Buyer centricity is essential for modern commerce. The B2C world has changed dramatically and the digital transformation we are now witnessing is redefining the landscape of e-commerce.
To fully realise this new age of commerce, suppliers need to bring buyers into an empowered role and engage with them at every step of the buying process.
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 suggested that due to the rise of e-commerce and the increased availability of information, business buyers are no longer looking to buy from the first supplier they find. Buyers want a long-term relationship with suppliers that offer them exceptional customer experience, and to partner with suppliers that also support their own success.
For a supplier to survive and thrive, they must partner with their buyers
To continue winning, retaining, and growing business buyers, leading suppliers must recognise the need to provide the best business buying experience. Providing a better buyer experience through an intelligent trade account management platform will lead to improvements in buyer account management practices, and importantly, reduced buyer churn.
Retaining buyers is a key component of any successful business as it increases the buyers’ lifetime value. By retaining buyers, suppliers can begin to foster supplier-buyer relationships that encourage repeat business and brand loyalty.
Trade account management practices must support buyer relationships
Organisations that are investing in trade account management platforms that support and streamline all aspects of trade account management are taking the first step to become long-term partners with their key business buyers.
It’s no secret that buyers want more from their suppliers. They want suppliers that have trade account management platforms that manage all of the buyer account management processes, including onboarding (e.g., KYC and fraud checks), account management (e.g., raising/managing purchase orders, trade accounts, commercial accounts, invoicing terms), invoicing, and reconciliation processes.
While suppliers may offer a number of manual processes and convoluted platforms to manage buyer accounts, a one-stop trade account management platform that includes a buyer-facing component (e.g., business buyer portal) and allows buyers to manage and conduct all activities ultimately encourages repeat business.
Creating a great buyer experience ultimately rewards suppliers and increases their profitability long-term
The data suggests that investing in a trade account management platform will help reduce payment failure, improve profitability, and improve cash flow by helping reduce bad debt from failed payments and reducing ‘average day sales outstanding’ (DSO). These outcomes ultimately benefit the supplier and increase the bottom line.
In addition, smart businesses have also realised that an efficient trade management platform will also increase employee productivity by reducing time wastage and streamlining all aspects of account management.
Intelligent business account management systems are the solution
Opypro can help suppliers manage all aspects of buyer accounts to improve supplier-buyer relationships. By adopting a trade account management system that is fast, automated and intelligent, suppliers will employee productivity, reducing time wastage and ultimately increasing their revenue.
It’s time to supercharge your supplier-buyer relationships and increase brand loyalty with your buyers. 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