A recent report by Hokodo sheds light on the challenges faced by B2B sellers in the realm of e-commerce, particularly concerning checkout processes. The study, developed in collaboration with the B2B eCommerce Association, surveyed 500 business buyers from various industries across Europe to understand their habits and expectations when it comes to online purchasing.
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According to the findings, 83% of surveyed B2B buyers stated that they would abandon an e-commerce purchase if no payment terms were offered at checkout. This revelation underscores a critical issue for B2B sellers, as failing to provide payment terms not only risks losing potential business but also stunts revenue growth.
The report further delves into the challenges encountered by buyers during the checkout process. A significant majority (73%) of respondents reported facing payment-related issues, such as unsuitable settlement methods or a lack of payment terms. With 79% of buyers emphasising the importance of payment terms for business success in 2024, the absence of suitable payment options during checkout could lead to cart abandonment.
Moreover, the study highlights that payment terms are not merely a convenience but a crucial factor influencing B2B buyer decisions. An overwhelming 82% of respondents deemed access to payment terms as either important or very important when selecting a new B2B supplier, emphasising the necessity of this feature for business viability.
In response to these challenges, respondents identified three key areas for improvement in B2B e-commerce checkouts: the need for greater transparency regarding shipping costs and fees, improvements in customer support, and the simplification and acceleration of the checkout process.
More information:
Hokodo
www.hokodo.co
