After an unimaginable year, silver linings are emerging. And one of those is particularly hopeful: B2B sellers were forced to think beyond traditional in-person sales engagements and consider new ways of customer interactions. This proved to be good news, especially for those businesses that hadn’t started down the path to offering digital selling options. Why? Because B2B sellers must be where their buyers are.
For years, buyers have been steadily shifting purchasing to digital channels. COVID-19 greatly accelerated that migration to digital commerce, making today’s marketplace more dynamic than ever. One study shows that by December 2020, 65% of B2B buyers said they prefer digital channels to traditional engagements with a salesperson (Global B2B Ecommerce Market 2020). Another study shows a 25% growth in eCommerce as a percent of total revenues since the pandemic (McKinsey, Forbes). In fact, vendor preferences have changed so much in favor of digital channels post COVID-19 that many experts believe this wave of momentum in customer behavior will leave 20-40% of companies’ existing business up for grabs.
It’s clear, the customer buying experience is the new battlefield—and that requires vendors to provide an experience that is fast, personalized, and consistent. Despite the complexities in B2B workflows and relationships, most buyers expect a quick product search with an instant price and rapid quote turnaround time. And there are companies that go even further to meet customer demands successfully: using AI they enable personalized pricing with tailored product recommendations, driving a harmonized buying experience across all sales channels. There are tremendous opportunities for businesses that can establish a competitive edge in omnichannel selling and deliver this kind of customer experience. But how do you and your pricing team get there? What does it take to move from “Just-in-Case” to “Just-in-Time” pricing?
Wherever you are on your digital selling journey, we invite you to join us on May 6, 2021, for our upcoming session at the PPS Spring Virtual Summit.
In Plan Like a Futurist for Exponential Channel Growth, John Bruno, Vice President of Commerce Strategy at PROS, shares insights and answers your questions on how to prepare for what’s ahead. Learn what separates businesses that thrive amid today’s pace of change from those fighting to survive, and what leading organizations are doing to prepare for the omnichannel tidal wave.
We hope you can join us!
About the AuthorMore Content by Victoria Dreharova