Written by Stephanie Chan, May 12, 2020
Procuring physical products online is an on-going trend in recent years. Digital procurement software has become popular for growing brands on the B2B marketplace while remaining cost effective for many businesses.
In traditional B2B software procurement, businesses used to have pre-approved budgets and calendarized buy cycle as to when a purchase or investment in software is made. However, with the influence of on-demand B2C marketplaces where consumers get what they want, whenever they want, more than 80% of businesses who rely heavily on procurement teams (such as the retail industry) are shifting away from scheduled software purchases. This results in many retail businesses going for a buy-as-needed basis. In response to this shift in paradigm, B2B solution providers have changed what and how they offer their solutions to businesses in need.
Quicker and Seamless Path to Purchase
- Buyers are looking for quick and cohesiveness in their path to purchase, which means they want to be able to assess all relevant information clearly in one place to 1. Learn about the software 2. To make the purchase directly if they decide it is suitable for their business needs.
TradeBeyond provides on-demand customer service that’s constantly available to potential buyers. We provide 24 hours scheduling with staff located in different time zones to help you understand your unique needs and what our software can do to improve the business.
Product and Price Transparency
- Buyers want to know exactly what they will get from the software and how much they will have to pay for specific and needed features. Unclear or disclosed pricing models may discourage buyers from trying out the software in general.
TradeBeyond provides information and benefits for all features and functions with a clear low-cost pricing model for different basic and premium plans. Ever better, retailers and their supplier base who are interested, can sign up for a free TradeBeyond account for FREE.
Autonomy to Test and Purchase Anytime
- Having the freedom to test a product in real-time whenever time permits is a needed feature that buyers look for when they choose a software solution. Free product trials and tests are important for consideration. Buyers also look for the ability to make purchasing decisions at their own discretion.
TradeBeyond provides FREE use of the app for potential buyers to test and make sure the solution fits the business need. TradeBeyond allows potential buyers to use the freemium model and decide when to scale.
The Future of Digital Procurement Software
There are three main objectives that solution providers should look at when they craft their offerings for buyers in the market.
- Efficiency – As two third of organizations say time and resource efficiency are primary reasons for purchasing software solutions. Solution providers should design their customer user journey to maximize efficiency.
- Flexibility – One size fit all is no longer the model that businesses are looking for. Helping businesses understand their needs and map to their unique digitization journey is key in this day and age.
- Transparency – Making sure buyers have access to clear and concise information is necessary to understand the solution and benefits. Concealing parts of the pricing structure or hidden costs may steer potential buyers away from considering solutions.
TradeBeyond makes it easy for retailers and suppliers to understand the solution and benefits and helps the retail/CPG industry streamline their product procurement process in one simple app. If you want to learn more about how we can help your business scale, schedule a meeting with us now here!
Written by Stephanie Chan, May 12, 2020