiences can emulate the B2C transactions they have come to know and love. B2B buyers are increasingly looking for more selfservice options and greater control over financing.

This means that companies looking to evolve their digital strategy find themselves facing a revolution instead – one that includes payments. The payoff for brands will be greater insights into their customers, and a more data-driven approach that will drive a better customer experience and more conversions.

B2B and B2C brands looking to drive customer loyalty and repeat business are rethinking their payment options – and there’s no denying that BNPL is a juggernaut that is increasing conversions worldwide as consumers push for solutions that meet their needs. We will continue to see innovation as open banking takes hold, giving more FinTech companies the ability to interact directly with customers.

Digital took a giant leap forward during the pandemic. We don’t think shoppers will turn back the clock, and their desire for convenience – both in how they acquire their goods and pay for them – will continue to drive eCommerce forward.