TreviPay’s The Evolution of the B2B Buyer shows how technologies like AI have changed customer expectations around payments, automation and customer service.
Today, 73% of buyers use AI. The top three areas are automating routine tasks and invoice processing, detecting fraud and mitigating risk, and supplier selection. Supplier election and retention are directly influenced by operational efficiency.
While onboarding timelines are mostly unchanged, buyer tolerances have shrunk. In 2023, the acceptable onboarding time was 6.7 days. Over the past three years, it has dropped by 25% to 5.1 days.
Buyers increasingly expect standardization, clear onboarding, and integrated systems. Forty per cent see integration challenges as key operational concerns.
Flexible terms are much more likely to entice today’s buyers. In 2023, 51% said they were more likely to choose a buyer offering that option. Today, that has risen by one-third to 68%. Trade credit options rose from the 17th to the highest supplier selection factor.
Other key stats:
- Buyers preferring payment terms rose from 59% to 72%;
- Trade credit and credit cards offered in tandem increase attractiveness to 77% of buyers;
- Payment option variety is the top factor for 49% today, up from 28% in 2023; and
- 88% of buyers are likely to continue business with existing suppliers.
Technological advances have changed how loyalty is earned. In the past, buyers were more willing to overlook friction and continue with relationships based on trust and reputation. Now they are much less tolerant of delays.
“This shift is reflected in three areas,” the report states. “Operational performance now directly influences whether buyers complete transactions and return. Payment flexibility has become a core expectation, not a value-add. Consistency across channels is required to support how buyers purchase today.”
Suppliers should focus on a few key areas:
- A unified payments infrastructure featuring connected payments, invoicing and credit;
- Flexible payment options are a standard expectation;
- Onboarding and transaction friction must be eliminated;
- Invest in automation and AI, but ensure clear operational use cases are identified; and
- Ensuring omnichannel experience consistency.