How To Use Price Transparency To Fight Trust Issues With B2B Buyers
The current bout of inflation is putting strain on purchasing power, and B2B e-commerce is no exception. E-commerce sales slowed significantly in Q1, dropping 3.7% between January and March and causing ripples of worry among merchants. Fortunately, there’s a way through inflation-related challenges for these sellers: to prioritize transparency and fair prices as a means of building up B2B buyers’ trust. The more buyers understand price transparency and believe your business has fair pricing, the more likely they’ll be to purchase and remain brand loyal.
When considering inflation’s impact on e-commerce, it’s worth noting that inflation may have first inflated B2B e-commerce growth numbers before cutting them back. Last year alone, $22 billion worth of e-commerce sales growth came from inflation.
Still, while inflation may have bolstered e-commerce sales numbers initially, the fact that sales are now slowing as household purchasing power diminishes poses a concern for B2B merchants. We know trust is a major factor in determining where B2B buyers choose to do business. Inflation ups the ante even more on trust. With supply chain issues and rising prices happening as a result of inflation, B2B buyers have to place even more trust in their suppliers. Whether buyers connect with their suppliers through a specific sales rep or a digital channel, it’s critical they feel supported and know that they are in good hands.
