I have good news if you are looking for the next big thing to win your clients. It is a visual CPQ (Configure, Price, Quote) that automates or streamlines the entire business sale process.
Once implemented, a visual CPQ automates the sales cycle of configurable products. Customers receive prices and quotes for the products they configure in real time. A sales cycle that took days now takes a few minutes with CPQs.
What is Omnichannel Retail?
Omnichannel retail is a strategy in which businesses integrate multiple sales channels so customers can shop wherever they like. This could be in stores, online on a computer, or through social media and phone apps. The idea is to make shopping smooth and easy, no matter the customer’s location.
Omnichannel retail connects all these shopping places, so everything works nicely or seamlessly for a client. When all these sales channels are connected, they provide a great way for businesses to collect and analyze data and deliver personalized buying experiences.
What is Visual CPQ?
A visual CPQ (Configure, Price, Quote) is software that enables product configuration and automates the process of generating prices and quotes for customizable products. In other words, clients get real-time and accurate price quotes instead of waiting for days.
There is no longer the usual “let me get back to you” phrase since it automates the entire sale process.
A Real Life Example
Imagine you’re looking online to buy a car. Then, you spot one you like on a website with a 3D product configurator. Instead of just imagining how it will look when delivered, Visual CPQ lets you customize and interact with it. Do you want it red? Done. Leather seats? Sure.
All while instantly seeing the changes in 3D and getting the updated price. This is Visual CPQ, a significant change from traditional shopping, where you had to imagine changes based on descriptions. Now, websites adopt product configurators, making shopping enjoyable and without errors.
Differences between Traditional and Visual CPQ
Traditional CPQ
There is a big difference between traditional and visual CPQ. Traditional CPQ systems enable clients to efficiently configure or customize products without visuals to meet customers’ specific needs and then generate quotes for them. This streamlines the sales process.
Traditional systems require clients to select options from text menus without visuals of the final product. While traditional CPQ solutions are robust in helping clients configure complex products and automating the generation of quotes or prices, customers cannot view what they are creating, leading to a less confident buying experience.
Visual CPQ
On the other hand, with visual CPQ, customers can see changes as they create from different angles.
This makes the configuration process more engaging and fun. It helps reduce errors or returns, as they are able to see everything when creating and correcting on the software. What they order is what they get, and most customers are very satisfied with their purchase. This transforms omnichannel retail in a very big way.
The Role of Visual CPQ in Omnichannel Retail
The Visual CPQ revolutionizes customer experience across every shopping channel.
CPQ is Engaging
When you see a product come to life after you configure it to your desires, it builds a connection, which urges you to purchase.
The process of configuring a product is engaging. It entertains and educates customers about the available options and features. Visual CPQ systems allow customers to visualize their customizations, making the product more tangible, which increases the likelihood that a customer will buy it.
This engagement is crucial in omnichannel retail, where it is crucial to capture and maintain customer interest to increase sales.
Eliminating Guesswork in Product Configuration
With traditional product configuration methods, clients have to imagine what the product will look like with certain features. This results in clients who are unsure or unsatisfied.
With visual CPQ systems, there is no more guessing, as they provide a clear and accurate visual representation of the product as they make changes. Customers see exactly what they create from all angles. This clarity increases customer confidence in their purchasing decisions.
What you see is what you get with CPQ
When customers see exactly what they create, there is no room for mistakes, so they are less likely to order the wrong item. What they create or see is what they get.
This is good news for customers and businesses because there will be no returns and unhappy customers. It is a win-win for everyone. Customers will even order more products since they are confident about what they will buy.
Enhancing the Omnichannel Experience with Sales Enablement
While Visual CPQ transforms the customer’s product configuration experience, sales enablement platforms like Showell take it a step further, maximizing its impact across all channels.
Visual CPQ with sales enablement offers a seamless experience that not only lets customers visualize their ideal product but also guides them confidently through the purchasing decision.
It can look like a salesperson smoothly presenting a 3D-configured product for various sales scenarios in-person or virtually, always maintaining consistent messaging and pricing. Sales enablement platforms ensure that the interactive Visual CPQ experience extends beyond initial configuration, providing sales teams with up-to-date product information and customized collateral.
This powerful combination creates a unified omnichannel journey where knowledgeable sales professionals complement customer self-exploration through Visual CPQ at every touchpoint.
How Visual CPQ Impacts Sales Process Optimization
But how do we know it’s truly transforming omnichannel retail? Through increased sales.
To understand visual CPQ’s impact on omnichannel retail, one must assess their success through tangible outcomes, such as data.
Metrics such as conversion rates and sales don’t lie; they offer a direct insight into how well the optimization efforts translate into real-world results.
A rise in these metrics signifies good business and how well various channels have been connected to provide a unified, efficient shopping experience.
Research published in the Journal of Marketing Management found that companies that incorporated Visual CPQ software recorded a conversion rate boost of up to 40%. Moreover, a case study of a leading furniture retailer revealed a 30% improvement in sales after adopting Visual CPQ. This means more visitors turn into buyers, making the sales process smoother and faster.
Considerations for Implementation
For a business to be successful in omnichannel retail, several factors must be considered when installing a visual CPQ.
First of all, it needs to integrate well with your ecommerce store. A great visual CPQ, such as Vividworks integrates well with E-commerce websites such as WooCommerce and Shopify. It must also integrate with useful third-party applications in sales processes such as CRM and ERP.
A visual CPQ must also meet a business’s requirements to transform its omnichannel retail. It needs to facilitate product configuration and automate the process of producing quotes and prices.
Choose the right CPQ software is crucial
Why? A broken CPQ does more harm than no CPQ; a good CPQ will greatly affect customer engagement and sales conversion, etc
What tools: You should choose CPQ that works with your product complexity, product catalog, and current system. The top solutions are VividWorks, Threekit, and Zakeke. VividWorks and Threekit focus on providing solutions for complex, highly customizable products like modular houses, furniture, lighting, etc. Meanwhile, Zakeke is for simple consumer goods like T-shirts and mugs.
Staff training is Crucial
Employees across departments, from IT to sales and customer service, must understand how to use the CPQ tool effectively. They should be trained on the technical aspects and how to interpret and use the generated data to improve customer experience.
The visual CPQ needs to be seamlessly incorporated into the sales process and easy to configure so customers can customize their products effortlessly and have fun doing so instead of complicating their experience.
Invest in a long-term, scalable solution
Initially, the financial investment will seem alot but its important to consider the long-term benefits, such as increased sales, reduced error rates, and enhanced customer satisfaction which leads to higher revenues.
Wrapping UP
You have read how visual CPQ transforms omnichannel retail in various ways.
This tool enhances the customer shopping experience and streamlines the sales process. It enables customers to customize their products, automatically generates quotes and prices.
This tool makes shopping more engaging and satisfactory and reduces errors and returns, benefiting both customers and businesses. When you integrate the visual CPQ into your business, you will have offered a seamless, satisfying, and efficient way for customers to shop. It’s a win-win, boosting sales and customer satisfaction.
