Businesses are aware of CPQ software's capabilities in transforming sales processes while making businesses operations more resilient and profitable. Hence, the CPQ software market has gained momentum in recent years more than before. A recent report says that global CPQ software market will reach USD 7.3 billion by 2030 from USD 2.2 billion (as of 2022).
With the growing market value and usage of CPQ software, the technological advancements in the CPQ niche are endless. In this blog, we will discuss the top CPQ software trends that may become more prominent for changing the sales process in 2023 and beyond...
Increased adoption of cloud-based CPQ Products: This trend is more likely to continue due to the scalability and flexibility of the cloud-based CPQ software to enable businesses to scale as per the ever-changing demands. Further, cloud-based configuration and pricing software like Salesforce CPQ can uplift the operational efficiency of the sales processes and reduce IT costs.
More focus on remote sales management: With mobile technology becoming more ubiquitous and powerful, the growing demand for a CPQ Product that supports sales teams to optimize sales remotely or on-the-go via smartphones, tablets, and other devices is real!
This trend will change how we do sales with newer CPQ features and improved mobile accessibility in the future.
CPQ software to accommodate B2C and DTC sales channels: Today's businesses seek to personalize and strengthen customer experiences. Hence, businesses are shifting to advanced configuration and pricing software from traditional CPQ software to personalize and directly engage their customers on B2C (Business-to-Consumer) and DTC (Direct-to-Consumer) sales channels.
CPQ and CRM integration: The CRM software (Customer Relationship Management software) market will grow to USD 49.6 billion by 2025 as many businesses rely on CRM to drive business growth with real-time analytics and scale customer-centered decisions. Further, the best CRM software providers like Salesforce have gained popularity, trust, and new users globally. Now, Salesforce offers advanced Salesforce CPQ features to integrate the Salesforce CPQ Products and CRM easily. The businesses will continue the CPQ and CRM integration in the future, as innumerable businesses have seen growth by streamlining their sales process with better data management besides creating personalized and better customer experiences using real-time insights on the integration of CPQ and CRM.
3D visualization and augmented reality for sales: The global 3D visualization and rendering software market will reach USD 7.96 billion by 2028 from USD 1.48 billion in 2019. Another study by Shopify says that the products with its displays using 3D and augmented reality gained a 94% average lift in conversion rates. This trend will transfigure the sales process with easy product configurations and quoting capabilities. The 3D visualization features to display products are currently available in advanced CPQ solutions like Dextara CPQ. This feature will reduce return rates, improve buyer experience, and transform sales.
Integration of eCommerce platforms and CPQ software: The rise in the usage of eCommerce platforms will result in increased investments in leveraging CPQ solutions. Because eCommerce sales will reach USD 1.8 trillion in 2023, integrating CPQ and eCommerce platforms can complement online sales experiences by streamlining sales processes, enabling sales teams to assist and deliver the best customer experience. Further, B2B eCommerce businesses can easily do complex product configurations upon integrating advanced CPQ software and eCommerce platform.
Growing demand for customizable CPQ software solutions: Customer-focused organizations prefer tailored CPQ software solutions to fit their unique business needs and enable their sales, product, and other teams to customize the product configurations, pricing models, and quotes. Some smart CPQ software solutions now offer customization features to personalize products and quotes upon specific validation rules set by businesses to sell their products and services. Consequently, the organizations of the day seek a custom-made CPQ solution that is easy to integrate with their other IT systems.
Greater focus on user experience: CPQ software solutions that are less complex, easy to use, highly advanced, and compatible are more likely to get adopted by sales teams. There will be a huge demand for CPQ software that offers better usability without technical complexities.
Data Security is the topmost priority: Businesses are greatly concerned about implementing a CPQ solution that is highly secured and compliant with privacy and security guidelines and regulations. With advancements in the CPQ niche, emphasis on data security and privacy compliances will continue as safeguarding the business data and customer confidentiality are a matter of trust for any organization.
CPQ solution with AI and Machine Learning capabilities: 33% of sales teams from high-performing organizations use AI to enhance their sales process, and 97% of the sales specialists say AI enables the sales reps more time to sell. AI and Machine Learning capabilities in CPQ software is the next big thing in the industry as they can automate sales, and quote generation, besides generating product recommendations and insights based on customer behaviors and preference. This trend will continue as AI-powered CPQ software can take sales performance and business growth to the next level.
All these CPQ software trends can accelerate sales, improve customer experience, and reduce the time, costs, and efforts in configuring, pricing and quoting. With a vision to #Build>Great> future together with innovation, our team has built a Salesforce native Dextara CPQ solution with added personalization capabilities to fill business needs. The AI-powered next-generation Dextara CPQ is highly customizable, scalable, cloud-based, and user-friendly. Dextara CPQ offers product recommendations, multi-currency support, advanced analytics and insights to generate quotes quickly, multiply sales and make data-driven decisions. Our CPQ implementation specialists guarantee integration of Dextara CPQ in 2 weeks!