You hear us talk a lot about CPQ, quoting, order and eCommerce in our blogs, on our website, and in many of our press releases. But ultimately, the Product Configurator features are only as powerful as the benefits. So what are the benefits of having a Product Configurator in place?
Forrester Research has recently conducted a study in B2B eCommerce resulting in the discovery that B2B eCommerce is more than twice the size of B2C in the United States ($780 billion vs $325 billion). Forrester also reports that B2B eCommerce will top $1.1 trillion in the US by 2020, mobile will represent 26% of B2B traffic by 2016, all while the growth in 2011 was just 4% -explaining why many businesses are beginning to see the importance of a mobile strategy.
Quoting has long been considered the most important component in the formula for success, but what an organization really has to put into perspective is that a quote tells a well-formed story of a company - and should be sent out with diligent care.
Data is at the very forefront of action. There is a reason a task is done, or a meeting is set, and usually it’s to either correct a previous action that may not be garnering the results anticipated or to plan a future action. The process of taking action must be done based on one’s metrics and analytics collected from data, whether from marketing research or statistics previously put together by analysts.
Studies have shown that the more difficult it is for a buyer to purchase something, the less likely they are to follow through with that purchase. This could mean an online experience that has too many clicks to get to the point of sale; or even just the difference between products being offered only in person, rather than online as well. eCommerce has great potential to make online buying a booming avenue for any business selling its goods in this highly competitive, post-recession economy.
Unless your company is already utilizing a fully-integrative, online self-service eCommerce environment for online channeling of sales, you are probably spending much more money than you should to manage the sales end of your business.
At Verenia, we strive to help companies combine and use of an all-in-one platform for quoting, sales, and engineering.
The great political and economic philosopher Thomas Hobbes once said that in the state of nature, life is “solitary, poor, nasty, brutish, and short.” In today’s volatile economy - where technology has given rise to a host of burgeoning companies and everyone seems to have their hands on the few, available pieces of pie - the customer’s happiness and overall satisfaction has risen to the highest of priorities.
Think about the last time you purchased something. Anything. A truck. A car. A sofa. A new fishing pole. In spite of all your experiences as a business-buyer or purchaser - within your day-to-day business life - for that purchase, you were an end-user. You weren’t bargaining wholesale per-unit costs, you didn’t have any inside-specs or knowledge of what you were buying.
Customers expect the sales cycle to be a route with seamless, smooth sailing, from the first interaction they have with your brand. Outdated websites and traditional selling that require a possible client to pick up the phone and call a sales representative is a thing of the past. If you want to compete in the highest level of sales and business you have to give your customers the ability to virtually walk through your store and pick and choose from your inventory.
The United States has been booming with industry since the 1800s. The manufacturing industry in the U.S. has evolved since the the first settlers arrived to colonize America, from small family-owned shops to multinational corporations. An industry that has seen great change and an immense amount of growth has been the furniture industry. Through hard work and traditional means, furniture industry forefathers saw their organizations bloom, but one thing is at the forefront for manufacturers of today: Change is here, and the furniture industry is ready.
There have been a multitude of technology innovations in the past decade that seem to blur the line between art and innovation. But what actually makes good design good? How does technology borrow from good design to make a lasting impression in the minds of customers and users alike, and how does user experience blend into the mix? Design, much like art, is not an exact science. Design is not a quantifiable, easily explained, measurable component that we can easily manipulate and alter to achieve the desired outcome.
Over the past few years we have made great strides in a variety of niches: boats, cylinders, RV’s, and even playgrounds. We always knew EosCloudStore could be tailored to fit anything that could be configurable, so we are incredibly pleased that people and organizations from diverse sectors are seeing the benefit of a configurator... but there is more always work to be done. One sector in particular that is geared towards a systematic lift from CPQ software is the insurance sector.
Markets have never been more flexible or in such constant motion as they are today. In the manufacturing industry it is becoming increasingly popular for end users and dealers to want to customize as much of their product as possible. As the demand for made-to-order specialty vehicles, boats, and yachts increases, buyers are seeking greater customization. This demand is increasing the need for tools to help with the special order and customization that buyers need, in turn making it increasingly difficult for manufacturers to maintain profitability.
A Configurator and eCommerce solution is something that shouldn’t be taken lightly, especially since it is a decision that will alter all areas of your organization. So how do you decide on the correct CPQ ( Configuration, Price, Quote) solution for your business? We’ve outlined a few steps in choosing a solution that not only fits with your business, but works for and alongside your business. One commonality for all companies that decide to take the leap into the CPQ world: you have all decided that your company is at a crossroads and it’s time to take control.
American Novelist, Barbara Grizzuti Harrison, once stated, “All acts performed in the world begin in the imagination.” It’s these ideas created in our thoughts that build and structure our life and the lives around us. This idea is present as we enter a world that scientists, designers and futurists alike entitled The Internet of Things. This perception that objects are becoming embedded with sensors and gaining the ability to communicate, which results in information networks’ promise to create new business models, improve business processes, and reduce costs and risks.
With the new year approaching, it’s important to not only look forward to the future, but also look back at the past year and identify things to be improved by learning from failures and pain points. This retrospective will allow for a plan for success by possibly altering out-dated technology and moving towards a more streamlined and efficient way of doing business.
We take ourselves seriously, but sometimes you have to have fun. So, we recently shot a video that talks a bit about EosCloudStore, and how we can help organizations with our CPQ and eCommerce solution. We had fun with it and we hope it makes you laugh a bit too. Enjoy!
A Greek philosopher once said, “the only thing constant is change.” And nothing can bring that statement more to life than what is happening today. Technology as we know it today has created a state of perpetual revolution. The constant evolution that alters innovations and new ideas as old and common case scenarios has never been greater, and we have the internet to thank for that. The internet, or the guiding tool that connects people to vast amounts of information and to one another in turn, makes the twenty-first century all about surprises.
Everyone enjoys hearing the age old tale of David and Goliath, the story that depicts how even in the most unlikely circumstance, an underdog is capable of triumphing and proving all the naysayers wrong. Everyone likes an underdog, whether in a book, a March Madness bracket, or a rag-to-riches corporate story. Maybe in part it’s because a large majority of us can see ourselves in the struggle of accomplishing something worthwhile in the bleakest settings.