The COVID-19 pandemic has seen businesses and consumers alike make moves to cut down their expenses. Aiming to reduce the inefficiencies in manual or outdated business-to-business (B2B) sales channels, many businesses have turned to online marketplaces, many of which are looking to break into the B2B e-commerce space. An increasing number of businesses are citing payment processing speeds as a crucial need, with a recent report finding that 48% of B2B companies indicate this as a concern. Another study found that only 20% of businesses had a desire to move away from digital sales, an indication that virtual B2B payments are filtering into the mainstream.
Shifting B2B payments and interactions to the digital space comes with many benefits. One study found that businesses can boost their revenue by adopting digital sales channels, with digital sales fueling the revenue growth of 62% of B2B businesses in 2020. The study also found that 29% of such businesses expanded the number of digital sales they made during that year, a sign that these firms may be taking a higher interest in e-commerce and its many benefits.
The shift to e-commerce is perhaps most beneficial to small businesses, who can increase their revenue by implementing digital solutions to compete on a more level playing field with their larger competitors.
With the exponential growth of consumers’ expectations for speed and service, a trend that was exacerbated by the COVID-19 pandemic, the B2B payments that facilitate consumer-facing transactions must move swiftly to ensure that consumers’ ever-changing needs are met. Businesses must do well to accommodate these payment needs, especially in the midst of the pandemic-driven shift to e-commerce.
OpenPath is committed to helping businesses thrive in this rapidly changing landscape. Find out how our advanced e-commerce solutions can boost your business by visiting us at: https://openpath.io/