Paper order forms, faxes and even old-fashioned phone calls still tend to dominate the wholesale sales process. While B2B is way behind B2C, the move to digital commerce is underway and accelerating. This is precisely why ecommerce platforms that specialize in delivering B2B tools, features and functionality (like Optimizely) are seeing such rapid growth.

A recent Gartner report examines the rapid move toward B2B digital enablement and a key finding is that buying decisions and the actual purchases are no longer being driven by sales reps, as online ordering surges. In fact, at the time of the study, only 17% of the wholesale purchase journey was attributed to sales rep interactions and, among millennials, fully 44% said they prefer no sales rep interaction at all when making buying decisions.

This quote from the report struck me as particularly important. “As baby boomers retire, and millennials mature into key decision-making positions, a digital-first buying posture will become the norm. Further, we expect the acute spike in digital buying during the COVID-19 pandemic to have sustained influence on customer comfort with digital learning and buying.”

Covid-fueled retail ecommerce has exploded and B2B is finally starting to catch up. Smart B2B businesses are starting to adopt a “digital-first” stance and considering an app as a logical extension of their online wholesale ordering platforms.

The reason apps play such a big role in B2B is utility. B2B buying is very complex and ecommerce platforms are usually tied into an ERP and CRM. Tools for account-based custom pricing and order list management are typically folded in.

The B2B path to purchase can be a winding one and an app can straighten this road by personalizing the online buying experience and delivering it in an always-on manner, literally in the pocket of buyers. Reducing customer service time/expense and data entry error is often cited as a primary goal of wholesalers considering an app.

After all, all wholesale buyers are consumers themselves and covid-driven retail app adoption and use has skyrocketed in the last two years. Mobile app usage was up 40% during covid. Another factor is that, increasingly, wholesale customers expect an app to make ordering easier and more personalized.

Ask yourself when was the last time you logged into the Amazon mobile browser? Odds are, you never have, since the instantly-personalized experience of the app is far-superior. With an app, there’s no need to enter payment information, no need to type in your address and order history is called up instantly. Page load times are nearly instantaneous and you get the app-only option of using push messaging to drive deeper engagement with wholesale accounts.

Chef’s Warehouse is one of our biggest B2B customers they recently re-platformed to Optimizely. We built their B2B app out to leverage and extend new Optimizely B2B features and functionality and the results have been fantastic. Their reps can easily access customer order history and account-specific pricing, etc. The app consistently delivers a conversion rate that is three times that of the mobile website and the majority of buyers/chefs now use the app for wholesale ordering.

Apps were once thought of as “nice to haves” but this is changing fast, as buyers demand tools to make complex wholesale ordering processes easier. As more and more wholesale businesses move online and the business starts to catch up to retail, the leaders in the space will be first to market with an app, so they can learn and iterate and phase in new features.

According to Digital Commerce 360, in 2021, online B2B sales grew 17.8% to $1.63 trillion from $1.39 trillion in 2020. In fact, B2B ecommerce sales grew faster than all other manufacturing and distributor sales in the U.S.  

Gartner calls the successful delivery of digital, online tools to help smooth the path the purchase “Buyer Enablement” and concludes the research with the following: “Customers are migrating decisively from in-person channels to digital alternatives…new digital channels must be purpose-built to drive sales performance, justified by a simple truth: customers learn and buy digitally.” 

Apps are all we do, we make the process easy, and the ROI is typically rapid. Orders placed on the app “pour into” your current Optimizely operations and data is seamlessly synched between the app and Optimizely.

If you are interested in a custom app to meet your specific needs, please consider visiting our page on the Optimizely solution marketplace. We work with Optimizely customers like Chef’s Warehouse and Binny’s Beverage Depot and can customize an app project specifically designed to meet your unique requirements.

Got app? If not, you should be considering the potential benefits to your wholesale business.  

As technology evolves at an unprecedented rate, it is fairly obvious that companies must adapt in order to remain competitive. This is especially true regarding invoicing, which is an essential element of any service-based business.

Pandemic challenges have also accelerated the implementation of certain technologies, such as mobile payments and eInvoicing. Companies that are the first to adapt to these recent developments will sustain and resolve new business challenges in the coming years. However, let us quickly review what an invoice is and what it is used for.

What Is An Invoice?

An invoice is a document containing a description of goods or services provided by one party to another and a statement of the amount owed for those goods or services. In other words, it is a bill sent out to require a payout after work has been completed successfully.

