Want to improve your price quotation and request for a quote on eCommerce but don’t know how? Here are 10+ tips to make you a better store owner in managing quote requests!
What is Price Quotation on eCommerce
Price quotation (or quote) is written by the store owner based on the request of a customer, usually the B2B customer.
Customers will visit the store and see the products, from which select a few products to buy. For some reasons, they will be tempted to inquire more about the product or available promotions for their order and send a request to the shop owner. Based on the customer’s needs, the shop owner will send a quote to the customer.
The quotation is also an appropriate choice for B2B customers. Due to wholesale nature, an order usually contains a vast amount of products, which means each order costs lots of time for research and consideration.
Due to the insane volume, an order also requires a corresponding discount from the store owners.
Improve Quote Experience for Customers
To make sure any customers can get the best experience possible when they send a request for a quote to your store, try to look at our suggestion below!
1. Personalize the quote
An effective way to get the customer’s attention to your quote among the many quotes sent by others is to personalize the quotation.
LEARN MORE about Request for Quote in this exclusive guide!
Besides having a complete and identical template (including logo, branding, slogan, electronic signature) that shows professionalism, your quote needs to have its own unique character to catch the eyes of your customers.
One of the most effective ways is to personalize the quote. Personalizing quotes via notes, or short comments will help shoppers pay more attention to your selection when received.
Do not copy and paste the archetype of used quotes. At least, you should change the content a bit to better suit the audience. Keep in mind that, to get valuable orders, you need to provide customers with a quality experience!
2. Delivery quotes on-time
Respect for the customer’s time is one of the necessary factors for the order to become sales.
Many customers, primarily wholesalers, who are extremely busy and meticulous, want to receive a quote at the exact appointed time.
Sending quotes to customers on time as committed helps to create a good impression and improve brand reputation.
3. Send follow-up to un-replied quotes
In business, some customers want to receive more attention from the shop owner. They want to be reminded, or they just forgot about the sales opportunity you brought up to long ago.
To not miss even the tiniest opportunities, you can send a follow-up email to your client and remind them of the quote they have received.
Send a follow-up and keep in touch with customers is an important step that will help you convert quotes into orders. Each follow-up might take around 3 – 4 days to receive a reply from customers so, during that time, you might try your best to prepare your sheet carefully.
4. Setup e-signature for a price quotation
Using scanned or faxed signatures is too out-of-date for the present days. Using traditional signatures by paperwork to get consent from both parties takes a lot of time for preparation. For high-value wholesale orders, the classic signature on paper proves a lack of security with its characteristic of being easily copied by anyone.
Now, the electronic signature ensures high safety and security, not to mention the fast operation that helps you quickly close orders as soon as receiving customer permissions to move to the next check out step.
5. Complete contact information
An important point that is often overlooked is the complete contact details.
HAVE A LOOK at these top 19 Magento 2 Request a Quote extension!
Discussing the order only by quote limits the flow of information. Providing shoppers with other contact information such as shipping contact, payment contact, salesperson contact, and store owners gives customers the freedom to make more alternative purchase options.
Buyers can contact the addresses/phone numbers recorded in the submit quote system to ask and calculate more carefully for their buying options.
To supplement, this is also evidence proving transparency in information. If the customers feel unsatisfied with the product price and want to verify it, customers can call and ask the person responsible for the respective buying process stage.
Enhance Quote Administration for Store Owners
To enhance the price quote management ability is also essential! We also have many tips to improve quotation and help store owners start the customer’s relationship on a positive note.
Let’s check them out.
1. Use quotation management software
From a quotation of order to turn into sales, the conversion process is already complex and inclusive with many steps.
After receiving the request from the customer, the store owner must calculate and plan the quote.
Complete calculating and answering questions from customers, the store owner is required to send the quotation at the agreed time. Customers who receive the quote will respond and discuss with the owner several times before reaching a final purchase conclusion.
With a process that has a long execution time, including many steps and requires high precision such as quotation, managing via software should be a much more viable approach than manual management.
Using a customer relationship management (CRM) software or platform such as salesforce and the likes would be the choice of many businesses.
If you are already using Magento 2, you can also install a quotation management extension for smoother management such as Magento 2 Request for Quote.
CLICK HERE to check out Request a Quote module for Magento 2 platform!
2. Put on clear terms & policies
While this suggestion is entirely optional, compliance will bring many practical benefits to your quote process.
Presenting the customer to the terms and policies for the purchasing process and using the product is a necessary action for the smoothness of the pricing and purchasing process.
Providing full information about terms and policies is a way to ensure customer’s interest, give them the peace of mind to buy and sell goods, increase their reputation and show them that your business is professional.
Also, don’t forget to offer the customer a clean and easy to read layout. Use clear, concise, and comprehensive language to make sure all your pinpoints are noticeable.
Don’t forget to include special requirements for your order or product if there’s any.
3. Satisfy customer requirements
Unlike retail customers, wholesalers will have a multitude of different product requirements in the price intelligence process, which can be mentioned, including:
- The product price should be within the affordable range that can be met.
- Product quality should be achieved.
- Quantity of products should be enough.
- Some other requirements, such as models, colours, sizes, etc.
These requirements need to be followed closely in the quotation process and selling and delivering to customers.
Be honest and tell customers of your ability to satisfy their requirements so that the purchasing process is coherent and straightforward.
4. Provide multiple options
Be honest and actively offer your customers multiple options! This action not only builds trust for the customer but is also likely to drive their buying decision.
In many cases, customers will feel uncertain about the appropriate product quantity to buy, which is related to the product price you’ve set. This is most often the case with retailers and small B2B businesses.
Instead of leaving them wondering about the order’s quantity and cost, you should proactively help to solve the problem by providing the corresponding solution of multiple possible options that suit their needs.
For example, a small business owner sends you a request for a price quote to lower a specific product price in his order since his pocket money is half empty. Instead of accepting his request right away, you can suggest some alternative options in the quotation to send back to him.
When you offer a wide variety of options to your customers, you also influence your customers’ buying direction, moving them away from your competitors and making them pay more attention to your product.
6. Apply discounts to total price
For B2B order that requires a price quotation, the customer is expected to receive a reasonable incentive, such as a discount based on the item’s quantity on order.
This is a reasonable desire from customers. Suppose you do not have a separate wholesale price from the retail price. In that case, you can reduce the total invoice price for the customer benefit to maintain a long-term business relationship.
Suggested Quote Management in Magento 2
To make it faster and more efficient, BSSCommerce had prepared a Magento 2 module to minimize any quoting problem by providing a full-fledge quotation interface on the frontend and a convenient quotes management system on the backend.
The Magento 2 Request for Quote extension has many features for both store owner and customer.
For store owners:
- Enable “Add to Quote” per product, all products or specific categories.
- Choose the customer group to allow the “Add to Quote” function.
- Define minimum quote amount per custom group.
- Approve, reject, or customize the quote requests.
- Add multiple products to the quote cart.
- Get updated on all submitted quote requests in My Quote and via emails.
- Convert quote to order and checkout in clicks.
- Re-submit quotation if needed.
Try applying our tips to your eCommerce website and let us know your result! We’d be happy to help you study your case.
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