Asking whether your B2B buying experience is fit for purpose may seem somewhat extreme but it is a valid question given the sustained development of digital B2B buying experiences. The notion that B2B buyers aren’t “ready” for a digital buying experience has been busted, and according to McKinsey, two-thirds of B2B buyers now rely on digital channels for purchases. Gartner’s research reaffirms this by highlighting that 72% of B2B buyers confirmed having recently completed a “significant” transaction via digital commerce.
So, how do you assess whether your B2B buying experience is fit for purpose? It starts with understanding what the modern B2B buyer wants, and it's abundantly clear that the answer is a B2C-like buyer experience free from any obstacles to purchase, while still allowing for B2B-specific functions such as invoicing, VAT exemptions, and–increasingly– credit card payments. Again, the research supports this trend, Gartner estimates that 80% of B2B sales interactions are set to take place via digital channels by 2025, with 33% of B2B buyers preferring a seller-free experience. It might seem a daunting task to tackle but try to see it as less of a task to tackle and more as an opportunity to seize upon.
Cleverbridge has been supporting some of the world’s leading B2B SaaS companies’ growth for years now, including Tenable and Corel, and we’ve leveraged this extensive experience to develop a B2B-specific digital buying experience. We’re quite confident in saying that we think it’s a game changer, for your customers and your business.
So, how can you go about building the ultimate B2B buying experience with Cleverbridge?
It starts by understanding that B2B buyers are too often presented with numerous obstacles to purchase, which often leads to them searching for alternatives, and ultimately lost revenue for you. Well, what are some of these obstacles? They can be numerous things including:
- Unsuitable or inadequate payment methods
- Unable to generate quotes or invoices
- Inadequate address fields
- Forced human interaction
Our enhanced B2B checkout alleviates all of these obstacles, offering a frictionless buying experience and allowing you to maximize your customer lifetime value. Let’s dig into more detail below:
Click to quote: Business buyers need quotes, not providing them is an instant barrier to purchase and will increase cart abandonment. We’ve made it easier for your customers to click a button in the checkout, automatically generating a quote and speeding up the time to purchase.
Proforma invoice: Similar to quotes, business buyers need invoices, particularly in the US. With our proforma invoice feature, your B2B customers can easily generate the invoice they require to complete a purchase, boosting your conversion rate and revenue.
ACH payments: This is the go-to payment method for US B2B buyers. It’s cheaper, faster (clears in 1 to 2 days), and more widely used than any other payment method (20% YOY growth), making it a no-brainer for any B2B checkout. After all, it’s no use generating quotes and invoices if you can’t get paid, you need to enable your B2B buyers to pay via their preferred method.
Updated address fields: Remember, a business, not personal, address is required. We’ve made it more explicit for your customer to ensure that all invoicing details are correct, and no hiccups occur.
G2 recommendations: 86% of B2B buyers rely on third-party reviews before completing a purchase. This feature allows you to embed G2 reviews into your B2B digital buying experience, letting your positive reviews do the talking, and selling, for you.
Providing an experience that accommodates and enables your B2B buyer to complete a quick, frictionless purchase that doesn’t require any non-essential human interaction will pave the way to success–ultimately–increased CLV. Our team can support you in providing the experience your B2B customers expect and in return, boost your conversion rates, reduce churn, and maximize your B2B customer lifetime value. Get in touch today to get your new B2B checkout online today.