Why Must Manufacturers Adopt CPQ for E-commerce by 2023

1. Why Must Manufacturers Adopt CPQ for E-commerce by 2023? ======================================================================== Are you a manufacturer and want to earn a higher ROI in 2023? Then, you have to sell products online. If not, you’re only scratching the surface of what you can achieve in revenue. You're limiting your reach in terms of where you can sell your products and who you can sell them to because a significant portion of buyers won’t even consider buying from a manufacturer with a high-touch sales process. However, online selling is not easy for the manufacturer who sells complex configurable products. Letting customers configure products independently seems daunting–a surefire way to create havoc in the engineering department and on the shop floor. But it doesn’t have to be this way. CPQ for eCommerce streamlines the online sales process by automating much of the configure, quote, and order process. However, the advantages don’t end here. It can also boost conversion rates by providing personalized product recommendations and making it easier for customers to find and buy the products they are looking for. It enhances the customer experience by providing a more intuitive and immersive buying experience, attracting new buyers, and increasing satisfaction and loyalty. This article will delve deeper into the meaning of a CPQ for eCommerce and how this transformative tech can help boost your business's bottom line. About CPQ? CPQ is an abbreviation (configure, price, and quote.) It’s a software solution that guides the user through the product configuration process, automatically calculates a price for the configuration, and instantly generates

2. a good-looking and persuasive quote. It’s a game-changer for manufacturers who are struggling to provide an efficient and seamless experience to their customers. In recent years, the modern CPQ system has advanced by leaps and bounds. Leading solutions like Epicor CPQ provide far more functionality than their traditional CPQ cousins. They’re designed to make it easy for manufacturers to sell complex products online and off. One of the key distinctions between best-in-class and more basic CPQ solutions is how they approach the configuration process. Modern CPQs display configurable products in 3D and let users interact with and configure products visually using a visual product configurator. This process is just like a drag-and-drop that anyone can use. Manufacturers can embed their intuitive product configurator into their website, allowing visitors to self-learn, self-configure, and self-serve, all without the help of a sales representative. Constraints programmed into the CPQ ensure every configuration sales-to-manufacturing process is entirely automated. This implies that anyone with access to the internet, at any time and from anywhere in the globe, can visit your website and buy products. is valid and the back-end How an eCommerce Configurator Helps Your Business If you're a manufacturer that sells products with complex configurations, you know that it can be difficult to help buyers choose the optimal configuration for their requirements. Traditionally, buyers had to rely on a static image of a product or prototype to arrive at a decision. Buyers had no reliable way to analyze the final design, present it to the buying committee, or access configuration information in

3. real-time. If buyers can access CPQ through your website, they can quickly view and select configurations, obtain a price and quote, and arrive at a decision by themselves. Instead of making follow-up calls and corresponding with prospects via email back and forth, your sales representatives can focus on the strategic components of selling. Easily Sell Complex Products With Visual Configurator If your online conversion rate is low, it could be because the buyer is not sure about the product quality and has the inability to understand configurations well enough to move forward. CPQ systems can push conversion rates by up to 40% (the average for Epicor CPQ customers). The reason? Modern CPQ systems have a built-in visual configurator that allows buyers to view a configuration in 3D, AR, or VR. An immersive visual experience can have a tangible impact on the buyer’s perception of your product and eliminate the friction buyers experience when buying a product from a manufacturer for the first time. Buyers can examine products closely from every angle until they’re 100% sure of their choices. Both buyers and sellers are always aligned with CPQ for eCommerce.The configurator creates a sort of visual contract–The buyer can be confident they'll get what they ordered. Visual configuration lowers refund requests while also increasing sales. According to the B2B Buying Process report from Sapio Research, the most common errors causing B2B buyers to return a product are. ● Incorrect production selection (29%) ● Incorrect products displayed (28%)

4. With visual product configuration, the above rarely occurs. Enabling Healthy Profit Margin Accurate pricing always plays a vital role in any business, but it can be challenging to quote buyers quickly and accurately using traditional methods. This is where a configure price quote (CPQ) tool comes in. A CPQ ensures that your quoted prices are always precise, helping you to save from embarrassing consequences and shrinking profit margins. When you use CPQ for eCommerce, your online experience is automated with CPQ pricing. Visitors interacting with your configurator get pricing feedback in real-time. They click on a different part or change a dimension, for example, and their price updates automatically. This gives them all the information they need to optimize their configuration in line with their budget and place an order on the spot. The finest CPQ solutions dynamically alter their prices in response to both internal and external factors, such as the cost and availability of parts, current demand, and price competition. adjustments, you can confidently provide your customers with accurate and competitive pricing. Without making manual Empower Automation, and Efficiency Most modern business tools are cloud-based. Integrating your cloud-based solutions allows them to exchange data and update records without manual work. As per Gartner predictions, over 95% of new digital workloads will be deployed on cloud-native platforms by 2025 for a good reason–the cloud offers tons of efficiency. Cloud-based CPQ tools provide endless integration opportunities. First and foremost, they integrate with your eCommerce platform, allowing you to embed your visual product configurator into your website and take orders.

5. However, they also blend with your ERP (e.g. CPQ for SAP ) and CRM, helping to incorporate the user interface experience and ensure users are always working with the most up-to-date information ((prices, inventory, lead times, etc.) CPQ integrates with downstream engineering and production floor systems too. CAD integration can have a massive positive impact on your engineering department. Just like CPQ auto-generates quotes, it can also set up CAD files for configurations, saving hours of bespoke engineering and allowing engineers to focus on more meaningful and innovative tasks. Earn Higher ROI with CPQ for eCommerce CPQ for eCommerce opens multiple ways to improve profitability. It helps you sell more by improving conversion rates, earn more by accurately pricing configurations, and save more by increasing the efficiency with automation. If you select the right system, then there is a higher chance of getting similar returns. Go for a CPQ system that offers the best-in-class feature set, including a visual configurator, dynamic pricing, and the ability to integrate with ERP, CRM, CAD, and more.