Understanding the potential of mobile in the B2B payments realm is certainly important, as companies that don't innovate run the risk of falling behind their competition. However, simply building an mCommerce solution just for the sake of having one is not a wise practice and can be even more damaging than not having one at all if the system provides the customer with a bad shopping and payment experience.
According to a B2B mobile study conducted by Forbes and Google, 73 percent of executives are less likely to do any business with a particular vendor if they have a bad mobile experience. This can be caused by numerous factors, so it's important to understand what customers are looking for when they do business on a mobile phone and how to accommodate those needs.
The stakes are even higher when you consider the fact that 61 percent of executives say a bad mobile experience will likely drive them to a competitor. Not only are businesses losing out on potential revenue from a disgruntled customer, vendors that can't fulfill mCommerce needs are likely going to boost another company's presence in the market, which will only hurt that vendor even more in the long run.
Given the importance of improving the mobile buying experience in the B2B space, vendors need to find the right solutions for this need. An article in the online publication Media Post suggests simplifying the mCommerce experience. Laurie Sullivan, the article's author, indicates that the Forbes and Google study stresses the fact that buyers want an easier shopping experience.
"I've been saying it for years: mobile eCommerce needs a simpler conversion path from discovery to conversion," Sullivan writes. "Now a study confirms it. Make it easy to connect and reduce the amount of processes and clicks to find the information, and business professionals will start researching and spending more through mobile devices."
While simplification is crucial, so is adhering to a number of other needs. For example, when executives were asked what issues were preventing them from having an idea mobile shopping experience, 7 percent said it took too long for them to obtain and pay for certain goods and 11 percent said they didn't trust their respective vendor's security.
Companies can help themselves in both of these areas by procuring the right payment solutions. For example, obtaining a payment tokenization system can store customer data offsite and protect it from targeted attacks. This will help vendors attain PCI compliance while alleviating customer security concerns. Meanwhile, optimizing an eCommerce site for mobile usage will help improve the buying experience. Moreover, tokenization can store customer data securely so it can be easily entered in subsequent transactions. This will significantly diminish the time it takes to make future purchases.
Of course, vendors still have to ensure they are able to maximize the value of each transaction. Regardless of the environment, the ability to process Level 3 data with line item detail is crucial. Working with a B2B payments provider can help businesses obtain the solutions needed to process this information, whether their customers are visiting their eCommerce site from their computer, phone or any other platform.