Chaos is a Ladder: Finding New eCommerce Opportunities in Today’s Economic Landscape

For many millennials, economic uncertainty is nothing new -- starting in 2001 and then again in 2008 with the housing crisis. Living, working, and operating businesses when the future seems so unpredictable has become almost predictable, especially for those of us who sell for a living. We’ve become accustomed to spending freezes and proverbial ‘belt tightening,’ and it’s not just us. The approach to “wait this out and see where things land in 6 months,” has become almost reflexive for buyers too – weathering the storm and waiting for things to get better has become all too normal.  

What if waiting it out was the wrong move? For the Game of Thrones fans out there, what if Petyr Baelish is right and chaos really is a ladder? If we use history as our guide, there are winners and losers in every economic cycle. Some of the most prolific organizations were those that saw opportunity and were ultimately born out of the chaos, rising to the top of their respective industries:  

• Microsoft (MSFT) was launched in 1975 during an oil crisis and a stock market crash – but they filled the need in the blossoming PC industry.  
• Netflix flipped the script on traditional movie rentals and launched its streaming services during the Great Recession.  
• Amazon opened its webstore in 2002 immediately after the Dot Com bubble burst.  

What does that mean for suppliers and distributors?  

With the ‘on again, off again’ nature of the current tariffs, volatile prices, and customers who are unsure of whether to keep building, repairing, maintaining, or to pull back -- what can we do to take advantage of the opportunity (yes, opportunity) that we find ourselves in?  

When you boil it down, there are three levers that we can pull to thrive in uncertain times:  

eCommerce: 3 ways to thrive in today’s economic times 

Help your existing customers buy more

Billtrust can help you meet your customers where they are, offering online purchasing experiences in ways that they are comfortable with. Or in some cases, we can put tighter parameters around their experiences to better guide purchasing. Don’t miss this guide to eCommerce success. 

Online experiences are more critical than ever. Millennials and Gen Z are in positions to make purchasing decisions for their businesses and these are folks that grew up with the internet, they’re ‘digital natives,’ and they’re no strangers to shopping online. The average buyer today has made 80% of their purchasing decision online without ever talking to a sales representative – they want digital buying experiences. Explore all the research findings that demonstrate how Gen Z is revolutionizing the payments industry.  

Using hedging strategies, some buyers are purchasing more rather than dialing back. Thus, making it easier for your customers to buy can help offset financial risk by simply facilitating a superior shopping experience. 

Whether it’s the single ‘man-in-a-van’ contractor, municipalities, school districts, colleges, sports venues, hotel chains, or commercial builders, buyers are making purchasing decisions online before they ever talk to you. Even though you have a great relationship and you’ve been working together for years, they’re buying from multiple sources. This means they’ve got more business to give you. Here are some things to consider in taking advantage of these moments: 

• Punchout: For those larger organizations like school districts and municipalities, compliance policy may be pushing them towards e-procurement systems. Integrating your product catalog with their e-procurement system means that they can buy from you without ever picking up the phone or even visiting your website.  
• Estimator Tools: Your customers are pounding the pavement, quoting jobs, and trying to win business. Help them create job quotes right on your eCommerce website – giving them the ability to add their markups, incorporate the cost of labor, cleanup, and whatever else they may need to include. Then, let them send that all-in quote to their customers. And most importantly, when their customer accepts the quote, your contractor can just hit the ‘Buy Now’ button and the order hits your ERP system for the fastest execution. 
• Online Invoicing: Make it easy to pay their bills! Sure, online bill pay is old news. But you’d be surprised how many distributors are still emailing invoices and wondering why it takes forever to get paid. Electronic invoicing and digital payments set you apart from your competition, making it easier for your customers to manage their bills. Plus, you get paid faster. A recent study shows AR automation accelerates payments by 40%.  

If we can meet our customers where they are, we can make it easier for them to buy and make the decision to go elsewhere that much more difficult.  

Find new customers for your webstore

If finding new customers were easy, everyone would be doing it, right? While it does take some work, you can absolutely make it easier for new customers to find you online and give them the confidence to buy from you. A simple web page may not land you at the top of every Google search, but having a well-constructed eCommerce site with the right product details and a familiar online shopping experience will certainly help you climb the search rankings and make it easier for new customers to find you (and buy from you). Here’s how:  

• Search Engine Optimization: Creating a modern website with rich product data makes it easier for customers to easily find you. The best part is your manufacturers are likely already sending you the information you need, and you probably already have it in your ERP system. It’s just a matter of putting it on your website and allowing new customers to find it. Learn how to shortcut success with your ERP system data. 
• Amazon-like Experience: Once your customer finds you and the product that they’re looking for, help them find other related items. If they’re searching for AC units, show them related products like pads, fittings, and copper tubing that they’ll need to install the unit and complete their job. Lead them to the next product to buy. 
• Easy checkout: Have you ever tried to purchase from a site where it felt like you had to jump through hoops to purchase? If you have, there’s a good chance you abandoned your cart entirely and went elsewhere. Keeping the checkout experience simple (preferably on a single screen) increases conversions and reduces the chances of someone leaving your site and looking for what they need somewhere else.  

Chances are, you already have the data you need to get your name out there, create an ecommerce presence, and start acquiring new customers. By offering an online webstore that meets buyer expectations, you’re able to cast a broader net, stand out against your competitors, and win more new customers who will drive growth – even when your competition is staying stagnant. 

Maximize internal productivity

The final lever to pull is making internal operations as streamlined as possible. This means not spending time on low-value tasks and helping teams focus on driving new sales, acquiring customers, and ensuring that the business is running smoothly. While online brochures create a manual maintenance headache, eCommerce automation unleashes sales.  

If we’re able to create an exceptional eCommerce experience for our internal employees and our customers, we can expect to see: 

• Reduction in support calls: How many of your inbound phone calls are asking about inventory levels, pricing inquiries, or invoicing or payment questions? These are the types of calls your customers don’t want to make – they’d rather find answers online. A webstore can reduce inbound phone calls by more than 25%, getting your team out from under customer service tasks and back into their most high-value work. 
• More time selling: Let your salespeople get out and find new customers (and support them with better selling tools). With fewer customer service-related calls, your salespeople will have more time to do what they do best – get out in front of customers – whether it is working on growing your existing customers or pounding the pavement looking for new customers. 
• Get paid faster: Cash is king, especially during uncertain times. Gen Z now has the power to make purchasing and payment decisions. They’re digital natives, and their strong preference is to be able to view invoice balances and process payments online. If you can meet them where they want to do business, you can spend less time chasing late payments and get paid faster.  

A webstore can reduce inbound phone calls by more than 25%. Read the case study.  

What else could you and your team be doing if you’re not dealing with customer service questions or chasing down payments?  

Looking forward: eCommerce webstore solutions 

So, where do we go from here? How can you use chaos as a ladder, thrive in the uncertainty, and position yourself for growth as things settle back down again? If you’ve already got eCommerce up and running, look for ways to optimize your customer experiences, so you can find new customers, grow existing customers, and make your team efficient in their day-to-day work. When you look at your customer base, are you providing them with a great experience when they visit your webstore? 

If you haven’t started offering eCommerce options to your customers, there is no time like the present. A webstore will open your business to more customers (more chances to win in a competitive market). You’ll offer your existing customers new tools and conveniences that differentiate you from your competition and keep them coming back. You’ll also give your staff the tools they need to better serve your customers, save time, and focus on those really important aspects of their jobs.  

The Bottom Line: Wherever you are in your eCommerce journey, now is the time to revisit your eCommerce strategy and evaluate how a webstore can help create stability for you and your customers.