As the world’s largest eCommerce market, China appeals to global B2C and B2B brands alike. But China’s B2B e-commerce market is not as mature as the consumer space, and neither is its B2B payments. Multinationals that want to develop their B2B online commerce business in China will need to clearly define their strategy, including what payment solutions to use. By doing in-depth interviews with a dozen of the leading players in the digital B2B payment space, we identified the following insights that can help digital strategy leaders define a successful strategy:
After understanding the unique B2B payment landscape in China, B2B digital strategy pros should then adopt a customer-centric approach to developing their payment strategy. Forrester recommends that digital and sales leaders precisely define their customer segments and create detailed customer journey maps to understand their expectations for payments. They then should partner with the right vendors to serve these needs and expectations.
Meng Liu, analyst, Forrester authored this article, which can also be found here.
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