Latest CPQ Trends and Innovations You Should Know

Businesses understand that sales processes are rapidly transforming at a higher pace, and CPQ (Configure, Price, Quote) software is at the forefront of this evolution. Developed in 1980, this tool has played a vital role in simplifying the quoting process. According to recent market projections, it has been predicted the global CPQ market will surge from USD 2.2 billion in 2022 to USD 7.3 billion by 2030. Accenture also reveals that 83% of sales professionals currently use CPQ solutions to make their work easier and more productive. 

Nowadays, CPQ use is not limited to configuring products and lead generation; it is also utilized to create personalized customer experiences, improve sales cycle efficiency, and boost revenue. In this blog, we will discuss the latest CPQ trends that can transform the future of the sales process. 

Top CPQ Industry Trends

Artificial Intelligence (AI) and Machine Learning (ML)

The introduction of AI and ML are playing key roles in revamping the CPQ systems by enabling them to learn from data. By getting feedback from each cycle, these technologies allow CPQ solutions to make smarter and more efficient processes. It will impact the business processes by:

• AI-Driven Product Configuration: With AI algorithms, CPQ can easily analyze customer data and preferences to recommend the most suitable options according to each customer choice. It reduces errors and improves accuracy and customer satisfaction.
• Automate Decision Making: It reduces the sales team’s burden by automating the complicated decision-making process.
• Smart Quoting: AI will automatically generate personalized quotes based on information like personalized discounts, upsell opportunities, etc., it also includes auto-create technical documentation like CAD files and sales drawings that reduce manual effort and boost customer experience.  

Incorporation of AR Technology

The introduction of Augmented Reality (AR) in the CPQ system provides a better customer experience and allows them to visualize the products in real time. It helps businesses to:

• Boost Customer Satisfaction: With AR tools, customers can visualize the products in 3D models and check how they look in their environment before making the final purchase. It ensures exactly what customers want and reduces the dissatisfaction level.
• Optimize Sales Cycle: By eliminating the need to take physical samples or in-person demonstrations, AR helps speed up the quoting process and streamline the deal negotiation. It helps in closing deals faster by eliminating unwanted delays. 

Use of Cloud Products in CPQ

This CPQ industry trend is getting more popular as it provides scalability and flexibility of cloud-based CPQ software. It allows businesses to scale according to the changing demands of the market.

It comes in two types of CPQ products including cloud-based and on-premises. Cloud-based CPQ products are hosted on the internet whereas on-premises CPQ products are maintained and installed on their business servers. The cloud-based CPQ software can be accessed from anywhere and is beneficial in boosting the operational efficiency of sales processes while reducing IT costs.

Focused on Remote Sales Management 

With AR technology, CPQ solutions are also focusing on mobile accessibility that supports sales teams to boost their sales remotely or via tablets, smartphones, and other devices. Remote sales via CPQ benefit the companies in different ways like reduced travel and operational costs, better customer experience, and boost scalability and flexibility with better access to global markets. This CPQ trend will revamp the way sales are done and improve the use of mobile accessibility in the future.

CPQ with B2B e-Commerce Platforms

Nowadays, B2B e-commerce buyers are also looking for a convenient, faster, and personalized online shopping experience when they buy for business. This expectation arises due to the introduction of 3D visual product configuration. By incorporating a visual product configurator into an e-commerce website, buyers can easily see the product and check its functionality in real-time. Also, they can make configuration changes, and provide feedback on product compatibility, and pricing as well as suggestions for upselling and cross-selling. It enables buyers to make informed decisions and allows sellers to show their products efficiently.

No Code CPQ Solution

CPQ solutions are moving to a no-code approach, which allows users to create and manage their product rules through drag-and-drop elements, Natural Language expressions, and graphs. With no-code platforms, businesses can create fast rules and updates, minimize IT dependency, and boost operational efficiency. It also improves collaboration between businesses and technical teams to ensure better accuracy with pre-built elements. It allows businesses to accomplish market demands efficiently to achieve faster growth.

Also Read: Salesforce CPQ Implementation: A Game-Changer for B2B Businesses

Unlock the future of CPQ with Ksolves

The latest CPQ trends are rapidly changing the technology landscape and market dynamics to resolve key business challenges. Adopting these latest innovations in CPQ is important to deliver value and boost customer satisfaction. 

If you want to stay updated on your business, Ksolves experts are here with the salesforce CPQ consulting. Our certified Salesforce professionals have extensive experience and expertise in delivering customized CPQ solutions that align with your business objectives.