Empowering Buyers in the Digital Age: The Future of Industrial Distribution

Speaker 1: 0:00

Welcome to ECO Ask why, a podcast that dives into industrial manufacturing topics and spotlights the heroes to keep America running. I'm your host, chris Granger, and on this podcast, we do not cover the latest features and benefits on products that come to market. Instead, we focus on advice and insight from the top minds of industry, because people and ideas will be how America remains number one in manufacturing in the world. Welcome to ECO Ask why. I'm your host, chris Granger, and looking forward to hanging out with you today. We're going to dig into a fun topic and it's just been really interesting and cool to work on these new episodes with a new focus. We started off talking about install base evaluations and the power of those, and what does that look like. Then we talked about system design and how you can actually master the different concepts regarding system design to make sure you have the system that works for you. That's what matters, right the system that works for you. Then we started dropping a plow. We got into some things like smart motor protection. Then we started looking into IIOT solutions, because we know that that's going to impact and the way it's impacting the industrial plant floor right now is a big deal. Then we looked at how we can be proactive with power monitoring. That was just a fun conversation around how that power monitoring can really play into the to affect, no matter what your plan is. Then our last episode we talked about managed versus unmanaged network switches. We were really dropping the plow again and going deep in some technical areas.

Speaker 1: 1:38

Now for this episode, we're going to make a little bit of a shift and we're going to talk about things that is impacting every single person, no matter where you're located, particularly in industrial manufacturing OEMs, contractors and it's how you engage with your distributors with an online presence, because the way you buy now has really shifted. We're going to be talking about how we're empowering buyers in this whole digital age. From an industrial distribution standpoint, you may wonder why do I need to listen to this? Because you're working with distributors and knowing what distributors like Electroquina Company were doing to serve the end user. It's so critical because this landscape of procurement and the way that the buying decisions are made it's really shifting, particularly with the digital transformation, because it's reshaping a lot of the paradigms that have been existing for a long time in regards of traditional customer service and the way that transactions are held. So our team, the group at ECO, we're embracing this. We've embraced it full-on and we're offering innovative solutions for self-help service platforms and we're really trying to push the boundary between the B2B spaces. Traditionally we're in B2B, but we want to create more of a B2C experience because we know that's important, because being able to be a digitally fluent and accessible for our customers and for you out there listening to ECO, that's why that's important. So we're going to be talking about the transformative shift towards that digital self-service and this conversation today, the way we're going to be working through.

Speaker 1: 3:19

And if you go back to episode 244 of ECO-SY, I pulled a lot of the things that I learned from working with Kurt Anderson on that episode, because he talked about, from an e-commerce standpoint, lots of ideas regarding how those shifting seeds of procurement e-commerce are really are here. So much has changed and we have to have a strategy and approach. If you're a distributor and you want to serve your end users, people at manufacturing, your listeners of ECO-SY, you have to be able to do this. It's really good to see, kind of like behind the curtain, what distributors are doing to serve. So let's just talk about this.

Speaker 1: 4:02

What's the genesis of that digital transformation for industrial distributors, because in the industrial distribution sector it was historically has just relied on brick and mortar. Where do you have the operation at? Where do you have a distribution warehouse at, and can you service these areas? Can you handle these transactions? And we see this shift now to where it's more online self-service, because there's a fundamental change in buyer behavior. It just is. We all have different expectations. Think about how you buy right now with your personal shopping experience. How you buy on Amazon, how you search for stuff on Google, all the different ways that you want to find information. You're now expecting that, that research, that comparison, that purchasing ability with from your distributors. So the distributors now have to have an infrastructure, a digital infrastructure, to be able to facilitate this.

Speaker 1: 4:59

And this is where the team at EECA we're really trying to hit this head on and embracing this and not trying to hold it off. It's not like I want to hold this office long as I can. We want to embrace this. So we want to say, okay, how can we create some online resources, a self-service mindset to help the buying experience? And how do we do this?

