B2B eCommerce Payment Trends

B2B eCommerce Payment Trends

Business to Business (B2B) eCommerce platforms will face pressure to provide a more transparent, reliable, and seamless customer experience for their users. How the 23.1 trillion global B2B payment market handles the customer experience will become a defining factor in their digital brands.

Transparent pricing and simple payment

In 2023, manufacturers will have to be more upfront about pricing in their B2B eCommerce platforms. This is so that users can build trust in their ERP linked eCommerce platforms. That means that

• Customers must get the same pricing even if they call customer service or sales office
• Inventory items and levels must be as listed
• Customers must have an account history that displays all transactions, whether they were made by EDI, eCommerce, phone, fax, email, etc.
• Clients must reliably order from the ERP linked eCommerce platform without errors being made
• Clients must be able to modify their order after it has been made within the manufacturer's guidelines and processes

Self-service invoice online payment solutions

It's great that a customer can order products from your eCommerce platform, but your clients will want more. They want the ability to pay down an invoice within your eCommerce platform, without having to place a call to your office or mail a check ( these are inefficient options with costs attached to them).

Automation

Most business functions are digitized in modern business. Although they may be more efficient due to digitization, most organizational IT software usually operates in silos. Bridging these software silos will be essential for providing seamless payments. For example, a client must be able to order from the web platform, view the status of the product, and track its movements as it is being delivered all from a single source.

Automation, in collaboration with AI, can also be used in advanced analytics to gain insights on spending data, cost management, fraud reductions, decision management, and cross-selling.

Shift to new technology

Businesses are increasingly investing in the eCommerce market, and that has spawned a need for more advanced payments to keep up. The rise of eMarket places like Alibaba and Amazon has made global eCommerce appealing to SMEs and distributors who no longer have to build their systems. SMEs and eMarket places have also increased the proliferation of mobile payments as they incorporate new sales channels like smartphones, tablets, and social media platforms in existing e-commerce activities.

Conclusion

The future of payments in B2B eCommerce platforms is flexibility. Flexible payment options will enable a client to

• Experience less friction in the payment process
• Lower the costs of transactions
• Lower the risk of business

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