Sizable Global Trends Impacting the
Building Products
Industry
The world is seeing a marked improvement in the overall standard of living, and this is seen to be directly translating into an ever-growing demand for building products. We cannot deny the fact that shifting consumer behaviors, changing attitudes, and newer technologies are also affecting the market. Our in-house industry experts foresee building products businesses to become more resilient and competent in the coming years, ensuring that they are always prepared to respond to unpredictable and ever-changing conditions fruitfully while following governmental legislations.
The Trends That are Shaping the Industry
Many trends across the world could be impacting the building products businesses and opening up fresh opportunities for growth.
Trend 1
Massive shift of building products sales from in-person to online
Sales of building products have seen a drastic shift from in-person to online – mostly thanks to the COVID-19 situation around the world.
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The time is right for building products businesses to make the jump to the e-commerce space – if they haven’t done so already. With an online marketplace, businesses will have a more effective avenue to make their solutions available to other businesses, dealers, and wholesalers. With a well-set-up online marketplace, building products brands can also get to work better together with manufacturers smoothly and successfully.
And while your sales reps may be specialists at selling, it doesn’t mean they will have the needed technical expertise to precisely quote your product when inquiries pour in on your new online marketplace. Invest in a good piece of software that enables even those sales reps with scant product understanding can precisely evaluate a tailored solution for customers.
Trend 2
Changing end-customer preferences
Customer behavior is getting rapidly shaped by the manner in which customers ingest information on the basis of which they arrive at decisions and also by particular preferences and dislikes, desires and aspirations, and incentives and tendencies. Furthermore, groups belonging to different demographics will go on to grow substantial dissimilarities in their preferences, and it’s vital that the building products businesses grasp these preferences and address them.
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Attracting and nurturing relationships will be based on providing great experiences across all customer interactions. That means that your sales reps need to have enough time on their hands to make every customer interaction count. By integrating your critical information onto a sales automation and management solution that has an element of configure price quote embedded in it, you will be able to free up at least an hour or two of your sales executive’s time, which they might have otherwise spent on preparing reports and making calculations with Excel documents.
With such a comprehensive solution in place, they can easily recognize customer requirements, monitor tasks, and work with a single solution.
Trend 3
Mounting competition to wholesalers
Buying of materials is happening largely directly from manufacturers as compared to wholesaler. The wholesalers are often seen to get pushed to the corner while retailers close the deal with the manufacturers.
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It’s imperative that building products wholesalers review their prices – especially for their complex products - and enhance their service performance. Having in place complicated rebate programs render it hard to gain a clean visualization of any business’ profits. Without a solid understanding of your profits, it’s not possible to establish meaningful price tiers. And that’s why investing in software to that can carry out such analyses can go a long way to rescue not just time but also money, while preventing expensive pricing errors.
How well an organization addresses these worldwide issues and challenges will decide if they will emerge as a frontrunner in the coming decade. Being successful in innovating a business in such scenarios, optimizing processes, and customer centricity are directly associated with offering superior customer experiences. Businesses that are outperforming the rest today are those that are moving away from the others, broadening the performance lacuna, and crafting an environment where digital leaders are the most productive as they effectively embrace fresh technologies and supply attractive products and services more competently.
Want to explore the range of solutions and services Knack Systems offers to the Building Products businesses?
Drop us a line at info@knacksystems.com for detailed information.
About Knack Systems
Leveraging 20+ years of rich industry specific expertise, Knack Systems helps leading brands (Fortune 100 to mid-market leaders) to deliver successful customer experience, employee experience, and partner channel experience that redefine their businesses.
The company has highly skilled and certified technical, functional, and integration experts with cross-industry experience and multiple disciplines, including SAP Commerce Cloud, SAP Sales Cloud, SAP Service Cloud, SAP CPQ, SAP Field Service Management, SAP Marketing Cloud, SAP Customer Data Cloud, Qualtrics, SAP ECC, and SAP S/4HANA. Knack Systems has excellent customer references for deployments in SAP Commerce Cloud, SAP Sales Cloud, SAP Service Cloud, SAP CPQ, SAP Field Service Management, and SAP Marketing Cloud standalone and with integration to ERP/CRM.
The company has a robust SAP infrastructure that allows them to demo, POC, and train to ensure success during implementation. A premium SAP partner, Knack Systems is also an SAP Gold Partner, SAP Value-Added Reseller, SAP Co-Innovation Partner, and has SAP Recognized Expertise.
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