CPG Ecommerce Sales Strategy—A 3-Point Plan To Make Consumer...
By Tom Wintaugh
Are your buyers are falling off before completing their purchases? Take these steps to minimize your rate of B2B cart abandonment.
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Cart abandonment is a well-known and wildly frustrating problem for online retailers, wholesalers, and manufacturers. B2B cart abandonment, in particular, accounts for significant loss of customers and sales. Fortunately, if you’ve noticed that your buyers are falling off before completing their purchase on your website, there are several steps that you can take to minimize your rate of B2B cart abandonment:
Cleanup Your Checkout Process
Get Proactive About Customer Support and Experience
Provide More Payment Options
Show Shipping Information
Revisit Your Returns Policy
Be Transparent About Inventory Availability
According to one survey, 60% of B2B buyers have abandoned a purchase because the checkout process took too long. One key strategy for preventing B2B cart abandonment is to provide a clear and simple checkout process. This can involve using easily recognizable buttons and links, as well as providing clear instructions on how to complete each step of the purchase. Another important part of a good B2B checkout experience is providing customers with a secure payment portal that is backed by trusted third-party security systems. This will help to establish trust with your buyers and encourage confidence in their purchase.
Another key strategy is to focus on improving your customer support. This can involve offering live chat or phone support during business hours, as well as ensuring that your customer service team is knowledgeable and helpful when responding to inquiries. Additionally, you can offer incentives such as discounts or free shipping to buyers who engage with your company on social media or provide feedback about their experience.
Another effective strategy for reducing B2B cart abandonment is to offer multiple payment options, such as accepting credit card payments as well as PayPal or other trusted e-payment systems. This can help make the checkout process more convenient and reduce any potential friction that may cause buyers to abandon their carts.
Miva is uniquely built to support all essential B2B payment options, with the ability to capture payments via purchase order, integrate with the PayPal Commerce Platform, and facilitate easy reordering with MivaPay.
Be transparent about shipping costs and timelines. This can help buyers better understand the total cost of their purchase and minimize any surprises at checkout. You may also consider offering free shipping to encourage more customers to complete their orders. Let your buyers know exactly what to expect in terms of shipping prices and delivery dates early so they can make the best decision for their business' unique needs.
The Miva ecommerce platform makes it easy to give buyers all the shipping information they need. With the ability to offer customized shipping prices within online quotes and set rules for geographic shipping restrictions you can ensure that there are no shipping surprises along the way.
Returns policies are commonly considered the domain of B2C businesses, but a solid returns policy can go a long way towards preventing B2B cart abandonment. Consider offering a flexible policy that allows buyers to return products within a certain time period if they are unsatisfied or if there has been an error in their order. This can help foster trust in your brand and increase customer satisfaction, leading to more conversions, stronger relationships, and repeat business. Your returns policy should be clearly stated and easy to access on your website, so that buyers can make informed decisions about their purchases.
Finally, it is important to be transparent about your inventory availability and delivery times. This can help build trust with your buyers, while also allowing them to make more informed decisions about their purchases. By providing clear information on product quantities and expected shipping times, you can minimize the risk of cart abandonment in your B2B purchasing experience. If a product is unavailable, give buyers the option of opting into availability notifications so they can return once it’s in stock to place their order.
Looking to provide more inventory transparency? Miva helps B2B businesses track and manage inventory for a better customer experience.
By focusing on these strategies, you can help prevent B2B cart abandonment and ensure that your company’s sales remain strong. With a commitment to providing an excellent purchasing experience every step of the way, you can increase conversions, build lasting relationships with your buyers, and prevent lost sales.