Configure Price Quote software is a leading tool for providing B2C and B2B e-commerce customers with exactly what they want. With the power to design products to fit their precise needs, CPQ software solutions give customers the ability to configure their orders in real-time and with accurate pricing.
But CPQ doesn’t just help customers design custom e-commerce products, though. Through features like guided selling, quoting management, and 3D product configuration, CPQ automates the quoting process and provides a seamless customer experience—two benefits that leave a lasting impact on sales team effectiveness and customer satisfaction.
But don't just take it from us. Here are five CPQ benefits backed by compelling statistics that prove CPQ software is the perfect e-commerce tool for businesses and consumers alike—from shortening the sales cycle to reducing order errors.
1. CPQ Reduces Your Sales Cycle
Companies using CPQ software solutions often experience a shorter sales cycle—thanks to features like automated quoting and streamlined product configuration that help speed along the sales process. Simply put, when quoting is automated, sales reps can spend more time selling and bringing customers closer to purchase instead of calculating new quotes.
In fact, several studies and surveys have found that CPQ software can shorten the sales cycle by a third, dropping the length of the average sales from 4.68 months to 3.42 months.
2. CPQ Solutions Improve Quoting Productivity
Because CPQ software provides accurate quoting to customers as they customize their products in real-time, quoting productivity skyrockets under CPQ solutions. This allows sales reps to send out a greater number of quotes, contracts, proposals, and more without performing any manual tasks.
According to Aberdeen Group, CPQ software has been proven to:
3. CPQ Boosts Sales Team Performance
One of the greatest benefits of CPQ software and guided selling is the way it can boost sales team performance.
With advanced CPQ software that easily identifies cross-sell and upsell opportunities, sales reps can increase the volume of their average deal size.
In addition, it offers customers a great e-commerce experience on iPads or laptops.
With an easy-to-use ordering process, customers are more likely to complete their orders, increasing conversion rates and reducing cancellations. This helps make sales quota goals more attainable for sales reps.
From deal size to quota goals, many reports have found that:
- Companies with CPQ software have a 105% larger than average deal size
- Companies experience a 17% higher lead conversion rate with CPQ software
- 67% of all sales reps miss their quota, but 26% more sales reps achieve their quota with CPQ software
4. CPQ Can Increase Sales Team Efficiency
Sales reps spend over five hours each day doing administrative tasks like data entry. As a sales rep, they should be spending the majority of their time selling, but with multiple systems to manage and relationships to track, they simply don’t have the time. By eliminating their quoting, pricing, and proposal management tasks with a CPQ software solution, sales reps can spend more time selling and less time entering data.
CPQ software is needed in e-commerce organizations because research shows that:
- 61% of employees typically access four or more systems to get the information they need to do their jobs
- Almost 75% of contract processes are not automated
- High-performing sales teams use nearly three times as much sales technology
- Over 70% of sales rep time is spent on administrative tasks
5. CPQ Reduces Order and Quoting Errors
With so many proposals and contracts to manually manage, it’s no wonder that some agreements have common errors like incorrect dates, signatures, or names. But these errors add up, lengthening the sales cycle and potentially leaving a poor impression on your customers.
By automating your quoting and pricing in CPQ software, human error is taken out of the equation, dramatically reducing errors and the number of quote revisions per customer. And with the advanced CPQ software rules engine [insert link to rules engine post when live], customers are not allowed to create custom orders that fall outside of your capabilities, reducing the number of order fulfillment errors.
To evidence this, the International Data Corporation and Aberdeen Group have found that:
- CPQ reduces the number of quote revisions by 13%
- More than one-third of sales reps experience common errors with sales agreements
Ready to Boost Your E-Commerce With CPQ Software?
If you're convinced that CPQ is right for your B2B or B2C business, contact us to request a product demonstration. But if you still need a little bit of convincing, find out how four industries improved their customer service and sales with product configurators.
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