CPQ and B2B E-commerce: The Winning Combination for Business Growth
Section 2: Understanding B2B Commerce
B2B e-commerce is on the rise, with an expected reach of $1.8 trillion by 2023. According to a study by Accenture, 83% of B2B buyers prefer to purchase online. This trend is only going to increase as more and more businesses are shifting towards digital commerce.
If you are an e-commerce business catering to B2B customers, you need to ensure that your online presence and purchasing experience are up to the mark. Your clients should be able to easily navigate through your website and find the products they are looking for. They should be able to access real-time inventory information and pricing, which will enable them to make informed purchasing decisions.
Section 3: Understanding Salesforce CPQ
CPQ (Configure, Price, Quote) software is designed to help businesses automate the quoting process, thereby making it faster and more accurate. With CPQ, businesses can generate custom quotes based on customer needs, configure products and pricing in real-time, and provide customers with a transparent view of the costs associated with their purchases.
Salesforce CPQ enables businesses to reduce the time it takes to generate quotes, which in turn shortens the sales cycle. With faster quote generation, businesses can respond to customer requests quickly, leading to higher customer satisfaction and a better chance of closing the deal.
Section 4: The Benefits of Integrating B2B Commerce and CPQ
The integration of B2B commerce and Salesforce CPQ can offer several benefits to e-commerce businesses. Here are some of the key benefits:
- Faster Quote Generation: By integrating B2B commerce with Salesforce CPQ, businesses can reduce the time it takes to generate quotes, which can significantly shorten the sales cycle. This leads to faster order fulfillment, increased customer satisfaction, and a better chance of closing the deal.
- Customized Quotes: Salesforce CPQ enables businesses to generate customized quotes based on customer needs. This helps businesses provide personalized solutions to their clients, which leads to higher customer satisfaction and loyalty.
- Improved Sales Productivity: Salesforce CPQ automates the quoting process, which frees up sales representatives’ time, enabling them to focus on more critical tasks such as building relationships with clients, nurturing leads, and closing deals. This leads to improved sales productivity and increased revenue.
- Streamlined Ordering Process: By integrating B2B commerce with Salesforce CPQ, businesses can streamline the ordering process, making it easier for them to manage orders and fulfill them quickly. This leads to a more efficient supply chain and a better chance of meeting customer expectations.
Section 5: Statistics and Data on B2B Commerce and CPQ
The value of integrating B2B commerce and CPQ can be demonstrated by the following statistics and data:
- Forrester predicts that B2B e-commerce will reach $1.8 trillion by 2023, representing a CAGR of 10%.
- According to a study by Accenture, 83% of B2B buyers prefer to purchase online, and 60% of B2B buyers would switch to a supplier that offered a better online experience.
- Salesforce reports that businesses that use Salesforce CPQ experience an average of 28% increase in sales productivity, 16% increase in deal size, and 13% increase in win rates.
- Aberdeen Group found that businesses that integrate their Salesforce CPQ with their CRM system see an average of 105% increase in quote-to-close ratio and 86% reduction in sales cycle time.
- According to a study by Gartner, businesses that invest in Salesforce CPQ can achieve a 10% to 15% improvement in revenue, a 5% to 10% reduction in product costs, and a 20% to 30% reduction in sales cycle time.
Section 6: Real-World Examples of B2B Commerce and CPQ Integration
1. Lenovo
Lenovo, a global technology giant, was facing challenges with its manual quoting process, which was slowing down the sales cycle. By integrating its B2B commerce platform with Salesforce CPQ, Lenovo was able to automate the quoting process, resulting in a 200% increase in sales productivity, a 30% reduction in time to generate a quote, and a 25% increase in the deal size.
2. Ferguson Enterprises
Ferguson Enterprises, a plumbing and HVAC supply company, was struggling with its complex product configuration and pricing process. By integrating its B2B commerce platform with Salesforce CPQ, Ferguson was able to simplify its product configuration process, resulting in a 400% increase in quote generation, a 10% increase in average order value, and a 25% reduction in time to generate a quote.
3. MilliporeSigma
MilliporeSigma, a global life science company, was facing challenges with its manual quoting process, which was leading to errors and delays. By integrating its B2B commerce platform with Salesforce CPQ, MilliporeSigma was able to automate the quoting process, resulting in a 50% reduction in time to generate a quote, a 20% increase in sales productivity, and a 15% increase in order value.
Section 7: Conclusion
B2B e-commerce is on the rise, and businesses need to ensure that their online presence and purchasing experience meet the demands of their B2B clients. Salesforce CPQ can help businesses automate the quoting process, generate custom quotes, and provide customers with a transparent view of the costs associated with their purchases.
By integrating B2B commerce and Salesforce CPQ, businesses can benefit from faster quote generation, customized quotes, improved sales productivity, and streamlined ordering processes. The statistics and real-world examples presented in this white paper demonstrate the value of integrating B2B commerce and Salesforce CPQ for e-commerce businesses.
In today’s digital age, businesses need to adapt to changing customer preferences and demands. By integrating B2B commerce and Salesforce CPQ, e-commerce businesses can improve their sales process, increase customer satisfaction, and stay ahead of the competition.