According to Gartner, by the year 2018, 40% of the B2B players will use price optimization algorithms and tools to deliver personalized product pricing to the customers. This can be a real game changer. Forrester also predicts B2B ecommerce to top 1.1 trillion USD and account for 12.1% of all B2B sales in the US alone by 2020. For current ecommerce players to scale up and grab a share of this market, they need to leverage their CRM to drive their business.
CRM is a vital tool for an ecommerce player, be it B2C or B2B. However, the importance of CRM alleviates a bit in a B2B operation due to the nature of the business.
Importance of CRM in B2B Business
CRM helps bring the marketing and sales teams together. This coherence can help B2B ecommerce players in multiple ways. Ecommerce players need clear objectives to come up with a plan for building this system. Below are some reasons for adopting CRM and ecommerce integration immediately and helping set clear objectives for this exercise.
- Providing customer service
Customer service is at the center of any business. B2C players are much better at it, as their business model is sensitive to customer attrition. With the increase in business volume, interacting is a challenge. As the operational size increases, customer experience tends to take a hit.
CRM Magento integration can enable B2B players to build lasting relationships with their customers. Customization is possible as CRM has access to complete information about the customers. This can help B2B ecommerce companies enhance the user experience.
Read our blog on Benefits of B2B Personalization.
- Generating and closing quality leads
Generating leads in a B2B ecommerce scenario is slightly complex compared to a B2C scenario. A CRM within an integrated ecommerce software stack can help your team create relevant leads. A strong funnel with relevant leads is a dream come true for any business, and an integrated CRM can make it happen.
The ecommerce ecosystem provides CRM with valuable insights and actionable business intelligence. Pointers like customer demographic data, products viewed, and previous purchases can be part of these insights. This reduces the dependence on other sources for leads and helps create high-value leads at a cheaper cost.
Do not miss our blog on Five Areas of Focus to Succeed in B2B Ecommerce.
- Build customer loyalty
Building a loyal customer base is a herculean task. The same set of audience uses B2B platforms as B2C, and this sets their expectations for user experience. Integrated CRM will come with the intelligence necessary for the sales team to interact with a lead. This might also include:
- Create and send targeted email campaigns and promotions
- Give discounts and personalized offers to a select group
- Customize messaging based on their profile or search history
- Push contextual promotional messages for alternate products
- Making pricing simple for field sales agents
The field sales team plays a crucial role in closing a deal, which makes this feature vital. The sales team should have access to real-time information on the price of the product and discounts allowed. The absence of such a feature can lead to a disconnect between you and your sales team.
B2B players can avoid these situations through price charts and clear communication. Through the CRM, sales reps have details of the maximum discount on a given order quantity and other instructions, like when to seek permission to close an order.
Are your sales team petrified due to automation? Read our open letter to the sales team.
Conclusion
B2B ecommerce players can increase the value derived from their ecommerce ecosystem through CRM Magento integration. Some perceived benefits are:
- Improve funnel quality
- Better customer service
- Simplify communication with your team
- Custom discounts such as quantity-based discounts
We at i95dev have worked in many critical cases where we helped improve the operational and functional efficiency of the B2B business. We specialize in integrating ERP, CRM, and other critical backend systems with the powerful ecommerce platform of Magento. Among others, we helped our customer connect their MS Dynamics CRM with their ecommerce platform. Other components include inventory management, shipping modules, order management, and payment systems.
If you are a B2B business looking for an integration solution, you can contact us at www.i95dev.com.