An accounting system for a small business relies heavily on invoices. It informs your client of the amount they owe you, the payment date, and the services you supply.

What Is an Invoice Used for?

Invoices serve as a starting point for business accounting. Invoices are useful for recording all sales transactions that a company has with its customers. Businesses use invoices for a wide range of reasons, such as:

• To demand prompt payment from clients;
• Keeping track of sales;
• Inventory tracking for businesses that sell products;
• Using historical information to estimate future sales;
• To keep track of business profits for tax purposes.

Emerging Trends and Technologies in Invoicing

Let’s look at some of the developing trends and technologies available to businesses that would like to deal with the ever-changing world of invoicing.

Automation of the invoicing process

Businesses no longer need to track their financial transactions because the invoicing process has been automated. Most businesses no longer use paper bills in the United States. Even businesses that have not fully automated their billing process prefer to use blank invoice templates for service providers.

The automation of invoice management allows organizations to receive notifications for due dates and payments. It has also aided the country’s businesses to stay on track with their billing and payment schedules.

Business owners and employees can focus on other critical tasks by automating the manual tasks of generating and sending out payment reminders. Businesses may also save money since these responsibilities do not necessitate the hiring of additional personnel.

Blockchain

Blockchain technology may have the ability to make invoicing safer and more straightforward. Many businesses have turned to blockchain technology to help them optimize their billing and invoicing procedures. One potential advantage of using blockchain for invoicing is the ability to create a permanent record of all financial transactions.

This can help to reduce fraud and establish confidence among businesses and their customers. Furthermore, because blockchain eliminates the need for intermediaries and third-party vendors such as banks, it can help speed up payments.

Blockchain technology has improved not only financial management but also the entire invoicing process. The technology eliminates the risk of fraudulent activities by preventing any deception or unintended deletion of invoices after they have been recorded and sent to the client.

AI and Machine Learning

Advances in AI and machine learning have facilitated the automation of receiving payments online. Most software providers can provide a comprehensive solution that goes far beyond the basic invoicing cycle.

AI and machine learning intervention unlocked previously unimaginable software capabilities. Companies can process large numbers of invoices in a short period of time while also processing a great deal of accounting data.

Identifying and verifying previous transactions is also much easier, giving businesses greater control over their costs and supply chain. AI and machine learning can also detect anomalies and mistakes with minimal human intervention.

Cloud invoicing

Most billing technologies now operate from the cloud, thanks to the increased use of the Software as a Service (SaaS) model. They enable companies to view financial records and data from any Internet-connected device in the world.

People can also receive real-time business updated information and take appropriate action using cloud-based invoicing. To protect their company’s reputation, managers can address any emergency payment issues in real-time. Digital wallets are already a part of cloud invoicing.

eInvoicing

E-invoicing, or electronic invoicing, simplifies invoice management and the interaction of invoices and compliance documents. It minimizes the potential of invoice errors and exceptions by digitizing invoice records and comparing them against contracts, purchase orders, service entry sheets, and product receipts.

E-invoices can be confirmed automatically before posting for payment when they are transmitted over a digital business network and programmed with related document data and business rules.

Eco-friendliness

There is no denying that the invoice automation process using electronic invoicing is environmentally friendly. However, it is still typical to stumble upon an office with bundles of paper invoices stacked up on desks and filing cabinets stuffed with more than ten years’ worth of unnecessary invoices.

These offices do not require a larger filing cabinet but rather educate on how accounts payable digitization can help them save money and improve productivity. In the future, e-invoicing solutions will help eliminate more than 80% of paper from many accounting departments while significantly lowering an organization’s carbon footprint.

Mobile-friendly experience

Did you know that in 2021, mobile phone users outnumbered desktop users? According to Hootsuite research, mobile phone users generated 54% of all web traffic in 2021. This means that their first interaction with a company’s bill or payment notification came via their mobile phones.

As a result, many businesses will need to incorporate a reliable system that allows for a fully integrated mobile payment process. Developing their company requires capitalizing on this emerging trend. This trend was accelerated by the popularity of mobile wallets, which presented customers with convenience when making in-store purchases.

In Conclusion

Personalization in invoices allows businesses to utilize customer information to enhance customer relationships. Keeping an eye on recent technologies and recognizing their influence on businesses worldwide is one way to gain an edge over competitors and achieve business objectives.

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