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It’s no secret that thousands of traditional sellers have been forced to shut down and close their doors for good in 2020. But that doesn’t mean all hope is lost; there’s more opportunity than ever out there if your business is in position to ride the self-service wave and quickly shift its sales model to an online-focused customer experience.
eBook Download: Riding the Self-Service Wave: Trends to Track Beyond 2020
Why? Because buyer habits are evolving. Fast. In fact, a recently published Shopify study found that most North American shoppers have already shifted a significant portion of their regular shopping budget to digital transactions. And that’s not changing anytime soon. Here are some ways to prepare for the increase in digital eCommerce transactions.
Which is online. By failing to allow for self-service contract acceptance, you could be eliminating a significant portion of your digital customer base. Going forward, B2B brand loyalty will be driven by how satisfying your digital customer experience is – which means you’ll find it increasingly difficult to acquire new customers or keep current ones without an automated, touch-free transaction flow.
Image showing some findings from McKinsey's study on self-service
Self-service-driven transactions (made possible by Clickwrap Transaction Platforms) have made it easy for corporate buyers to learn about products, make purchases, and arrange service delivery - all in one go. Plus, everybody likes an instantly gratifying customer experience. So much so that only 20% of B2B buyers say they will go back to face-to-face deals once the COVID-19 pandemic comes to an end.
Some self-service agreements include mobile friendly agreements, SMS contracts, or contracts via Slack and Salesforce. Anywhere that a transaction can be completed, you should be able to deliver an agreement that dynamically populates with terms specific to the user and the product or service she purchases.
Anything else requires a human either at the beginning of the transaction (like a lawyer to individually draft terms for each and every customer) or at the end (a salesperson to walk you through and complete the purchase). This takes up more time than the online business has to spare.
Beyond the added convenience and accelerated sales cycles, self-service also broadens your potential market reach. Unlike deals driven by human interaction, self-service capabilities give you the ability to execute a contract virtually where products and services aren’t bound by location, language, or timelines.
Related Content: 6 Ways to Send and Accept Contracts that Don't Involve PDFs
But that’s not the only advantage a shift toward B2B self-service agreements offers. Through these tools, your organization will be able to significantly lower its customer acquisition costs, accelerate time-to-sign, and improve overall sales effectiveness by giving customers the seamless and convenient purchasing potential they’ve come to expect.
After all, unnecessary steps in any contracting process can cost your business serious money.
There’s one more thing worth mentioning when it comes to self-service: clickwrap agreements. With self-service capabilities built directly into your online contracts and checkout flows, you’re able to deliver the gold standard of online agreements to your enterprise. These one-click, frictionless acceptance experiences make signup and eCommerce simple by eliminating the potential for redlining and other delays that traditionally harm your buyer experience.
Therefore, your mission for online agreement success in 2021 and beyond is clear: introduce self-service into your digital sales environment to create rapid, seamless transactions that don’t require the involvement of your team.
2020 introduced a variety of never-before-seen challenges into your contracting processes. But riding the self-service wave is your key to maintaining momentum and beating your competition.
By improving your online agreements, incorporating self-service selling, and increasing the volume of your transactions, you can start to future-proof your business. Download our eBook, Riding the Self-Service Wave to learn about more trends your company should be paying attention to.