E-commerce has been growing steadily for the last few years, and has seen an explosion since the pandemic got in the way of face-to-face transactions. Customers now expect rapid online purchasing processes and delivery for all kinds of goods—from groceries to building materials. The businesses that are most likely to thrive in this environment are the ones who have a solid e-commerce solution in place.
Today’s B2B companies are also increasingly turning to e-commerce for its promise of broader reach and capacity to make lightning-speed transactions. But with these new online opportunities come new challenges. How do you safely extend credit to a new customer that you can’t even run a classic risk assessment on?
I often speak to clients who want to take advantage of the new opportunities presented by online trade, but that are mystified by how to navigate the added level of risk involved. While it is important to be aware of specific related risks, there are several solutions in place for businesses to safely explore e-commerce.