Speaker 1: 5:19

We start by prioritizing real-time access to pricing and availability. That has to be crucial. We have to be able to give you extensive product information. We have to give you the ability to manage your account online, and we have to do this with an extremely high standard, an extremely high standard for distributors, because we're making a commitment, a commitment to digital innovation, and that requires an investment. It just does. And we want to make this commitment to ultimately a frictionless buying journey Frictionless, like you don't want to have any friction. If you're looking for something, you can't find it, you're going to go somewhere else. So we recognize there's really three pillars, three pillars that we need to do. That we focused on to give you the ultimate capability to self-serve.

Speaker 1: 6:11

And number one I've already mentioned it is that real-time access to pricing and availability, because one of the biggest drivers for digital transformation and this industrial procurement space that we're talking about is the need, when you need a price on something and you need to know if it's available, you need it. That's it you got to have immediately. It needs to be immediate and it's got to be accurate, and you really need to have that expectation with whoever you're working with, to get up to the minute information at your fingertips, because this is a capability that's going to empower you to make better decisions. That's it. You don't have to wait on for delays, for anything that's happening offline. No, you'll be able to make that decision in a moment.

Speaker 1: 6:55

So, for Eco, what we're doing, we're offering real-time data, but it's just a critical component and this is a part of our value proposition where we're really leaning into. So we have to. How do you do that? Well, you integrate sophisticated e-commerce platforms. This is what we've been working on. We have our inventory, we have our pricing. We have all the information that you need, because when you need that information, that insight, that product, that pricing, that availability jeez Louise, I can't say that word you need it when you need it, and it's got to be accurate and it needs to be a high-level transparency. If you have that transparency between a distributor and a customer, you have a lot of trust. That's it, and you become reliable, and distributors want to be reliable, because you need to be able to plan and execute your procurement strategy with confidence. And also, this gives you ability. If you have this real-time access to pricing and availability, you're going to have dynamic pricing strategies. So, as a distributor, we can work things in your advantage as a customer, based on market conditions, special pricing agreements, things that you work out. We work out with manufacturers on your behalf. We'll be able to do that. So inventory levels, customer demand, all these types of things can be adjusted because this it provides flexibility, it makes us be more competitive and it gives you more personalized approach for pricing and other areas. So we know that's a big, big deal for meeting your needs.

Speaker 1: 8:28

Now, the second big pillar that we see for embracing this online commerce is the comprehensive product information, because we know without a shadow of a doubt that you need detailed product information all the time, particularly when you're trying to scope out things. If you're trying to, if you're in an industrial procurement and you're faced with some complex buying decisions, you need to have product data, you need cut sheets, you need technical specs, you need to performance data, you need some case studies. This level of data is essential, absolutely essential, when you're trying to access the right products, when you're thinking about compatibility, when you're thinking about compliance. You got to have that. So we recognize need.

Speaker 1: 9:19

Okay, this research component is a crucial level of what you have to have for a digital experience. So you have to have a digital platform that can do that, that can give you that what we call enriched product, offering the content that you need the comprehensive descriptions, the data sheets, the tech sheets, the manuals, the stuff that you absolutely need to make it happen so you can make that purchase with confidence, because we know you don't want to make a purchase and then oh, I hope that's right. No, you want to make it with confidence. We also know you don't have to deal with a return or an exchange because you bought the wrong thing. So, to head that off at the pass, we have to give you better data up front. That's what it's in. That's what it's all about, because, just an additional to just the basic things we've talked about so far, we're giving you all the resources like tutorials, videos on how to use this stuff, 3d models, at times, interactive tools to make sure you can pick the right and select the right product. All this stuff is part of an online platform that's built to enhance your experience. You see what I'm saying. This stuff creates a more immersive and engaging experience. It gives you an ability to have a deeper understanding of what you're using and how they can apply it in different scenarios, different parts of the product line or different parts of the manufacturing process. But you need to know these things. Now.

