Build a Buyer Portfolio, Improve Customer Experience using Order Management Software
Buyer preferences are forever changing and are as fleeting as the morning dew. However, if you look at the purchasing trends across different consumer segments, a common theme or factor emerges— not all customers want the latest gadget in store but almost all of them worry about the quality and affordability of a product or service they are hoping to buy. Will this work? Do I need to upgrade it regularly? Am I getting a discount on this? — Customers usually transition to the next stage in the buying cycle based on these evaluations.
If you are in the business of impressing the customer, you need to bank on this typical consumer behaviour. For this, you have technology at your disposal — a robotic process automation tool that will help capture customer buying patterns, critical to making a sale.
Frankly, any end-to-end workflow tool that manages to create multiple touchpoints for the customer should give you this information. While tools such as CRM and ERP provide clarity on the different buyer segments in your database and help plan for long-term customer engagement, an order management system facilitates immediate fulfillment by necessitating direct contact and engagement with the end-customer. Customer data obtained from an order management software tool is more concrete and basic as there is direct correspondence between the vendor and the buyer. Data from other end-to-end solutions is more statistical and helps tap into buyer emotions through inbound marketing.
What you are looking for is absolute data from an online tool as opposed to suppositions from one-on-one correspondence with a customer. For example, say, a customer comes into your store every two weeks to purchase bread. He chooses from what’s available and pays for it at the counter. The receipt should tell you what kind of bread he purchased and at what rate. But will this suffice in the long run when you hope to engage the buyer for a long time? Obviously not. What you need is evidence of a pattern (all customers have one) — basically, any historical data that will give you a sense of buyer preferences for you to make an informed marketing decision.
Today, a sales order management software is embedded with intelligent process automation (IPA) capabilities that will help detect and present buyer patterns from transactional data. The solution employs cognitive technologies like AI and machine learning in combination with RPA to provide a deeply intuitive, self-learning bot. Set up this automation tool to manage your sales orders and you will notice the solution applies continual learning, a technique where the machine learns from data and applies acquired knowledge to processes, much like an autonomous machine. This aspect of IPA with the ability to identify hidden patterns in buyer behaviour is something you would have overlooked with your naked eye. This is the edge you’ve been looking for all along in your quest to capitalize on buyer emotions — order management software is the answer.
“It’s like maintaining an elaborate diary of dos and don'ts to impress the buyer. Quantitative measurement of buyer behaviors is especially important when you know you have competition. In today’s culture of instant gratification, if you are not servicing a customer quickly enough, they will gladly change course and look to the next seller”
Based on data obtained from an order management system, you will be able to get a fair idea of buyer preferences and their purchasing patterns. Apart from understanding the number of orders a customer places on a regular basis, you can gauge the common demographic of your customer base, learn how early they are able to make payments, and determine on what conditions they propose to engage with you. This way, you will be better placed to plan for future orders and stock up your inventory accordingly. Basically, an order management system will give you a comprehensive picture of the current state of inventory and sales in your company, prompting you to either accelerate or re-engineer your order processes to suit the end-customer. It’s like maintaining an elaborate diary of dos and don'ts to impress the buyer.
Quantitative measurement of buyer behaviours is especially important when you know you have competition. In today’s culture of instant gratification, if you are not servicing a customer quickly enough, they will gladly change course and look to the next seller. In fact, one in three customers are known to leave a brand after just one bad experience (PwC Future of Customer Experience Survey, 2018). Best-in-class companies have understood this very well, which is why they have managed to automate their most critical, labor-intensive processes, be it payroll, accounts payable, customer relationship management (CRM), or procurement.
An order management system will ease the process of fulfillment and help enhance customer experience — after all, it’s not just about quality or affordability anymore, rather, it’s got everything to do with buyer journeys and the ultimate customer experience.
That’s right, according to PwC, “Experience is Everything” and the three sales levers they recommend for customer success are
These three critical components to success are automatically taken care of by an order management system.
Upskilling your workforce to operate an order management tool is easy and does not require elaborate training. What must be taken into consideration is that over the years, the purchasing power of buyers has increased manifold, which means they are ready to seek any number of outlets and suppliers to satisfy their needs. Order management software will help you master the art of customer retention while also allowing you to discover newer consumer markets.