The worlds of B2C and B2B are distinctly different as retailers commit to targeting one audience or the other – customer or business. For some retailers, this choice is logical and necessary. Asos understandably just targets B2C, whilst Express Cleaning Supplies only targets B2B.
However, for many B2C retailers in many sectors, this exclusive choice does not have to make. They don’t need to restrict themselves to just B2C they have the opportunity to target B2B too, and so in the process hugely broaden their potential customer base and increase sales.
Take Staples for example, the stationary and office supplies retailer. Initially just B2C, recognising that their product offering is suitable for both the individual customer and the business, they began marketing to the business customer. B2B sales now account for as much as 60% of total revenues.
The same can be said of the traditionally B2C retailer DFS that recently developed its B2B website, enabling hotel groups to purchase furniture from them. And not to forget the giant Amazon that has simply mirrored its B2C offering into a B2B offering under the branding, Amazon supply.
It’s not hard to understand why successful brands such as these have chosen to enter B2B eCommerce. Forrester Research has estimated that by 2020, B2B eCommerce will be more than double the size of B2C. But the question is how can B2C retailers incorporate a B2B offering alongside their existing strategy and target the ever-growing online business customer?
How can B2C retailers successfully expand into B2B eCommerce?
As with B2C eCommerce, any retailer expanding into B2B must understand what their new target audience wants from them and how their products can deliver this. Core to this is the decision-making process. Purchases from a business will often take longer, involving more research, more consideration and more stakeholders, particularly because the typical order value will be much higher than the average B2C purchase.
This is where payment options become critical in the B2B purchasing decision. Because a large amount of money is being spent, whether buying laptops, sofas or desks, this often becomes a strong obstacle to purchase, but there is a solution to breaking this barrier down Retail finance.
Global Asset Finance Limited partners have long offered a finance platform for B2C retailers to allow their customers to pay in instalments at 0% interest, and so drive sales for the merchant. However, this year, introduced the first multinational B2B finance solution at the checkout so business customers can now too split the cost of their purchase.
Rather than tying up capital though invoice payments, business customers purchasing with Point of Sale Finance can gain greater control over their cash flow by paying over 12 months. Each application has a credit limit of up to £150,000 and if purchasing several different items, these can be amalgamated into one simple repayment schedule. As a result, as well as increasing sales, this also helps to increase average order values. T
The application decision is also based on the business’ performance rather than the individual’s credit score, so allowing younger and higher-risk businesses to receive finance, as well as the more established companies.
To find out more about multinational B2B finance solution at the checkout, take a look here:
Offer finance to your business customers too.
UK’s first retail finance platform that allows you to offer finance to both consumer and business customers.
Credit limit up to £150,000. Instant, automated decisions up to £15,000. No hidden fees.
Seamless checkout integration
Seamless checkout integration online or in-store. Term up to 12 months. Equal monthly repayments.
Finance multiple purchases. One combined repayment schedule. No early repayment penalties.