Speaker 1: 10:51

The third big pillar that we recognize to be true is this B2C account experience. Now, when I say B2C, that's business to consumer, because when you think of B2B, that's business to business, that's very professional. Definitely it has that different feel, but a B2C that's what we experience every day. When you pull your phone out and you're shopping on Amazon or you're checking your thing out on different shopping apps and things on your smartphone, that's a B2C experience. This is real because we recognize that as a distributor, you need to be able to have this same type of experience for your customers because we've all grown accustomed to it. We just have this convenience, this personalization. This self-service capability is real. So they've raised the bar they really have For B2B transaction. It's got to look very similar to a B2C experience because that buyer you're seeking those same levels of service and functionality just from a professional workplace.

Speaker 1: 11:58

Now it's hit the floor. So distributors have had to really shift and think about their online platforms to be more intuitive. They just have to. They need to be user-friendly for one. They have to really have some good features.

Speaker 1: 12:14

This is going to give the ability so you can start doing stuff like tracking orders. Simple stuff here. Simple stuff Tracking orders, viewing your purchasing history how about that? Manager billing, looking for your shipping information, access to your product resources and recommendations. All this stuff has to be available for account management experience. Now we've leaned in at eco because we're enabling all of our users, all of our customers, to be able to have this. If you do this, if you do it correctly, what you'll do, what you'll find is you've got a greater opportunity for loyalty and relationships.

Speaker 1: 12:56

We're in a people business. Again. People are not ideas over products. You create the relationships and the trust to have this experience. What we also are able to do, we can give you features like customized dashboards. Think about this If you want to see your order workflow or have a high level view of what your accounts doing, performance, things like that, what you're waiting on, you want an easy place where you can go check all this out. You've got to have this in. This is what a dashboard does for you. How about a budget tracking tools to give you some insight to how things are going? All these things are part of a B2C experience that distributors leading end distributors like Eco are leaning into to put that cost, to put that infrastructure rather in place and it costs, it takes money.

Speaker 1: 13:48

This is an investment that distributors are recognizing they need because they need to cater to the complex needs of your business. We have to be more efficient in the procurement process to create more alignment with your procurement teams, thank you. With your policies, with your procedures, see, all this stuff ties together. So now let's think about this for a second. I mentioned Kurt Anderson. He had some really good insights about the importance of a digital self-service and meeting your needs.

Speaker 1: 14:22

And that term, digital self-service I love how Kurt explains it. It's encapsulating the growing preferences among buyers for a digital experience that allows you to independently access information to make purchases. That's right and this is supported by some pretty big sources of data over the years. Because we recognize, to be true, that many buyers out there they just prefer that digital interaction over that traditional sales engagements. They just do Not to say that that traditional sales engagement is gone. It's not. They're still a need for that. But you have to have the ability to provide you with that buyer that if you're researching data at two in the morning, you need to be able to access that data at two in the morning, the data that you need to make the decision. Now, if you still need to talk to a sales rep, absolutely we have to have an infrastructure, and Eco does. We have some of the best inside and outside sales representatives out there in an electrical distribution, but you have to be able to service them when you need this data, no matter what, and that's what this is about.

Speaker 1: 15:33

So I want to kind of just walk through here a couple of things with you around a few strategic imperatives that distributors like Eco have really had to embrace for this digital shift moving forward, and the first one is investment. We've had to make investment because if you want to develop a scalable, secure let's make sure we focus on that and user-friendly e-commerce solution, it's going to take an investment and I can tell you firsthand that, working with the e-commerce team here at Eco, marketing all the different things that have seen sales, the investment in an e-commerce platform is real and it's serious, because we recognize, to be true, that this is where the business of the future is going. If you don't have these systems in place to facilitate transactions at a seamless rate, at a user rate that just creates a good experience, you're going to miss out. So you've had to make that investment. We've also recognized we need to enhance the digital content, because we've got to give you more than just a cut sheet. We need to give you product information with specs, guides, comparison tools, some different ways so you can see how the products work, how can they fit for your application, to give you more information, to make that purchase with confidence. We don't want you figuring this stuff out on the fly. No, we want you to be moving with confidence.

