3 Trends that are Changing the B2B eCommerce
In general terms, what can be considered as eCommerce? eCommerce is actually changing the way to do business. In simple terms, doing business online is considered as eCommerce. Now, people are slowly transforming from traditional store to online shop.
It is noted that eCommerce has led to an increase in the revenue by 55% and this has encouraged business owners to spend more of its budget in the online business. Increase in B2B commerce has led to increase in more online payment options.
People prefer to use debit and card as the method of payment while shopping online. Cash cards and other such purchase cards are the fastest digital modes of payment. This reduces the transaction cost by 50 to 80%
B2B eCommerce is changing due to these trends:
- Increase in use of purchasing cards: With people preferring to shop from their comfort zone using internet, the use of purchase cards has increased. While still small businesses are using Invoice format, there’s an increase in the use of electronic invoices.
However, online purchases are completed using purchase cards. As per the data collected, annual card spending will increase to $290 billion by 2016. B2B eCommerce payments usually come from commercial card products like business, corporate and other such purchasing cards.
Purchase cards are one of the fastest growing digital mode of payment and till now it is being adopted by 84% of online businesses.
- Card usage leads to improved process: When you make purchase from debit or credit card also known as purchase card, a certain amount of processing fee is levied from banks. This fee is called the processing rate.
Certain banks have high processing fees based on the type of card used like as Visa or Master Card. The rates change based on the seller’s industry category, transaction size and the amount of data provided with the transaction.
Level 3 processing of commercial card payment is one of the important components of B2B eCommerce. This involves providing the card number, expiry date, zip code and CVV verification code during the checkout process.
Companies with proper B2B processing solutions have favourable interchanging incentives.
- Selecting the proper payment Gateway: To provide better shopping experience to the people and make the checkout process easier, it is necessary to have a proper B2C payment gateway which can easily process consumer payments without any need of such authorization data.
Selecting a well known B2B payment processing partner is a vital part of your online business as well as online success. Make sure to include such providers that offer proper technology which keeps the card information confidential and offers proper authorization and settlement procedure.
So, now if you have an eCommerce store then select the perfect Payment gateway to make process checkout easier. Finally, if you are in search of any eCommerce solution provider who can guide you in a perfect way then Softqube Technologies is the one stop shop for your all kind of eCommerce needs.
Get in touch with them today to get a perfect user oriented eCommerce store developed for your business.