Does your CPQ solution enable B2B ecommerce with a user-friendly interface?
Today’s B2B customers expect a consistent, user-friendly buying experience they’ve come accustomed to through their B2C purchases, with options when it comes to sales channels. This is not just about preference, there are actual numbers to support the demand from buyers.
The Growth of B2B ecommerce
In a recent report, Frost & Sullivan projected that the B2B online retail market “is expected to reach double the size of the business-to-consumer (B2C) online market, generating revenues of 6.7 trillion USD by 2020.”
B2B ecommerce has been seeing strong growth due to the “rapid migration of manufacturers and wholesalers from legacy systems to open, online platforms.” That’s because legacy systems that use electronic data interchange (EDI) are becoming more and more cumbersome—not to mention expensive.
This is why B2B businesses are continuing to move towards ubiquitous online platforms “that allow buyers and sellers from anywhere in the world to transact goods and services with ease.”
What’s more, senior research analyst Archana Vidyasekar, part of Frost & Sullivan’s Visionary Research Group, which conducted the study, says there’s increasing pressure on companies to sell online to other companies. “The main drivers for migration to B2B is the pressure from industry leaders to move to online platforms,” Archana explained.
That pressure comes from:
- An expectation to conduct buying and selling online
- Increasing popularity of e-marketplaces (like Amazon and Alibaba)
- The shift from conducting procurement transactions through the internet instead of EDI
- A growing interest in placing orders through mobile commerce devices
The Perks of Using a CPQ Solution that Enables B2B ecommerce
Not only is the future of B2B business moving online, there are perks to partaking in ecommerce.
If you’ve chosen the the right CPQ solution, the user experience for purchasing on your ecommerce channel will be consistent with the experience on other channels. This means that your customers will be able to intuitively navigate all stages of working with your business.
Through an ecommerce platform powered by FPX CPQ, you’ll have the ability to configure, build solutions, co-create with a salesperson, and carry out discovery independently. Without CPQ, most ecommerce platforms lack these capabilities, instead relying on an online catalog or a straightforward Amazon-like experience where you find what you want and buy it. That simply won't fly with complex products.
The right ecommerce solution will support your dealers and channel partners as well as your direct sales team. What’s more, your chosen ecommerce system should be available for dealers and channel partners to easily use with their pricing and product information.
FPX establishes a true omnichannel solution that helps create consistent buying and selling experiences for internal sales, end customers, and channel partners alike.
Modern CPQ providers should be able to support ecommerce efforts with a platform-agnostic solution that integrates with your existing systems.
As we’ve discussed in a previous post, it’s important to find out if CPQ vendors provide professional services for the implementation and integration process directly or through partners, and how the process works.
As Ms. Vidyasekar put it, “With businesses buying more than selling online, these seller-driven B2C-type open public networks will help provide more visibility and storefront capabilities to sellers.”
Ultimately, not only does a CPQ solution that enables B2B ecommerce make the buying process easier for both your customers and your partners, it makes it easier on you!