CPQ (Configure Price Quote) has seen numerous emerging trends in the past several years. Most of them were well planned and documented and were at times, a part of the natural evolution of the current technology. Some areas that have seen tremendous advancement are that of Personalized UI’s, Simplified User Experience, and Improvements in Machine Learning for providing increased 3D visualization and excellent sales support used in manufacturing sector applications.c
Earlier, various renowned companies were hesitant towards the adoption of CPQ solutions as these solutions were considered hard to use. But with time and advancement in technology, these solutions have become user-friendly, easy to implement and also instrumental in helping achieve higher ROI and high level of productivity.
As far as we talk about the coming year 2019, the CPQ trends that are most likely to be used in the year include:
- Automated Pricing: It is a simplified function that helps in automating validations and pricing rules based on the structure of any organization and its database. It is capable of handling complex pricing structures, product configurations, apply product specific accounts automatically, and other offers tailored according to each customer. It also allows sales reps to present customers with order prices and quotes with complete accuracy and sell faster. Moreover, it is helpful in saving a lot of time on quoting and pricing, increases close rates, and also provides cross-selling/up-selling opportunities.
- Guided Selling: As far as the guided selling is concerned, it allows various organizations in creating specific questions that quickly enable sales reps to enter data about customers, like industry and their company size. Based on customers’ responses, sales reps take action and offer relevant customer offerings. It is one of the most advanced and popular features, as it helps sales reps in streamlining the process by abridging the product selection process. Moreover, it helps in speeding up the sales process by choosing the right products and services for each customer.
- Digital Customer Disruption: Providing a CPQ solution is valuable in e-commerce applications, especially if we talk about the B2B market. According to a report by Gartner, in the year 2019, 40% of B2B e-commerce websites will be using CPQ tool in order to calculate and deliver product pricing. It has also predicted to have a market with annual growth of 20% through to the year 2020. It will assist businesses a way to give unified experience to distributors and partners.
- Heightened Customer Expectations: Earlier CPQ limitations were only confined to the manufacturing industry, but in the growing customer years and their greater expectations and their changing portfolios, it has grown to be used in various trades. Looking forward to the ever increasing demands, CPQ solution can provide at least that of instant quotes apart from providing other benefits as well. CPQ solution is known for providing a seamless experience to customers that meet their expectations.
- Mobile Growth: It’s a no surprise that mobile evolution has changed the entire world and this has somehow affected the complete scenario. With the increased usage of mobile phones, CPQ’s knack to be used in various mobile raised areas allows sales reps to work on proposals, build quotes, and configure products anytime and anywhere they are. Businesses and sales reps need to be mobile ready, as they will have to rely more on mobile devices for receiving quotes rather than that of Desktop devices.
In a Nutshell
What happened in the last few years in the CPQ market is merely a matter of past. As far as its growth in 2019 (and beyond) is concerned, the market is likely to grow as the obsolete sales systems will be replaced. So, choosing the right CPQ platform for your business is very crucial to achieve sales target in 2019. No matter if you are working on hybrid or on-premise, CPQ solution will depend on business to business needs. In addition to it, choosing the right system will also matter in order to give an out-of-the-box experience to the customers. Other factors such as integration, cost, and security are also considered when choosing a CPQ system for your business requirements. So, in 2019, in order to get the best tool for your business needs, make use of a CPQ solution as it will help you to streamline your business in a more effortless way.