Last year heralded an enormous shift to eCommerce, and if that weren’t enough, B2B companies must also contend with a generational change. Pew Research reports that 2020 saw the largest exodus of Baby Boomers retiring from the workforce to date: 28.6 million retired, more than double the number who retired in 2019.
As this generation leaves the workforce, they’re being replaced by workers raised in the age of the internet, with high expectations of speed, accuracy, and data-driven information. Exacerbating the challenge of industry veterans exiting the workforce is that this transition will produce an inevitable and serious gap in skills and knowledge—and this will have a huge impact on pricing.
Internal pricing struggles and external channel conflicts can’t be solved by taking a pricing manager, a sales rep, or an eCommerce manager to task. The speed and scale of the internet are beyond the human capacity to compute. The same can be said for the complicated nature of pricing effectively in today’s business environment. Old pricing workflows must be reimagined entirely.
The first step to success involves evaluating your current pricing processes and determining areas that are ripe for improvement. Not all companies will have such an expert on hand. If not, a best practice would be to work with a partner experienced in identifying and quantifying the specific areas of opportunity.