Did you know that sales reps spend only about 28% of their time on actual selling with a whopping amount of hours spent on generating and presenting proposals and quotes?
Specifically designed CPQ (configure price quote) software makes this possible, eliminating the need to craft each document by hand, every step of the way.
Keep reading and unlock the benefits and tips for implementing CPQ software.
How CPQ in ecommerce works
A CPQ solution enables product configuration, pricing, and quoting within just a few clicks.
This helps the sales office quickly address individual customer requests, boosting the number of happy customers.
Let’s say you’re running an ecommerce platform that trades bespoke furniture and interior design elements.
You would showcase the most diverse wood finishes, upholstery choices, and design styles, offering myriads of pricing strategies to your customers.
CPQ software will automatically take information from a CRM in real time and provide your team with accurate and up-to-date product details.
Your sellers will be able to select needed components and parameters to generate accurate quotes.
Experience these 5 benefits by implementing CPQ
CPQ software brings in multiple benefits that help automate ecommerce quoting and sales processes.
Below are the top five benefits to expect.
Enhanced ecommerce customer experience
A CPQ solution helps trim down the sales cycle and boosts quoting productivity.
By automating the quoting process from the get-go right up to sealing the deal, CPQ ensures a smooth customer journey.
Analytics with real insight
With CPQ implementation, you leverage business data to shed light on customer preferences, sales trends, and more.
Document tracking analytics reveal how customers engage with ecommerce platforms in real time and identify where revenues could be getting held up.
Operational efficiency through integration
Integrating CPQ with ERP and CRM systems can skyrocket business results and customer satisfaction using ecommerce platforms.
For example, PandaDoc seamlessly integrates with the Salesforce platform, automating the quoting process and speeding up any sales cycle.
Secure and compliant eSignature
A reliable eSignature solution is a must-have for selling customized items.
It will assist teammates, customers, and prospects with securely signing documents from any corner of the globe on any device.
Competitive edge
CPQ software allows the users of ecommerce platforms to excel in efficiently selling and handling complex orders.
It enables your sales reps to simplify quote generation and easily manage intricate pricing, and thereby boost conversions and enhance close rates.
6 tips to succeed using CPQ in ecommerce
If you’re considering CPQ for improving your quoting processes in B2B or B2C ecommerce sales, here are some guidelines:
Identify sales bottlenecks
Before implementing CPQ, analyze your sales pipeline to see where things get stuck, such as delays in approvals or inaccurate information on product configuration.
For example, your company might experience delays due to the complexity of configurations of custom electronic gadgets.
Knowing the drawbacks, you’ll get a clear view of areas where CPQ software can assist you.
You’ll be able to better adjust shipping and logistics services, inventory and supply chain management solutions, and many more, creating ecommerce services that customers will love.
Set clear objectives
Quoting software can offer abounding features.
You just need to define the goals of your ecommerce platform and what functionality you’ll require to achieve desired outcomes — like the ability to quickly generate and manage accurate quotes.
Here are some other examples of clearly defined objectives:
- Improved sales rep productivity
- Enhanced customer experience
- Analytical insights for sales deals
What will be yours? Always keep your objectives in focus to make the most out of your CPQ implementation.
Optimize workflows
By integrating CPQ software, the ecommerce processes begin running seamlessly, making buying and selling configurable products faster and easier.
When a good workflow gets reinforced with quoting software, routine tasks get automated, and salespeople can focus on building better relationships with customers and on strategic planning.
Integrate with your existing solutions
As we mentioned above, pairing your CRM with CPQ can further streamline quoting tasks, ensuring even happier customers.
One of PandaDoc’s customers saw a four-day reduction in turnover time by integrating the dynamic CPQ solution with the HubSpot platform they were using.
Link the new CPQ software with tools you’re already familiar with, such as CRM or ERP, which can supercharge the efficiency of your ecommerce platform and reduce human errors.
This not only simplifies quoting but also lets your sales team shift their focus away from tedious paperwork.
Know your software
Before using the software, get to know its features well and understand its integration capabilities with your existing tools.
Pick a CPQ software solution that can help you go global selling products and services to international audiences, help cut overhead costs; or scale your ecommerce business up and down based on customer demand.
Next, train your sales team on the chosen solution.
With improved software knowledge, they can generate quotes faster, handle documents with ease, and achieve 17% increase in close rate.
Secure customer data
Using CPQ means working with massive amounts of sensitive data.
You need a robust customer data protection strategy that will spell out what data gets backed up, how often, where it’s stored, and who’s responsible for data safety.
For your online business, you’ll frequently need a reliable eSignature feature.
Make sure that the CPQ tool you choose is compliant with security regulations.
Elevate your sales quoting process with PandaDoc’s CPQ
Now that you know the step-by-step approach to using CPQ software in ecommerce and the expected benefits, it’s time to experience the transformative power of PandaDoc CPQ firsthand.
Your sales reps can use a vast array of tailor-made interactive templates to create proposals and quotes.
Simple to modify as per their needs, the templates look professional and can be easily signed electronically and shared with customers to get them on board.
PandaDoc’s software also integrates with many business and payment tools, such as Stripe, PayPal, HubSpot, and Google Workspace.
Why wait? Schedule a custom demo to embark on a game-changing two weeks to explore how the solution can elevate your sales quoting process.
Disclaimer
PandaDoc is not a law firm, or a substitute for an attorney or law firm. This page is not intended to and does not provide legal advice. Should you have legal questions on the validity of e-signatures or digital signatures and the enforceability thereof, please consult with an attorney or law firm. Use of PandaDoc services are governed by our Terms of Use and Privacy Policy.
