Businesses are undergoing a paradigm shift in their approach to trade management practices.
The framework for this shift is based on the concept of reducing buyer churn; no longer are businesses solely focusing on buyer volume, but instead recognising the significance of buyer retention as a major growth strategy in business.
In an era where business loyalty is on the decline, suppliers must provide an advantage over their competitors. Buyers are no longer looking to buy from a supplier based on cost alone – they are interested in the buyer-supplier interfaces and trade account management.
Trade account management practices have evolved over time in response to market trends and customer needs. With new technology available today, it’s never been easier for businesses to improve their operations by automating manual processes and adopting more efficient methods of managing their relationships with suppliers.
In late 2021, a survey* with 200 senior IT and business decision-makers at supplier organisations and 400 business decision-makers at buyer organisations was conducted. The results were clear: to increase buyer retention, suppliers must offer an easy-to-use, one-stop trade management platform that is frictionless to the buyer, and enhances the supplier-buyer relationship.
Access to a buyer-facing account management platform is critically important to buyers
The survey reported that 70% of buyers indicated they would be significantly more likely to select a supplier that provides access to a platform that makes it easier to manage their business accounts with them, as opposed to one that didn’t provide such a solution.
Buyers want suppliers that can provide them with solutions to manage the complexities of the full buyer journey. A buyer-facing account management platform allows buyers to better manage their relationships with suppliers (and vice versa), by reducing transactional friction, improving communication, and strengthening brand loyalty.
Enhancing the buyer experience leads to increased profits
Adopting a buyer-facing account management system can help expand business by providing buyers with the tools needed to manage their accounts more efficiently and effectively. The evidence shows that buyers reward suppliers who offer an easy-to-use online portal by providing brand loyalty and repeat business.
Furthermore, buyers reported that having access to a modernised trade account management platform meant they would go on to recommend that supplier to another business. Most surprising was that these same buyers also reported that they were even willing to pay a higher premium for the goods, due to the lack of friction and ease of re-ordering.
An intuitive and collaborative platform accelerates the buying experience
Opypro is a trade account management platform that adapts and evolves to support the way you do business. It is a Software as a Service solution (SaaS) that gives buyers a better interface to manage their trade accounts end-to-end, including applications, credit checks, approvals, and account management – all in one simple system. With Opypro, you can enhance your buyer relationships and increase buyer retention. Learn more about how Opypro can help your business today.
*“Reimagine Buyer Account Management: Modernize Account Management Practices To Boost Your Bottom Line” A Forrester Consulting Thought Leadership Paper Commissioned by Openpay, December 2021