Demystifying B2B Commerce and CPQ

Ecommerce is driven by innovation and technology. Cloud-based CPQ revenue is now approaching the majority of the market and will accelerate through 2020, redefining the landscape of this market according to Gartner’s Market Guide for Configure, Price and Quote Application Suites.

Today ecommerce has become a primary transaction channel for B2B enterprises, big or small.

While Salesforce CPQ solutions put an end to sluggish pricing and quoting issues, Salesforce B2B eCommerce offers dynamic solutions to challenges businesses face related to shopping carts, customer management, storefront theme development, etc.

With the help of Salesforce CloudCraze, shopping carts now handle thousands of SKUs in a single order.

This is just the beginning; the benefits keep on increasing, from reordering made easy to B2B organizations developing customized stores, offering multiple payment gateways, and much more.

Customer-specific pricing, product catalog, shipping, and delivery aren’t ordinary developments B2B commerce has seen recently.

Demystifying B2B Ecommerce and CPQ necessitates addressing a few important questions: “what’s B2B Commerce, what’s Salesforce B2B Commerce Cloud, what’s CPQ, what features does Salesforce CPQ have?”, and more questions that puzzle businesses every now and then.

B2B Commerce is a commercial transaction in which businesses buy and sell via the internet.

So, what differentiates it from general commerce is the digital platforms that B2B ecommerce extends with other businesses.

Inferring from B2B size, it’s clear that ordinary technology won’t suffice to deliver service seamlessly. The need for robust B2B commerce solutions is apparent. Businesses need to admit it and leverage the Salesforce B2B Commerce Cloud.

B2B customers expect the ease and functionality of B2C. However, the B2B selling and buying process is complex, wired, and networked, and channels and parties involved are many.

Product configurations are complex, and so are price variations, volume discounts, personalized pricing and offerings, and other variables.

An ordinary B2B commerce platform can’t manage to deal with such subtle variables.

That’s where CPQ comes into the picture. Importing a robust and responsive CPQ (Configure, Price, and Quote) platform like Salesforce CPQ into the digital infrastructure of the business helps manage variables with precision, offers customized configurations, and pricing.

Buying behavior is in continuous flux. Technology continuously needs to reinvent itself to fit into business buyers’ buying behavior.

For successful B2B ecommerce, a networked system, which enables unified viewing of customer data at all stages of interaction, is necessary.

Salesforce CPQ Solutions to B2B Commerce:

  • Businesses generate accurate and error-free quotes as discounts and other pricing regulations are taken care of by Salesforce CPQ.
  • Salesforce CPQ integrates seamlessly and connects with customer data to offer personalized pricing to individual buyers.
  • One of the remarkable Salesforce CPQ features is the automation of processes such as proposal renewals, approvals, and CPQ locates selling opportunities and delivers its information to a business.
  • Salesforce CPQ configures orders on its own, customizes it to best-fit customer needs, and uses AI to personalize offerings.
  • Salesforce CPQ speeds up the whole journey, from the generation of a quote to the closure of the deal.

B2B commerce in today’s digital era follows a more complex and twisted pathway instead of a linear one. Buying and selling aren’t confined to mere sales.

B2B organizations need to be wary of inaccurate quotes and prices and shabby configurations.

Transactions go through various touchpoints/channels at different levels of interactions with a customer.

Salesforce B2B Commerce and Salesforce CPQ ensure data flows uninterrupted between systems and teams, and other data channels.

Why is B2B Commerce a Necessity and Not an Option?

B2B buyers are 90% ready to buy when they contact a business.

This is why B2B organizations need a commerce platform like Salesforce B2B Commerce to catch a sale almost instantly.

Personalized B2B marketing, to catch hold of individual customers

B2B Commerce empowers a business to roll out personalized marketing, where an individual customer is a target of the campaign.

By integrating tools like Marketo or Eloqua with B2B Commerce, businesses can automate marketing in a seamless manner. Personalization is a new goldmine that B2B organizations need to exploit.

An increase in mobile purchases makes B2B Commerce indispensable.

Businesses can custom develop mobile-friendly apps, which increases the mobility of platform access, enabling customers to buy via mobile and unlock mobile-based B2B markets for a business.

Demystifying Salesforce CPQ

Salesforce CPQ (Configure, Price, Quote) automates the quoting, pricing, and offering process reduces sale-closure time exponentially, and extends overwhelming scalability, increasing deal size and ROI.

Salesforce CPQ makes quote generation 36% faster and 34% more accurate, and increases upselling by 22%.

CPQ digs deeper into company data resources such as product catalog, customer data, and transaction history to provide a customer-fitted price to improve sales.

From proposal generation to quotes, and pricing to product offerings, CPQ does it all in one place.

Salesforce CPQ for B2B Ecommerce

Faster quote generation is needed to win customers, and CPQ does that.

B2B businesses have to understand that speed is indispensable for a successful B2B enterprise.

Salesforce CPQ is the fastest as far as quote generation speed is concerned. It gives customers no chance to shift sites.

Further, Salesforce CPQ also revises and redesigns a quote and delivers it in a shorter span of time in order to make it customer-friendly.

Salesforce CPQ stands for accurate pricing, not pricing errors.

Businesses often face challenges of incorrect pricing. It’s error-prone because of the bulk purchases B2B is known for. In the realm of B2B, an error of fractions in quoting a price could mean the loss of millions.

Besides that, buyers can’t turn into returning customers if they have to go through pricing errors. They might even switch suppliers.

Salesforce CPQ offers customers customizable quotes.

By offering customized quotes to customers on the store itself, buyers can place their orders accordingly.

Salesforce CPQ’s flexibility makes it a must-have software for B2B businesses from the customers’ perspective, given today’s competitive environment where every customer counts.

Salesforce CPQ offers a personalized experience.

Customers visiting an e-commerce website aren’t the same. Their needs and requirements and budget differ from any other.

Salesforce CPQ offers personalized pricing, customized product catalog shipping, and delivery based on individual customer’s needs and choices.

As a result, Salesforce CPQ improves customer experience significantly.

Salesforce CPQ is AI-enabled.

AI-enabled CPQs recommend sales opportunities and other such insights regularly. Businesses use these inputs for customizing deals offered to customers.

Furthermore, Salesforce CPQ offers business insights to sales and marketing teams, which helps them craft much better deals and improve ROI.

Conclusion

Salesforce B2B Ecommerce and Salesforce CPQ are a winning combination together. All the challenges businesses face with respect to sales and customer management are taken care of.

CPQ and B2B Commerce leverage technology to help businesses cater to customer requirements, and improve customer experience by making personalization a reality, helping sales teams with insights, and generating faster quotes and error-free pricing.