Introduction
Most business software is designed to help companies achieve their objectives, increase productivity, and improve the products and experiences they provide to their customers. Processes in #B2B sales can be complex, data-intensive, and error-prone.
Many businesses still manage these processes through a combination of people and spreadsheets. Businesses miss opportunities, underprice their offerings, and close deals more slowly as deal volume and complexity increase.
Initially, configure, price, and quote (#CPQ) software was created to help with these processes. #B2B #eCommerce platforms now cover more than 90% of #CPQ functionality, blurring the distinction between the two solutions.
In this post, we'll look at some of the most important advantages of the #CPQ process.
What is CPQ, and How Does It Work?
Configure Price Quote software, also known as #CPQ software, is used to assist B2B businesses in selling complex products and services. It is used to increase sales by providing the right price of any complex product to the customer at the right time. It does so across multiple sales channels, which is an added benefit of the #CPQ system.
#CPQ accomplishes this by utilizing the company's data, which includes items such as the product catalog, previous transactions, and customer information, among other things. It is an integrated platform with features for proposal, quote, and pricing engine generation, as well as a dedicated process flow for authorization and approvals. It is increasingly being used in business-to-business (#B2B) and business-to-consumer (#B2C) transactions.
A typical CPQ process diagram is shown below.
Benefits of CPQ Systems for B2B Ecommerce Business
The primary goal of a #CPQ system is to assist sales staff by reducing administrative tasks associated with managing complex B2B deals and providing a personalized customer experience. #CPQ systems typically provide the following advantages:
Create Quotes Quickly
Price Accurately
Simplify Negotiation Process
Display Quotes on Store
Offer Personalized Experience
Conclusion
Look beyond the software feature list when comparing #CPQ options. A purpose-built B2B eCommerce solution should include the CPQ functionality you require. If you need a standalone CPQ solution, make sure your #B2B eCommerce platform allows for easy integration as well as the flexibility to meet all of your #eCommerce requirements.
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