The Myths of B2B CPQ: Debunked and Explained

With the shift towards digital and remote channels for corporate buyers, mobile CPQ (Configure, Price, Quote) technology is becoming increasingly important for B2B companies. According to research from McKinsey & Co, two-thirds of corporate buyers today rely on digital and remote channels throughout their purchasing journey. This means that B2B ecommerce is no longer just an option, but a key gateway for many corporate buyers.

However, there are still some myths surrounding B2B ecommerce that need to be debunked. For example, many people believe that most B2B companies don't offer ecommerce capabilities. In reality, 65% of B2B companies across industry sectors now offer ecommerce capabilities, defined as fully executing a sales transaction online.

Another myth is that B2B buyers prefer face-to-face interactions. However, two-thirds of corporate customers intentionally reach for digital or remote in-person engagement when given a choice.

Moreover, many people think that a basic ecommerce site is sufficient for B2B sales. But more than 80% of companies say they hold their ecommerce channel to the same or higher standard as other channels. They also say it offers the same or better levels of excellence in product and service availability, pricing, performance guarantees, shipping and delivery, and personalized recommendations.

Additionally, some believe that ecommerce is only for repeat or low-ticket purchases. However, more than one-third (35%) of companies say they are willing to spend $500,000 or more in a single transaction on digital channels. That figure has grown steadily over the past 12 months, and a whopping 15% of corporate decision-makers are comfortable making purchases online that are worth more than $1 million.

Finally, many think that digital marketplaces are just a "nice-to-have" option. But in reality, 60% of B2B buyers indicate they are open to purchasing on digital marketplaces, roughly the same percentage as those who buy from supplier-branded websites (64%).

In light of these trends, it's clear that mobile CPQ technology is becoming increasingly important for B2B companies. By offering a seamless and efficient digital purchasing experience, mobile CPQ can help B2B companies stay competitive and meet the needs of modern corporate buyers.