Apple, Google and the other major tech players of today have committed to ramping up their Support to Augmented and Virtual Reality by the end of 2021, reflecting the potential of this sector in capturing user interest across the globe
In fact, in 2020 alone over $60 Billion was spent in B2B Marketing, reflecting the growing interest captured by Extended Reality.
Why is Extended Reality the Future of B2B Up-selling?
A car accessories store stocks automotive spare parts and accessories for a wide range of cars. When customers buy tyres, they also like to buy alloy wheels and rims, which have higher margins than the tyres themselves. As a result, providing the customers tyre and alloy packages makes a lot of sense. AR plays a key role in helping marketing by helping the retailers visualise the product, translate it to customers and experience the product at a stage where it is akin to almost experiencing the functionality of the product in its entirety.
Here are 3 ways in which Extended Reality Benefits B2B Up-selling.
Equip Your Seller with an Unparalleled Catalogue
Retailers and vendors need to be educated about the product before they eventually sell the product. In the past providing them bulky catalogues and then educating them on the functionality of the product was sufficient, however in today’s world that is grossly insufficient as organizations have better and more improved ways to present catalogues.
An AR enabled catalogue provides a visual representation of the functionalities of the product in such a way that they will be literally no ambiguity in in the visualization, functionality and aesthetics of the product. As an added advantage, the AR enabled catalogue need not be printed and can simply be coded into a QR code, which can then be passed on to the retailer or the end customer.
Demonstrate Your Product Anywhere: Anytime
In B2B selling, providing installation support and demonstrations for the retailer or reseller is crucial. They need to know the product before pitching it to customers. With VR enabled demonstrations, organisations have been able to provide real time demonstrations of the functionality of the product. This in turn helps them pitch the product easily, with literally no boundaries on geography, availability of Personnel, availability of machinery or any other constraint. Providing them demo videos with multiple products and features also helps them become more aware of the capabilities of the product and thereby improves both Up-selling and cross selling.
Let Buyers Interact with the Entire Product Line
When a buyer or end user sees a product, they only think about buying that particular product. Of you provide them with 3D models of the entire line, they will be able to interact with the entire line, and this in turn may encourage sales through the products line.
For instance if a product is offered in six different colours, sizes or shapes, the store needs to stock only one version or need not have a physical product at all. While customers can try the product in the store for form and functionality, they can interact with the entire product line through VR, thereby reducing the inventory the organisation or establishment has to keep.
To Upsell or not to Upsell
30% of Revenues for businesses comes from Up-selling. Using AR and Virtual Reality to encourage Up-selling has provided returns 50% higher than usual.
Therefore it is extremely crucial that all organisations in the B2B and B2B2C space leverage this wave and use it to their benefit. One possible solution could be to provide QR codes linked to associated products on the box. This will help the brand stand in the minds of retailers and will be easily accessible to retailers when they need it
Another solution for B2B Up-selling is to offer AR based service. When an organisation offers installation or troubleshooting support, organisations are bound to prefer them over those who done.
At the end of the day, the customer is the king. For B2B organisations the organisation they supply to is the customer. Educating customers, making them aware and providing them the service they need is the cornerstone of B2B marketing and Extended Reality provides that.