Modern Commerce, Defined: The What, Why, and How of Today’s Most Critical B2B Strategy

Here at PROS, we talk a lot about “modern commerce.” It’s right there in our tagline: “Powering Modern Commerce with Dynamic Pricing Science.” But let’s be honest: modern commerce is one of those concepts that’s a little fuzzy. Is it like e-commerce? If not, what’s the difference?

We tackle this question and more in our new e-book, Why modern commerce with dynamic pricing science is the key to maintaining growth and viability. But here’s the short answer: modern commerce is the new era of digital business. It means going way beyond an e-commerce website to a buying process powered by CRM, automated sales processes, and closer and smoother digital interactions.

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Why is modern commerce so important? Two main reasons:

  1. Technology and data science are improving exponentially. We now have more data and more ways to crunch that data than ever before. One of the applications of this unprecedented computing power is dynamic pricing. We can now pinpoint buying patterns down to the single consumer, identify trends and preferences, and dramatically increase sales precision and confidence. This shift began with B2C, but is now available for B2B – and it’s incredibly powerful.
  2. Advances in B2C selling are changing B2B buyer expectations. The way we buy has changed forever. We all expect instant and fair pricing, relevant upsell offers, and a quick and easy buying experience, no matter where, when, and how we shop. These expectations transfer seamlessly from B2C to B2B. B2B buyers want the same experience in a different context. If your B2B business can’t offer fast quotes, transparent pricing, meaningful upsells, and consistent and personalized service, you’re sunk.

That’s the “what” and the “why” of modern commerce. But what most businesses really need is the “how”. What are the key elements of a modern commerce strategy? How do you shift from traditional commerce to modern commerce? How does the technology behind modern commerce, like dynamic pricing science, really work?

Modern commerce places the customer first, and the new front door to you business is digital, social and mobile. Check out this infographic for the top 5 must dos to shift to modern commerce now.

infographic

The e-book digs into all of these topics and more. It provides strategic guidance on how to run your business on facts, algorithms, and context-aware, machine-guided learning – not hunches and gut instincts – to drive better business results. Other key takeaways include:

  • A step-by-step guide to improve your pricing strategy
  • How to offer the right price, with the right terms, at the right time
  • 5 must-dos to shift to modern commerce
  • How companies like HP use dynamic pricing in the real world
  • The 8 pillars of modern commerce

No matter what you call it, modern commerce is a key strategy for B2B businesses to respond to customer expectations. The buying process has changed, so pricing and selling must, too. We built our business on the importance of modern commerce, and want to help you do the same thing. Our new ebook, Why modern commerce with dynamic pricing science is the key to maintaining growth and viability, is a great place to start.

About the Author

Craig Zawada

Craig Zawada joined PROS in 2010 and serves as its Chief Visionary Officer. He is responsible for creating and articulating the vision for how PROS uses the latest technology to help companies drive incremental sales growth and profit improvement. Prior to joining PROS, he was a partner and leader in the Marketing & Sales Practice at McKinsey & Company. Zawada is a widely published author, with articles that have appeared in many high-profile publications, including Harvard Business Review, Forbes.com, Mergers and Acquisitions, and the McKinsey Quarterly. Zawada co-authored both the first and second editions of “The Price Advantage,” which has been recognized as one of the most pragmatic books available on pricing strategy.

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