For B2B manufacturers, the market has shifted as sales generated from B2B commerce sites currently account for twice the sales volume sold through leading B2C properties. This presents a tremendous opportunity for manufacturers as industry analysts like Forrester Research forecast that by 2020 more than $1.13 trillion of revenue will be flowing through US B2B commerce properties.
While many B2B sellers have already embraced the need for digital commerce strategies, there are still others that view this paradigm shift towards omni-channel buying and selling as an inconvenience rather than an opportunity.
With deeply entrenched direct and indirect sales channels, highly complex product and service offerings, as well as a siloed and rigid technology stack, the push to offer a digital buying experience can appear prohibitive — both from a cost and resource perspective.
But like any seemingly complex task, there’s a method, a roadmap or even a recipe for achieving the desired outcome — and realizing a successful B2B commerce strategy is no different. Here are the ingredients your business will need to gather when getting started.
Digital B2B Commerce
Whether your company has already taken steps to move your business online or you’re just getting started, it’s important to understand that taking your enterprise digital requires the power and agility to aggregate, govern and syndicate your entire business across all channels — and that includes ecommerce.
This means managing the ingredients that make up your business, including:
- Customer data
- Price books
- Product catalogs
- Business logic
You may be thinking, “Sure, we have this data.” But the question is: Where is all that data kept, maintained and how is it updated and distributed? For many enterprises, it’s a tangled web of spreadsheets, front office CRM, and back-office ERP solutions, as well as tribal knowledge housed in the minds of direct sales teams and others throughout the company.
Sourcing, rationalizing and distributing this wealth of data is a real challenge. More than just a PIM, enterprises need a powerful engine to deliver their entire business (not just a sampling of their product catalog) across all channels from a single, easily manageable location.
Think of it like a large mixing bowling, containing all your business’s key ingredients, then baking them into a Master Commercial Definition of your enterprise that can be distributed across all buying and selling channels.
What begins to take shape is more than just an ecommerce strategy. Rather, it’s an omni-channel delivery method that more effectively addresses the pressing need to map to modern customers who arrive via ecommerce, perhaps contact internal sales, or make a final purchase through a vendor.
If You’re Not Mapping to Modern Customers, You’re Falling Behind
Whether your business is vendor/partner centric, you rely on a killer team of AEs, or want to take your business completely digital, the fact is that for most organizations, it’s not about prioritizing one channel over another.
Today and going forward, it’s about providing buyers with options — and if you don’t, rest assured, there’s someone else who will.
FPX Enables the Complete B2B Customer Journey
At FPX, we help businesses from around the world tap into a $7 trillion B2B commerce opportunity.
As the pioneers of CPQ, our expertise ensures we can help any business streamline processes, manage complexity, and enable commerce sales better than any other vendor in the market.
With our market-proven solutions and architecture, FPX delivers the Master Commercial Definition for global enterprise business, facilitating tangible business outcomes including:
- Accelerating new product introductions and changes in pricing programs
- Achieving higher rates of return with targeted offers and promotions
- The ability to respond faster to changes in the business such as new business models, regulatory compliance and mergers and acquisitions
By simplifying your network of buying and selling processes, FPX allows your business to align with the expectations of today’s B2B buyers. Powerful enough to handle any level of complexity while agile enough to take your business toward a commerce strategy or extend your direct and indirect sales channels, FPX is the solution to carry your business forward into the era of Digital Transformation.