Increase B2B Sales Successfully – [5 New Tips Not To Miss]

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Increase B2B Sales Successfully:

One of today's largest retail opportunities is investing in a B2B channel. With the B2B market expected to hit $18.57 Trillion in revenue by the end of 2026, retailers will benefit by prioritizing these buyers to get and stay ahead of the competition.

Here are the top 5 tips to help retailers understand how to successfully increase their B2B sales or grow B2B sales.

The KEY INSIGHTS that I believe are [significant to you] are shared here after reading the entire Retail Dive and TreviPay’s e-book on the subject matter;

If you feel the need to do so, you may view the report at the end of this blog post and be prepared for future B2B sales.

Ready to [Lower Your Overall Customer or Lead Acquisition Costs]? - Are you sick and tired of spending a lot on your Business Ads!

Increase B2B Sales Successfully:

1. Don’t Count on Credit Cards for all B2B Purchases:

Nine out of 10 corporate purchasers research the payment options before buying from a new vendor, especially if they’re hoping to receive volume pricing.

When given the choice, half of them prefer to pay with methods other than credit cards, which means they’re looking for net terms (also known as trade credit) that include detailed invoicing with PO numbers, billing codes, and the ability to integrate into internal accounting systems.

2. Empower B2B Buyers to Buy More:

According to Forrester’s latest Tech Tide Report, B2B payment augmentation is increasingly critical to companies’ ability to win, serve, and retain business customers.

To add business-preferred net terms to their payment options, retailers should join an established B2B payments and invoicing network that has the resources to offer automated account approvals;

By doing so, retailers get real-time order-to-cash automation to serve customers faster, minimize errors, and manage receivables— all while extending more favorable commercial terms that can accelerate sales.

"In fact, 82% of business buyers would choose a vendor that offers 30-, 60- or 90-day terms at checkout"

If retailers want to attract and retain these buyers, they must support the processes and methods of payment that they prefer.

Doing so will enable business buyers to buy more, more often, optimizing trade and loyalty for retailers.

3. Complexity of B2B Payments must be Invisible:

Fast, invisible risk decisioning (i.e., extending trade credit) secures more buyers by offering the right payment terms and the right credit lines in moments.

The alternative is using a manual process, which can take days and is a surefire way to lose sales to competitors.

Instead, retailers can use these automated credit offerings to create a loyal B2B buyer network; stickiness naturally increases when these customers have an excellent first-purchase experience.

It’s also essential to get invoicing terms and data right because they need to integrate with the buyer’s procure-to-pay platforms.

Consider key buyer preferences, such as opting to receive invoices daily, weekly, or monthly, and other required details, including PO numbers, that can streamline transactions and reduce disputes and other costs.

"According to a study by PYMNTS and American Express, 67% of B2B buyers report having switched to purchasing from vendors that offer a “more consumer-like” experience, a number that rises to 74% for millennials"

4. B2B Payments must also be Omnichannel:

Reducing the manual processes associated with decisions, onboarding, invoicing, reconciliation, disputes, and collections are all critical for B2B retailers that want to grow a loyal relationship with today’s buyers.

So is offering the same level of omnichannel purchasing experience that B2C customers have come to expect.

B2B buyers might research online, drop by a brick-and-mortar a few days later to see an item in person, and then walk out and make the purchase on an app over lunch.

"That’s why a truly mobile B2B payment experience has recently become a must-have"

5. Positively Outsource B2B Fraud Mitigation:

As global online sales increase, fraud is likely to increase. There is a growing risk of business identity theft, shell companies, stolen employee identities, account takeovers, and other forms of digital fraud.

These days, sophisticated detection and prevention processes are mandatory for merchants of all sizes.

The good news is that today’s top payment and invoicing networks can help mitigate fraud. These partners offer machine-learning processes and can demonstrate a proven track record for risk decisions.

Expect the absorption of fraud risk, too, to further alleviate the challenges of expanding online sales.

"Outsourcing to a B2B invoicing and payments network is typically more cost-efficient—both in terms of people hours and related expenses—than manual processes or DIY solutions"

Factor in lost sales while in-house IT teams are coding as fast as they can, and the price of doing it yourself can add up quickly.

If retailers can’t support the processes and methods of payment preferred by B2B buyers, they run the risk of losing the opportunity to serve this audience. And that’s a risky loss: with trillions of dollars in B2B eCommerce purchases happening every year, the lost sales can add up quickly.

I hope these tips will help you. If you would like to read the complete report on ‘Expanding into B2B: 5 Tips for Success’, you may do so.

Here's related information that you may also find helpful – 10 Best B2B Marketing Strategies [Step up your efforts to defeat the competition].

P.S: Visit Digital Marketing Forum that answers [most un-answered] questions.

P.S.S: Please don’t forget to forward this blog post to your network so they can get the best tips, practices, strategies, education, resources, and tools to help their businesses grow.