About this Blog
Although this blog is targeted toward B2B sellers (aka suppliers) who want to take advantage of a tremendous opportunity that’s in front of them right now – selling to their customers who use e-procurement systems, we recommend that B2B buyers (aka e-procurement system users) also subscribe, so they can better understand the challenges their suppliers are facing in the digital world, and of course, recommend this Blog to their suppliers. But for B2B suppliers, the time to act is now because…
- Soon, all your customers will be using e-procurement systems. Recent studies have indicated that e-procurement vendors (Coupa, Ariba, SAP, Oracle, Jaggaer, iValua, etc.) have reached 16% of their total addressable market, and The Hackett Group predicts that e-procurement system usage will triple by 2021. Bottom line for suppliers? Expect PunchOut requests from your customers to increase!
- As recently as ten years ago, the cost to implement an e-commerce web store could be in excess of $250K. Today, thanks to the availability of low-cost open source and cloud-based platforms (Magento, Woo Commerce, Shopify, etc.), in most cases you can be selling online in a month for less than $10K. The bottom line for suppliers? if you don’t start digitizing your business, your competitors can and will!
Where does PunchOut fit in? First, it’s an industry accepted standard for connecting e-procurement systems and e-commerce platforms. Second, EVERY e-procurement system already has a PunchOut API in place today, so yes, they buy-side has been ready for a while and have been waiting for the suppliers to get on-board.
But how long will they wait? Already, marketplaces like Amazon Business have stepped in to fill the gap for buying organizations whose suppliers have been slow to adopt e-commerce and PunchOut. Did you know their sales grew 10X in two years AFTER they made their site PunchOut-ready? PunchOut worked for them, it can work for you too.
Just like e-commerce platforms, the cost of adding PunchOut capability to your business has become extremely affordable compared to ten, or even five years ago.
It’s our intention that the information provided by this blog, and the collaboration between its readers help B2B sellers the answers they need to get in the game, because when B2B works, both buyers and sellers will win! Thanks for visiting.