Multichannel selling is a term that describes how a B2B seller can provide his customers with multiple buying options, or “channels.” Examples of “channels” are physical store, a salesperson, phone, email, fax, portal and most recently, and online web store. Although most B2B sellers have been multichannel for years, and many already have an online web store, they could still be neglecting what could be their most lucrative sales channel – the e-procurement channel.
Why is the e-procurement channel potentially the most lucrative sales channel for B2B sellers? There are a couple of reasons…
The biggest B2B buyers in terms of volume are Fortune 500 companies – and they buy a lot of stuff!
Fortune 500 companies use e-procurement systems like Coupa, SAP Ariba, Jaggaer, iValua to buy online – not a browser and a credit card.
The first generation of e-procurement systems hit the market in the late 1990’s. and a recent study by The Hackett Group indicates that e-procurement system usage will triple by 2021. The e-procurement channel is alive and well – and growing!
So how does a B2B seller tap into the e-procurement channel?
By connecting his e-commerce web store to his customer’s e-procurement systems. What’s the best way to connect web stores to e-procurement systems? Punchout (aka Procurement Punchout.)
How many e-procurement systems support PunchOut today? 100% of them (and most ERP systems too.)
How many e-commerce web store platforms support XML PunchOut? Very, very few.
So, if you are a B2B seller and your online web store is up and running, but aren’t getting the sales volume you expected, the e-procurement channel is there for the taking – get yourself a Punchout provider and go get those sales!