All You Need To Know About Quotation Management

In such a competitive market as in the modern days, quotation should be included in every business sales strategy. An effective quotation management system enables businesses to close more deals and stay ahead of the market. Yet, the importance of this business aspect is still underrated. 

What is a sales quotation?

A sale quotation is a kind of document that businesses create and send to potential customers. An effective quotation not only includes detailed information about particular products or services such as prices, size, shapes, manufacturers, etc but also encourages them to make purchases. 

Moreover, a sales quotation can be considered as a legally binding contract once the customers accept to buy products at the stated price. 

Why do businesses need sales quotations?

Avoid Losing customer

There are always more than a supplier for a certain product at different prices in the market. Of course, the products developed and provided by one company will not be the same as another in terms of quantity, functionality, size, shape, etc. And usually, customers can not know every single product in the category they are looking for. 

By sending quotations to potential customers, retailers can firstly introduce your products and tell them how the products meet their requirements compared to other competitors. 

Increase conversion rate

There might be loads of people who visit your online sales channel each month, yet only a part of them decide to buy your products. For those who are still considering making a purchase, it is important to give them a reason to buy your products via a quotation. To illustrate, along with quotations, retailers can also offer some special and personal promotions to encourage sales.

What are types of sales quotations?

Estimates

You can send customers a quotation with an estimated price in case that the price of products included in the quotes changes depending on the market. Although the price of quotes might change, the actual price after customers accept purchasing will not be too different from the estimated price.

Fixed Price Breakdowns

Different from the previous one, in this type of sales quotation, you will inform your customers of the exact price. Products included in this quotation usually have stable prices. 

Request for Quotation Response

Companies will send this kind of quotation to customers that have requested for a quote of products or services. Usually, this kind of quote is more specific and offers a fixed price. 

Adopt technology to enhance quotation management

With the development of technology, businesses, nowadays, can adopt technological solutions for every aspect of their operations. In fact, there are various all-in-one solutions that can support quotation management and also other processes such as sales or inventory.

For example, ConnectPOS – a solution developed by ConnectRetail – enables you to create and manage quotations easily and quickly. Also, you can adjust information including prices, address, products, etc or even add personalized discounts for particular customers. 

Final thought,

Quotation management really needs to gain more attention due to its benefit in the modern market. As mentioned above, an automatic and professional system will help you to win clients and bring in revenue. If you are looking for a solution to facilitate quotation management in your stores, our ConnectPOS is what you need. Contact us to have a closer look on how this solution supports your business.