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What is Value-Based Pricing & Importance of Value-Based Pricing Strategy?
In today’s hypercompetitive VAR environment, one cannot spend time creating quotes manually. Manual quotation is inefficient and prone to human error. Hence, it is time to switch over to automation for convenience and consistency. Automating the quoting process through software is the key to create quotes quickly and accurately. Moreover, it will enable you to streamline your sales process and close deals faster.
A sales quoting software makes it as easy as possible to prepare quotes. With minimum effort, you can create some of the most professional quotes using this software tool. In fact, with this tool, creating a quote is just a few clicks away. You really don’t have to worry about tax calculations, discounts and markups while creating a quote, as they are calculated automatically. However, if you are looking for a way to create quotes from anywhere, it is time to use an Online quoting system.
Online quoting tools are designed to eliminate the need of going to the office for quote creation. In order to access and operate these tools, just a good Internet connection to your device is required. No heavy infrastructure or installation is required in order to run the application. Use any device, even your smart phones to create and send quotes on the spot. You can setup contact, inventory and pricing information in the Online quoting software and access it quickly online while creating a quote.
Also referred to as web quotation software, it enables users to check whether a quote that has been sent, is viewed by the prospect or customer. In simple words, the user can find out whether the online quote has been accepted. Option to edit and resend the quote to the customer is also available to the user. On the other hand, the prospect too can reject or accept the quote online with a single click of a button. The customer can also comment on the quote to suggest any changes in the quote.
What is Psychological Pricing? Definition, Strategies & Example
When it comes to managing product configuration requirements, automating it using a CPQ software is the best option. Quoting customizable products is no easy job as it involves complex pricing calculation. However, now you can simplify the process using this software tool which guides you accurately in combining components of complex products/services. Handling configuration requests has never been so easy before thanks to CPQ.
Every company has its own pricing and configuration policies for its customers. For instance, certain discounts might not be available for specific customers. Volume pricing and flexible pricing options might be applicable only for few customers. The CPQ tool takes all this into consideration while quoting a product. As a result, this eliminates errors that arise from combining the wrong components. In simple words, the quotes produced are always accurate and include all the required parts and services.
As a user, you really don’t have to worry about whether a specified product combination is possible or not. For instance, it may not possible to create a particular bundle due to compatibility or availability concerns. A Configureprice quote software automates this process and ensures that only feasible combinations are generated as per customer specifications.
CPQ tools also allow users to display quotes on online stores. The user can even specify different component options, which will enable online shoppers to generate their own quotes. This feature is specifically relevant to ecommerce.
Ease of integration with existing systems and technologies is another reason why you should incorporate CPQ into your business. The tool not only integrates with some of the popular ERP and CRM application but also with Excel, thereby making it possible to create quotes on Spreadsheets using CPQ rules.
On the whole, when you want to make your sales process related to complex products faster and boost productivity, what better way than using CPQ tools. These tools are particularly useful in scenarios where pricing and configuration are complex.
What is Competitive Pricing? Definition, Strategies & Example
As we all know, PunchOut functionality enables B2B customers access their own customized ecommerce site. Often referred to as a procurement solution, it integrates customer’s procurement system with supplier’s catalog. With a single click, without entering any login credentials, the customer gets direct access to his contract catalog. PunchOut ensures tailored procurement meaning pre-negotiated or pre-approved products are accessible directly to every B2B customer. Customized content and timely content updates are the hallmarks of PunchOut.
Negotiated pricing that includes special offers or discounts are accessible only to that particular B2B customer. It gives an Amazon-like shopping experience and simplifies ordering process for both the customer and the supplier. Customers no longer have to hunt through the entire supplier catalog in order to access their contract product. The PunchOut catalog is also completely maintained by the supplier.
cXML is one of the most preferred formats to enable use of PunchOut. One of the most widely adopted B2B protocol, it is a flexible format, easy to implement and promotes interoperability. cXML PunchOut involves transfer of data between customer and supplier in cXML messages. Typically, the catalog content that includes product description, images are in cXML format.
cXML acronym for commerce XML is a language designed for B2B ecommerce. It is used for online exchange of business transactions between procurement applications and suppliers. It defines the structure of business documents such as purchase order.
cXML PunchOut solution provides an easy way to share data between B2B ecommerce applications. Moreover, it allows access to product data that is tailored to their requirements. cXML PunchOut creates a link from one cXML transaction to another. Also due to cXML format, the shopping cart created at supplier’s site can be sent back to the procurement system for approval. No wonder, PunchOut catalogs using cXML connectivity make it easy to do B2B business.