The key initiative for enterprise digital transformation is digital commerce. B2B commerce is booming thanks to cloud-first strategies, tailored user experiences, support for multi-tier distribution selling, enhanced CPQ (configure, price, quote) systems, and omni-channel support.
By 2021, the B2B ecommerce market is expected to reach $1.2 trillion due to the rising need for a more comprehensive, one-stop-shop experience with faster time to market.
Businesses who want to get the most out of their B2B commerce initiatives should keep an eye on the following trends.
- Customer experience for B2B platforms can be improved by taking a cue from B2C success stories. Cloud-based B2B ecommerce systems have the need and the potential to create online experiences that compete with B2C across every device and channel, but only a handful are putting in the effort to attain those levels of customer experience. Customer experience is so important that Gartner predicts that 70% of ecommerce will shift away from B2C and B2B models and toward models that focus on the individual customer experience.
In terms of product and procedure, B2B purchasing might be more intricate than B2C purchasing. In this instance, experience design becomes even more vital in order to please customers rather than confuse them. Today, experience is somewhat of a must, and B2B platforms that fail to satisfy such criteria will lose customers and revenue to better-designed systems.
- Legacy CPQ systems were not designed with ecommerce and digital in mind;therefore, next-generation CPQ solutions are also required. Investment and/or reinvestment in contemporary CPQ (Configure Price Quote) systems will assist B2B ecommerce platforms. Offerings in the B2B arena may frequently become complicated, requiring price fluctuations and customer-variant pricing, all of which are susceptible to several business rules and workflows. Modern CPQ solutions accomplish that goal of showing the most accurate quotation to the client and “leading” them to accept that estimate. CPQs assist customers in making faster decisions by automatically showing the best price while taking into account all business rules, discounts, and volumetric considerations. Some of these solutions also aid in guided selling, allowing customers to evaluate various features and costs in order to make the best selection. Considering a CPQ system for a B2B platform might be a game changer.
- The contemporary buyer consumes content across several platforms and devices. He anticipates that the information supplied will be consistent across all platforms. The notions of doing separate things at work and at home are becoming increasingly entwined. Almost half of B2B purchasers use the same app for both work-related and personal buying. According to the survey, 68% of customers anticipate the aforementioned information consistency. Omni-channel also refers to how customers engage with manufacturers and distributors. This will provide for greater inventory management and order tracking transparency. Integrating digital capabilities into each business channel is critical for achieving Omni-channel capabilities.
- When there are better experiences to pick from, B2B customers will not acclimate to the unwelcome complexity of traditional procurement. As a result, there is an opportunity to create solutions that fundamentally alter how customers interact. This engagement is done by personalisation, which focuses on client data such as the firm he works for, the job he has, the industry in which he works, and the location. The experience can be customised around providing a personalised catalogue or developing a specific volume-based pricing, implementing specific discounts and bulk order offers, displaying content relevant to their industry, and also providing an invoice that will work better with the customer’s accounts team. Tailoring also entails replicating the customer’s app behaviours and determining the best way to present content to him.
CPQ B2B Commerce Cloud Connector: Right solution, right time
The Salesforce Labs CPQ B2B Commerce Cloud Connector is an unmanaged package that allows customers of both B2B Commerce and CPQ to build or create features that will sync items, pricing, quotation requests, and order history across both clouds.
The CPQ B2B Commerce Cloud Connector elevates automated operations by leveraging a single data model and pricing engine. Let’s take a closer look at a few of the benefits:
1. Synchronisation of products and pricing
By linking CPQ and B2B Commerce Cloud, you can minimize duplicate master data management between ecommerce and direct sales channels.
2. Customer experience
The interface is completely transparent to customers since it enables them to view your product portfolio online in B2B Commerce and quickly obtain a quote from Sales via CPQ.
This simplifies the purchasing procedure for the customer and considerably speeds up the sales process.
3. Uniformity of pricing
Negotiated or contractual rates in CPQ are automatically mirrored in B2B Commerce. This guarantees that when reordering from B2B commerce against an order already made in CPQ, the customer always receives the correct pricing.
4. Unified orders
Some customers will purchase through multiple channels, such as purchasing some items through direct sales and placing online purchase orders in B2B Commerce. Customers can obtain a consolidated invoice with Salesforce Billing by integrating B2B Commerce and CPQ.
In addition, the customer receives a consolidated view of their orders, whether placed directly through B2B Commerce or through a direct route via CPQ. This facilitates reordering, not just for commerce orders but also for CPQ orders, hence increasing revenue growth.
Both the B2B customer and the vendor benefit from the CPQ B2B Commerce Cloud Connector. The customer experience is improved by receiving full information and customised quotations more quickly. Vendors can enhance their master data management and simplify their procedures even more.
A CPQ solution is only one component of a B2B commerce stack. Whatever technological challenges your company is experiencing, a CPQ can seamlessly integrate with current systems to provide value, such as an enterprise resource planning (ERP) platform, a product information management (PIM) system, and others. Not sure where or how to begin?
A partner can assist you in conducting an evaluation to determine which aspects of your company and technology stack might benefit from a closely integrated CPQ solution. Contact us to learn more.