Well before the pandemic, the “Amazon effect” raised consumers’ online shopping expectations by providing new levels of speed and ease through shopping, delivery, and customer service. Today, as many high tech and manufacturing brands transition to offering more digital sales and self-service options, they want to deliver a similar experience to their B2B customers.
Today’s B2B buyers expect more than the traditional face-to-face buying experience. According to Gartner, “By 2025, 80% of B2B sales interactions between suppliers and buyers will occur in digital channels.” We’re quickly closing in on the end of 2021; 2025 isn’t that far away.
Digital and self-service selling experiences make it easier and faster for buyers to place orders, get accurate and detailed product information, and schedule services. They’re even willing to spend big during such interactions. According to McKinsey, “70% of B2B decision makers say they are open to making new, fully self-serve or remote purchases in excess of $50,000, and 27% would spend more than $500,000.”
But generating interest and confidence in these online options requires reliable, unified solutions that give buyers the personalized experience they expect. Here are three ways high tech and manufacturing brands can use Oracle Sales technology to improve the selling experience:
B2B brands need the right technology to deliver self-service digital commerce experiences that also meet the complexities inherent to their operations and business models. Oracle Commerce and Oracle Configure, Price, Quote (CPQ) help sellers guide customers through highly configurable, multi-faceted sales processes. They also boost buyer confidence by ensuring all discounts, terms, and conditions are met, including complex order bundles and multi-level bill of materials (BOMs).
Give customers the convenience and autonomy they crave by enabling them to create, monitor, and modify their subscriptions on self-service channels, and offering variable billing and payment options—including usage, scheduled services, invoicing, and credit card payment.
B2B buyers now expect modern, B2C-caliber customer experiences that also incorporate contract pricing, customer catalogs, approval workflows, and multi-level organizations. To offer such experiences successfully, brands need to unify customer data with pricing, inventory, and other key information.
Connecting data across the organization not only improves cross-organizational operations, but it also reduces sales cycle time and increases business margins. Oracle Sales empowers businesses to sell complex B2B products and services with any pricing or consumption model, and report on recurring and consumption billing, subscriptions, and pending contracts.
To enable personalized B2B buying experiences, sellers can dynamically curate the experience to each buyer, including guided search and navigation, merchandising, personalization, and promotions—all of which are native capabilities within Oracle Commerce.
It’s important to provide B2B buyers with the information they need to make informed decisions across channels, which requires robust capabilities to create, approve, and publish digital assets with a solution such as Oracle Content Management. And Oracle Sales enables customer retention with a unified subscription business that connects your customer service, ecommerce, and sales channels with your logistics, supply chain, and financial solutions.
Deeper digital innovation allows high tech and manufacturing companies to anticipate customer needs, drive efficiency, and increase financial value. Join us October 14 for our virtual summit, “How Organizations Help Sellers Get Back to Selling,” to hear how virtual selling can help you create smarter, more intuitive experiences for both buyers and sellers—and ultimately increase sales. Register today!
Jessica Kaufman is a Senior Product Marketing Manager at Oracle with more than 10 years of industry experience.