2 minutes

B2B sellers failing to offer payment terms are missing out on capturing new business and revenue growth, according to a new survey of 500 companies in the United Kingdom and Europe.

European B2B buyers are becoming even bigger users of all forms of digital commerce.

But 83% of B2B buyers say they would abandon an ecommerce purchase if no payment terms were offered at checkout, meaning that B2B sellers failing to offer payment terms are missing out on capturing new business and revenue growth, says a new survey of 500 companies in the United Kingdom and Europe from Hokodo, Oro Commerce and the U.K. chapter of the B2B Ecommerce Association.

Payments and European B2B buyers

73% of respondents say that payment challenges at checkout are causing them issues. These include unsuitable settlement methods or a lack of payment terms on an offer. With 79% of buyers agreeing that payment terms are critical for the success of their business in 2024, those who experience payment issues at checkout will be far more likely to abandon their cart, the survey says.

82% of B2B buyers say having access to payment terms is either important or very important when choosing a new B2B supplier.

advertisement

Respondents identified three top areas for improvement in B2B ecommerce checkouts.

  • 44% said that more transparency is needed around shipping costs and other fees,
  • 43% said that customer support needs improvement.
  • 39% said that ecommerce checkouts need to be faster and simpler.

More Charts & Data Stories

Check back soon for more Charts & Data Stories, like our weekly B2B infographics. Here’s last week’s. We add new content regularly. 

Submit a nomination

Nominate a game-changer for the Global B2B eCommerce Industry Awards from Digital Commerce 360 and the B2B Ecommerce Association.

Sign up

Sign up for a complimentary subscription to Digital Commerce 360 B2B News, published 4x/week. It covers technology and business trends in the growing B2B ecommerce industry. Contact Mark Brohan, senior vice president of B2B and Market Research, at [email protected]. Follow him on Twitter @markbrohan. Follow us on LinkedIn and be the first to know when we publish Digital Commerce 360 B2B News content.

advertisement
Favorite