TreviPay Digitizes BNPL Experience for B2B Customers, How Wayfair Professional Is Building Out Its B2B Market and MRC Global Generates 40% of Q2 Sales Online
TreviPay Digitizes BNPL Experience for B2B Customers
TreviPay, a global financial technology company, announced the release of its one-click mobile BNPL app for B2B buyers. The app release, which marks an industry milestone towards the complete digitization of B2B payments, allows merchants to offer a mobile app payment experience to their pre-approved B2B credit customers.
“TreviPay simplifies the complexities of B2B commerce, making it indistinguishable from B2C experiences for the buyer,” said Brandon Spear, TreviPay’s CEO. “Our new mobile app allows one-click access to BNPL, instant invoicing and increased security, so our merchant partners can make it easy for their B2B buyers to pay on their terms, in the channel they prefer and with no need for POS hardware upgrades.”
Research conducted by Forrester Consulting revealed that more than 60% of payment decision makers within merchant companies view their urgent customer concerns as increased scrutiny on security and fraud prevention, more digital payment options and more flexible payment terms. TreviPay’s mobile app addresses all three concerns, including two-factor authentication (2FA).
What stood out to us? There really is a mobile app for everything.
How Wayfair Professional Is Building Out Its B2B Market
Retail marketplace Wayfair Inc. is showing significant growth in its Wayfair Professional B2B service, which has more than $1.5B in annual net revenue. The growth in B2B sales comes at a time when the company has recorded a 10.4% drop in total sales (to $10.86B) for the second quarter.
Wayfair Professional has worked with businesses to quickly help them ramp up to meet changes in their industry. For instance, it worked with a client logistics company outfit to open three new office locations within “an ambitious eight-week time” to address surging demand for logistics services.
“There were moments of uncertainty and some natural volatility along the way,” said Margaret Lawrence, VP of Wayfair Professional. “We leaned into these services as a chance to more closely partner with our customers at a vulnerable time. We expect that these will translate into tighter relationships and higher customer lifetime values well beyond the pandemic.”
What stood out to us? Wayfair...will they really have just what you need after this holiday season? Stay tuned.
MRC Global Generates 40% of Q2 Sales Online
MRC Global Inc., a large national distributor of pipe, valve and fitting products, announced that it is now doing nearly half of all North American sales online. In Q2, the company’s North American sales totaled about $588.0M, of which 48% ($276.4M) was done through their ecommerce channel. Overall, ecommerce accounted for about 40% ($274.4M) of all Q2 sales.
“We are selling in more ways and with greater efficiencies by moving more customers online through our ecommerce initiative,” MRC said in its 2020 annual report. “Our strategy is to steadily move more of our 12,000 customers online, and we are focused on investing to make it happen.”
Rob Saltiel, MRC’s president and CEO, reports that nearly three-quarters of major customers use the company’s digital commerce platform. Furthermore, Saltiel predicts that the initial savings from serving customers through their ecommerce platform will reach between $5M and $10M by 2022.
What stood out to us? To quote H.G. Wells, “adapt or perish.”
Before you go...
What’s really behind BNPL’s traction in B2B ecommerce.
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