B2B Checkout Best Practices to Increase Conversion
The differences between consumer (B2C) and business-to-business (B2B) eCommerce experiences are shrinking. A lot of the aspects that are common to consumer businesses such as a user-friendly interface, seamless experiences, automation, and digitized payments are being imbibed by the B2B segment. A prime concern however is the missing elements that lead to a seamless B2B checkout.
While the B2B eCommerce sector is almost five times the B2C e-commerce sector globally, the check-out experience is still far from perfect. B2B checkout requires a lot more in order to be able to bring in the seamless experience of B2C checkout, complete digitization, no paperwork requirement, transparency and traceability, and so on.
Understanding the checkout process
Be it business buyers or self-shoppers, both e-commerce B2C and B2B checkout processes have similar steps. A customer browses the product pages, adds whatever they require to the cart, goes over to the shopping cart to review their items, and then completes the shipping information, billing specifications, and payment options. Post payment, the order is confirmed and one receives an acknowledgment.
Best practices of a B2B checkout to increase conversion
Convenience and ease to select products: Sometimes customers do not have any intention of browsing or exploring the entire website. They are aware of exactly what they want and are looking for a fast and convenient way to place their order, check out and pay. Basic options such as ‘add to cart’ or ‘buy now’ on each product page are simple yet effective ways to enhance your customer’s experience and improve conversion rates.
Easy registration or no registration for users: Registering as a user takes time. While it makes it easy for the customer to make future purchases, most people are not comfortable handing over too much information in the first go. Try and include a fast checkout without any registration requirement or offer simple registration options such as signing in with Google. Alternatively, just capture their email address, in order to send a confirmation and for future offers and marketing activities.
Round-the-clock customer service: Especially for businesses dealing in cross-border e-commerce, due to different time zones it is vital that you offer real-time customer support or a chatbot so your customers feel important. Solutions for delays, answering FAQs, addressing shipment issues and purchase troubleshooting can ease the buying process by offering clarity.
Transparent pricing: By far one of the most common reasons for abandoning carts is hidden costs such as shipping costs, processing fees, and other extra costs that pop up during check-out. Ensure that the customer does not feel like they are being deceived – highlight and showcase all the extra fees and charges involved on a single page – especially for international purchases. This transparent pricing instils a sense of confidence and helps conclude the purchases.
Multiple payment and shipping choices: When there are many payments and shipping options available, a customer can prioritize cost versus speed and select what they deem fit. This not only acts as a differentiator for customers, but it also helps B2B e-commerce businesses to fully monetize their check-out platform. For instance, Tazapay’s B2B checkout platform for e-commerce businesses and marketplaces offers multiple payment options, such as local bank transfers, credit cards, and QR codes, making life easy for the buyer. We integrate simple check-out buttons in the payment form such as Pay with Escrow, Buy Now Pay Later, and Direct Payment.
Gain trust and reliability: In B2B e-commerce, gaining the customers' trust is prime. With increasing online frauds, data breaches, and scams, the buyers need to know that your platform is legitimate and you need to provide evidence for the same. This can include highlighting that your payment gateway is secure, showcasing your customer reviews, and a dedicated customer support team; these things bring out a business’s legitimacy. Escrow payments are a great option in this respect; Tazapay safeguards the buyer’s fund until the obligations are met
Automation and responsiveness: The speed at which a buyer can buy is key in B2B businesses. Automation options such as auto-filling customer information or recommending the preferred payment choice (based on past data) and easy drop-down selections at the checkout page will improve their experience. Since business buyers are starting to switch to mobile devices to make purchases, your website needs to be fast and your checkout page needs to be mobile-friendly.
Buy now, pay later (BNPL): There is a need to include the BNPL financing option for B2B traders as importers require financing at times. Not everyone is comfortable blocking a huge sum of money in the escrow account, especially SMEs as it restricts their liquidity and could lead to a cash flow issue. The BNPL financing option is a perfect solution for this cash flow problem and integrating it at the time of check-out can be a good option
International payments: B2B commerce is often global, stressing the need for a robust international payment infrastructure. Foreign payments are associated with high FX fees, delays, and high expenses. Tazapay payment gateway can simplify your B2B checkout through global payments with low processing fees, transparency, competitive FX rates, and easy checkout making it a frictionless option to go for.
Tazapay’s B2B check out offering
Our B2B check-out platform is especially suitable for international transactions that are characterised by low trust and high costs. Our simple check-out buttons such as Direct Payment, Pay with Tazapay, or BNPL allow B2B companies to fully monetize and optimize their check-out platform.
We also offer additional value-added services in the form of recurring payments and milestone payments. By digitizing B2B check-out, we aim to move you one step closer to the consumerization of business transactions, thereby providing an augmented customer experience.
B2B Checkout Best Practices to Increase Conversion
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