Data consent in B2B transactions

While procuring items from a vendor, employees of businesses are often required to provide personal data and proof of identity — for signing authority, payments and invoicing, etc. Vendors need this information for operational purposes, to meet demand, delivery and deadlines.

As global B2B e-commerce is estimated to grow to 1.1 trillion USD by 2021, businesses are going to be interacting with their vendors more than ever. The secure and consensual exchange of data is the basis on which a sound Business-to-Business relationship can be built.

Data transfer

Queues are a pain point of real-life shopping, and delays at online checkouts don’t help either. Baymard Institute reports that the average e-commerce business can increase its conversion rate by 35%, just by enhancing the site’s checkout design.

In the B2B context, employees are well-researched and confident about their decision by the time they’re ready to pay. Additional steps thereafter are frustrating; they can introduce doubt and risk the outcome of the trade. One-click onboarding fixes this. They scan a QR Code on the vendor’s website, consent to share their information and data is instantly transmitted.

With Optical Character Recognition (OCR) technology, data can be inputted without the need for typing altogether. OCR reads information from a physical document, such as a passport or driving license. It allows the app to check the validity of the information and offers businesses the best of both worlds — improved customer experiences and the reliability of the information received.

Data awareness

In B2B transactions, data is closely guarded. Brand image and access controls are well protected. A business needs to know exactly what they’re sharing with their vendors. A key aspect of data awareness is full and informed consent. Kantara Initiative’s consent receipt standard mirrors these ideals — just as a customer receives a sales receipt, a business receives a record of the information that they have shared.

The security and privacy posture of a vendor is fundamental to their success. When they share their information with vendors, businesses must be able to believe that it will only be accessed by the intended recipients. End-to-end encryption does that. Additional measures such as Privacy-by-Design, Security-by-Design, GDPR compliance, reassure businesses that their vendors value their relationships.

When data is shared in full confidence, B2B counterparts can get to business. Mutual trust promotes trade and fosters a vibrant, profitable digital ecosystem.