E360:📦HOW TO EASILY EXTEND CREDIT TERMS & BNPL PAYMENT METHODS TO B2B ECOMMERCE CUSTOMERS

The Evolution of B2B eCommerce and Payments: Insights from Louis Carbonnier of Hokodo

You're in for a treat with this enlightening interview with Louis Carbonnier, co-founder of Hokodo, a B2B eCommerce payments platform. Louie shares his expertise on the rapid evolution of B2B eCommerce and the increasing demand for flexible payment methods. This post covers major insights from our conversation, touching on how B2B buyers' expectations have transformed and what businesses need to do to keep up.

The Shift in B2B Buyer Expectations:

From Manual to Digital

B2B eCommerce has seen significant changes in recent years. The digital realm is no longer just a B2C playground; B2B buyers now expect the same convenience. Historically, many B2B transactions were manual, involving sales reps and extensive paperwork. Today, B2B buyers begin their journey online, researching suppliers independently.

Gated Websites Are Losing Relevance

A critical finding from our discussion was that 69% of B2B buyers find online research more effective than interacting with a sales rep. This highlights the need for businesses to rethink gated websites. B2B companies must ensure their catalogs are visible online. Otherwise, they're missing out on potential leads.

Moreover, 93% of B2B buyers go online at some point during their purchase journey. Locking information behind gates only frustrates potential customers and shrinks your sales funnel. It's clear: B2B companies need to adapt or be left behind.

Enhancing the Customer Experience:

B2B Marketplaces: A Rising Trend

B2B marketplaces are becoming increasingly popular, providing transparency and visibility crucial for customer decision-making. These platforms force businesses to digitize their catalogs and product data, ensuring a smoother and more informative buying process.

Data as a Competitive Advantage

A significant advantage of moving online is the data gathered. This information helps businesses understand customer behavior, improve product offerings, and streamline operations. Data on customer preferences, buying frequency, and payment behavior is invaluable for shaping future strategies.

Payments: The Backbone of B2B Transactions:

Offering Flexible Payment Options

Payment flexibility is vital in B2B transactions. Traditional methods like wire transfers and checks are giving way to more modern options like trade credit and Buy Now Pay Later (BNPL). Platforms like Hokodo are at the forefront of this shift, offering seamless payment options that cater to both buyers and sellers.

Bridging Finance and Instant Payments

Hokodo not only provides multiple payment methods but also offers bridging finance. This service allows businesses to receive immediate payment while their customers pay later. This flexibility boosts cash flow and ensures businesses can operate smoothly without waiting for delayed payments.

Breaking Down Barriers to Entry:

Making It Easy for New Customers

One growing trend is using eCommerce not just as a sales channel but as an acquisition channel. Progressive B2B brands are allowing new customers to create accounts directly through their websites, bypassing the need for initial sales rep interaction. This approach lowers barriers to entry and creates a pipeline of warm leads for the sales team to nurture.

Real-Time Credit Analysis

Modern solutions like Hokodo facilitate real-time credit analysis, allowing even new customers to enjoy trade credit. This removes friction from the buying process and encourages first-time buyers to make a purchase without hassle.

Conclusion

The evolution of B2B eCommerce is undeniable. Businesses that embrace digital transformation and offer flexible, customer-friendly payment options will be the ones to thrive. Platforms like Hokodo are leading the way, enabling B2B companies to modernize their operations and meet the expectations of today's buyers.

As B2B eCommerce continues to grow, the importance of integrating comprehensive, real-time solutions can't be overstated. Whether through enhanced data utilization, innovative payment methods, or breaking down barriers to entry, the future is bright for businesses willing to adapt and evolve.

For those looking to dive deeper into the world of B2B commerce and payments, Hokodo provides a suite of services designed to make the transition smooth and beneficial for all parties involved.

Stay tuned for more insights and strategies to help you navigate and excel in the dynamic field of B2B eCommerce.

To learn more, check out the related THE ECOMMERCE EDGE Podcast episode below: