B2B and B2C aren’t that different at the end of the day! Both are driven by human-based decisions that either make or break a deal.
An obvious old chestnut? Yes, indeed. However, most B2B vendors seem to be oblivious of the fact that the majority of the purchasing decisions of a particular business are made by human beings themselves. While a few B2B services tend to provide personalized services, that are similar to the ones found on the e-commerce websites, dedicated to consumers, the majority of them fail to do so. Most importantly, businesses tend to oversee the fact that B2B customers, who make the decisions, are equal consumers of Amazon, Flipkart, Alibaba, and many other B2C e-commerce sites. Naturally, such experiences do tend to mold their experiences for online transactions at work.
However, in reality, very few companies are able to meet the expectations of the B2B consumers due to its complex nature of transactions. And those who do, are able to keep a strong relationship with their customers as a result of which, are able to dominate the sales growth rapidly.
As the consumer demands evolve over time and advancement in technology create new possibilities for most businesses, companies should aim to establish their e-commerce services on a firm footing. Major e-commerce giants such as Amazon have an easy and quick online transaction system that facilitates not only ease of use but also bring in better customer experience. Some of the advantages of e-commerce Billing and Invoicing systems are:
In the B2B space, as new forms of digital customer engagement are taking over by storm, adopting different methods for an efficient invoicing system helps leverage a part of the overall omnichannel commerce experience, which adds up to better customer experience. The following are the necessary features required for a world-class invoicing system:
In the second scenario, with the help of a self-service portal, customers can directly login using saved credit cards and can make payments, print/save the receipt, which is updated automatically overnight by the cash application. This has a tremendous impact as there is minimal analyst intervention and dependency, overall enhancing the payment speed.
Moreover, the portal helps customers access the updated account and invoice information at all times through a customer data repository. This resulted in customers making payments for more than 90+ invoices per day, leading to 80% faster payments.
As per a report by Forrester – “The US B2B e-commerce will reach $1.8 trillion and account for almost 17% of all B2B sales in the US by 2023.” With B2B companies stepping foot and trying to unleash the potential of the e-commerce industry through various methods that pave a way to enhancing customer experiences, one needs to understand that an exceptional shopping and billing system could easily trigger sales and thereby increase the overall revenue. Folks at EBSCO, have found that the implementation had the following benefits:
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HighRadius Integrated Receivables Software Platform is the world's only end-to-end accounts receivable software platform to lower DSO and bad-debt, automate cash posting, speed-up collections, and dispute resolution, and improve team productivity. It leverages RivanaTM Artificial Intelligence for Accounts Receivable to convert receivables faster and more effectively by using machine learning for accurate decision making across both credit and receivable processes and also enables suppliers to digitally connect with buyers via the radiusOneTM network, closing the loop from the supplier accounts receivable process to the buyer accounts payable process. Integrated Receivables have been divided into 6 distinct applications: Credit Software, EIPP Software, Cash Application Software, Deductions Software, Collections Software, and ERP Payment Gateway - covering the entire gamut of credit-to-cash.