Quote to Cash or Q2C has become somewhat of a buzzword in recent years with more companies starting to invest in it and upgrade their business processes.
But if you’re not familiar with the concept, we’ve prepared a blog that covers what Quote to Cash is, how it works, what are the benefits and if it’s something your B2B company should consider. Read on to discover the answers.
What is Quote to Cash?
In short, Quote to Cash refers to a streamlined, end-to-end selling system that features everything needed to transform an interested user into a customer that has completed a transaction. It is a clever way of combining and automating multiple processes to create a single system which covers the entire buying journey from attracting leads to delivering a quote, completing a transaction and serving the invoice.
In the world of B2B ecommerce, these processes take place online and a Q2C ecommerce solution should be able to deliver everything from setting up an online destination which includes product and pricing information to taking a prospect from the quoting stage to completing a transaction.
How does it work?
Historically, Q2C processes have been handled primarily offline by the Sales department of a business. However, B2B ecommerce platforms, such as Cloudfy, can provide a framework to support this business process online.
while most of the steps followed by a generic buying journey are the same, they can differ across various industries which have different requirements. Cloudfy has been tailored built to cater for the needs of B2B ecommerce companies and as a Q2C solution it can be used to streamline the following processes using a single platform:
- Set up – Create an ecommerce website which hosts all the product and pricing information needed, as well as providing a destination where the Q2C processes can take place.
- Attract leads – All Cloudfy websites are search engine friendly, can be connected to various email marketing platforms, social media channels and AdWords allowing you to promote your business online across various channels to attract leads.
- Turn leads into opportunities – Cloudfy’s easy to navigate interface and responsive design provide a UX friendly experience on both desktop and mobile. This, in addition to key features such as customer self-service, save basket functionality, quick order, cross sells and up-sells help turn leads into customers once they’ve arrived on the website.
- Quote – Whether you only want to show prices to logged in customers who’ve registered for a trade account or you’re looking for a contract pricing solution, Cloudfy can help you automate this process and offer accurate quotes to prospects, online.
- Order – Once your visitors are happy with their quote (whether that is the order value of the products they’re about to buy or the value of a contract), they can easily place their order via the website, at any time and from anywhere. Cloudfy offers several payment options so you can provide your customers with increased flexibility when it comes to completing their orders.
- Fulfilling the orders – Cloudfy can be easily integrated with other systems such as NetSuite, Sage or Microsoft Dynamics NAV so you can run a fully integrated ecommerce business which is automatically updated with external product data, helping fulfill orders easier.
- Invoicing – Cloudfy features PDF Order & Invoice Download so your customers can receive the final bill in the same place.
What are the benefits of Quote to Cash?
According to a PwC report, optimizing your Q2C process can result in a 30-60% reduction in the sales cycle time, 10-15% increase in total revenue and a 20-40% reduction in the order processing cycle time.
This means that when implemented properly, a reliable Q2C system can help transform your business and accelerate online growth by achieving:
- Improved efficiency and productivity
- Reduced downtime in the sales cycle
- Improved customer service
- Improved accuracy and better visibility across the board
At Cloudfy we are constantly looking to innovate our B2B ecommerce offering and providing our customers with a Q2C solution is part of this.
To learn more about how Quote to Cash B2B ecommerce can improve your online business, contact us now to request your free demo.