E366:📦THE DEFINITIVE GUIDE TO B2B ECOMMERCE BUYER DEMANDS IN 2024 | HOKODO WEBINAR & EXPERT PANEL

The Definitive Guide to B2B eCommerce Buyer Demands in 2024

There’s a seismic shift happening in B2B eCommerce—and if you're not paying attention, you might miss it. A recent expert panel hosted by Hokodo and backed by substantial research uncovered key trends, challenges, and opportunities shaping the future of B2B eCommerce. Buyers expectations are rising, and businesses that fail to meet them risk losing more than just a sale—they could lose trust and loyalty.

Buyers Are Already Online (But Are Merchants Ready?)

Here’s a stat that might shock you: 93% of B2B buyers start their purchasing journey online. That’s right. Nearly every B2B purchase involves some kind of digital touchpoint. For merchants, this means eCommerce is no longer optional—it’s a must.

However, the experience often doesn’t match these expectations. 98% of buyers report facing challenges during the purchase process. Whether it’s slow websites, clunky checkouts, or missing payment options, these barriers create friction. The takeaway? A poor user experience isn’t just a mild inconvenience. It costs you sales.

Businesses focused on growth need to prioritize an optimized eCommerce strategy. Not just any eCommerce strategy—one built to meet the specific demands of B2B buyers.

Why B2B Needs Its Own Playbook

Too often, B2B merchants try to adapt B2C tools to fit their needs. Big mistake. It’s like forcing a square peg into a round hole. B2B buying isn’t just a scaled-up version of retail; it’s a different ballgame with its own rules.

B2B transactions often involve:

* Multiple decision-makers evaluating a purchase.

* Custom pricing tailored to specific accounts.

* Complex checkout needs, such as repeat ordering, purchase approvals, and bulk ordering.

* Payment flexibility, including credit terms and alternative methods.

According to Chris Gee, UK lead for the B2B eCommerce Association, much of the frustration stems from merchants relying on tools designed for B2C customers. These systems just don’t account for the nuances of B2B buying.

So, how do you know if a platform’s right for B2B? As panelist Aaron Sheehan notes, start by checking its foundation. Does it support multi-user accounts? Can it handle approval workflows and tiered pricing? Platforms without these capabilities are unlikely to meet your buyers’ requirements.

The Checkout Bottleneck

Let’s talk about where it all falls apart: the checkout. This is where your buyers are ready to commit… but too often, messy processes trip them up.

* 83% of buyers have abandoned a cart due to poor user experience.

* 27% cite the lack of payment terms as a reason for abandoning a purchase.

B2B buyers aren’t just shopping—they’re solving a business problem. They need efficiency and flexibility, but what they often get is frustration. Slow load times. Overcomplicated forms. Lack of payment options.

Keep this in mind: Every second of checkout delay drops conversion by 7%. If your checkout feels more like a roadblock than a gateway, you’re losing millions.

As Sheehan describes, B2B checkouts are often bogged down by bad tech. Legacy systems built decades ago fail to deliver the speed and ease buyers expect. Streamlining your checkout isn’t just nice to have—it’s critical.

The Power of Payment Flexibility

Ask yourself this: Would you buy from someone who didn’t offer flexible payment options? Probably not. Neither will your buyers.

The survey revealed that:

* 79% of buyers rank payment terms as a critical factor when choosing a supplier.

* 86% say payment terms directly impact loyalty.

In B2B, working capital isn’t just a metric—it’s lifeblood. Buyers expect net terms to help manage cash flow and free up funds for other priorities. If you’re not offering credit terms, smaller competitors or platforms like Amazon Business will gladly fill the gap.

Jason Greenwood, host of The eCommerce Edge Podcast, called flexible credit terms a competitive advantage. Some businesses even use extended payment terms as a core part of their strategy to attract high-value buyers.

But credit terms alone aren’t enough. Buyers also demand real-time credit decisions. In today’s Amazonified world, 80% of buyers expect approvals in less than a day, yet most companies fail to meet this benchmark. Modern tools exist to provide near-instant credit decisions—use them, or risk being left behind.

The Biggest Misstep? Ignoring the Customer

Here’s the hard truth: Many organizations approach eCommerce from an operational lens, not a customer-centric one. They ask, “How can this make our processes easier?” instead of, “How can this make the experience better for our customers?”

Greenwood highlighted the common pitfalls:

* Rushing to adopt eCommerce without doing the foundational work of understanding what your buyers want.

* Blocking product catalogs behind logins, assuming buyers will jump through hoops to access information. (Spoiler: They won’t.)

* Underinvesting in post-sale support. B2B experiences aren’t one-offs—they’re relationships.

B2B merchants must shift their mindset. Think beyond the transaction. What happens after the buyer clicks “Place Order”? Can they easily track shipments? Find invoices? Resolve issues with live chat or messaging? These are the details buyers remember—and they’ll reward those who get it right with repeat business.

Building For Success

What’s the solution? Start small. You don’t need to replatform overnight if that feels overwhelming. Take incremental steps:

* Add chat support to address issues in real-time.

* Offer flexible payment options tailored to your buyers.

* Improve loading times during checkout to boost conversions.

* Glean insights from customer surveys and refine based on their pain points.

B2B eCommerce isn’t just a tech project. As Greenwood wisely pointed out, it’s a transformation that involves products, teams, and workflows. Companies that focus on understanding and solving buyer needs will emerge as leaders.

What’s Next in B2B eCommerce?

If there’s one takeaway from this research, it’s this: The future of B2B eCommerce is buyer-driven. Buyers want simplicity. They want speed. They want solutions that match the way they work.

The businesses who can deliver these experiences won’t just keep up—they’ll lead.

Curious to learn more? Download Hokodo’s full report here [https://www.hokodo.co/report-2024-b2b-buyer-expectations] to dig deeper into buyer insights for 2024.

It’s not too late to transform your eCommerce game. But the time to act is now. Don’t let poor experiences cost you your most valuable customers. They’re already online—stay one step ahead by being ready for them.

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