A new report out in March shows that B2B e-commerce hit the $1 trillion mark in sales in 2018. And that only represents approximately 7 percent of all B2B sales, according to the report. That means there’s a ton of room for growth.
What’s shocking is that about 60 percent of manufacturers, and about 38 percent of wholesalers and distributors still don’t have an e-commerce website, but 75 percent said they plan to launch one in the next year or two. For B2B merchants who don’t have a website, the path is clear: Get one or get out business when competitors start selling online.
But for the 40 percent of manufacturers who do have a website (with e-commerce functionalities, presumably), the future may be less clear, but it is still digital. According to a recent McKinsey report, approximately 63 percent are investing in digital technologies. That certainly includes e-commerce technologies, but it also includes things like automation, Internet of Things (IoT) technologies, artificial intelligence programs, and other types of software.
The question every manufacturer needs to be asking is how—not if—it will capture and grow its portion of the rapidly growing B2B e-commerce industry. That is, in order to grow sales through digital channels, firms need to think seriously about strategies to attract, capture, and close more sales online.
And that’s where Credit Key comes in.
As the premier provider of instant credit technology, Credit Key can help you close more sales, faster and more efficiently. How? Quite simply: We make it easy for your customers to apply for and get credit while also eliminating the risk of financing.
We make it easy for your customers because Credit Key integrates directly into your checkout process. Using our proprietary algorithms, we can approve or deny credit in just a manner of seconds. Compare that with the long, drawn-out process of trade credit, where customers might wait as much as a week before they can complete a purchase.
We also eliminate your risk. We handle the entire financial side of the transaction, paying you within 48 hours while also invoicing and collecting from the customer. It really doesn’t get any easier than this.
What’s more, the results of using Credit Key have been incredibly promising, with some merchants have experienced as much as a whopping 371 percent boost in average order size and a 29 percent increase in order frequency. That’s the type of rapid growth that B2B firms dream of.
So what are you waiting for? Let’s start growing your business and capturing your share of that $1 trillion! Contact us for a demo and to learn more.