Speaker 1: 17:05

We also recognize that we need to have a personalization and customer engagement is big Because if we can have some data analytics to give you recommendations hey, thanks, all of a sudden start changing and if we can start showing you some services that will help you along the way, you're just going to build that trust. But you do all that through the use of data. And you use data when you have it in a system, in a structure, in an overall, organized in such a way that you can make better decisions. Because if it's all manual, it's all trapped up here in the minds of certain, just one or two individuals. There could be gaps, but if you put it in a system where you can say, ok, this person, they're using these different types of devices. It makes sense that we should probably go talk to them about these associate devices over here, because they really marry well together and they may not be aware of them. So there comes that personalization. That's what it's about.

Speaker 1: 18:09

Now we also need to be able to adapt to new behaviors because we need to recognize that shift towards digital procurement and self-service online. We need to make sure, as a distributor, that we can align our services to meet those expectations. So you need to make sure that you're not only just building a system that looks good, but it has to be functional to the point that the users that are using it find value. If Amazon was just a pretty website with lots of pictures and some good content, but the buying experiences was a dumpster fire, nobody would go to Amazon. But because the buying experience is seamless, because it makes sense, because they say, hey, because you've got this, customers also put these other items together. How many people besides me have just you followed that trail? Because you recognize, hey, wait a minute, that makes I do need that item, one of those two items, those three items to go with that. So that type of experience is what sets them apart. They definitely are the standard and distributors were working towards that level of detail. It's really neat.

Speaker 1: 19:20

You have to adapt to the buying behaviors and, as a distributor, as you're thinking through this stuff and the content and the stuff that you need to create to be able to do this, it's really just. It's fun at times to be able to say, okay, this is how the journey should look. And At least my final point, the continuous innovation, continuous innovation and learning. You never stop learning in this business Made it as business over 22 years never stop learning because you have to constantly be staying abreast of the new changing technologies. Okay, that's a big one.

Speaker 1: 19:51

Then also, the way that the buying experience, that digital commerce trends that's that's huge to understand. Because if you just stay up on technology and you just have technology figured out and you can offer the best and latest and greatest, you know the features have been a fish. You can put this stuff in and out, but you don't have a good experience for for for any users to buy it. There's a gap. And, at the same time, if you have a great user experience but you're selling stuff that was, you know, 20 years older or is no longer supported by manufacturers. That's a gap. So there's a good balance there. This is what you can or not is really recognizing to be true. You have to have a good balance of product knowledge and just data on how the products work in the marketplace, as well as a high, high level Understanding how to make a good user experience online. When you marry those two together, some powerful things begin to happen, really powerful things.

Speaker 1: 20:47

So I know there's a big shift towards online self-service and industrial procurement and Distributors. You know we need to recognize that this is not just a passing trend, but this is a fundamental transformation in how business is done. That's it an eco. We're championing these initiatives. We're not just responding by changing the landscape, but we're actually really shaping the future by putting systems, by making Certain decisions to put in place to give you the best experience possible, because this is redefining the customer expectation. It just is, and that's okay. It's changing the way that we buy stuff. The procurement process is shifted, but the ability to adapt, to innovate and then Deliver that exceptional online experience, that's gonna set Leaders Apart from everyone else. This is where we are. This is where we are striving to beat eco. It was every day, day in and day out. What can we do to deliver a better experience? So, as you're listening to this, if you're out there in industrial manufacturing or a machine builder or OEM or construction and you're just constantly feeling frustrated Because maybe you can't get the answers you need, when you talk to your account rep, you're always looking for the data sheets. You can't ever figure these things that you that you need when you need them.

Speaker 1: 22:15

I encourage you to check out our online platform. Take leave you were in the eco service area. Check out our online platform. There's lots of ways that we're building, we're enhancing, we're growing, we're adding to that platform all the time to give a good experience. So you know you can do this right from your, from yourself, from from your desktop, wherever you want to do.

Speaker 1: 22:34

But check out our online platform, go to eco online, get started. There'll be some links in the show notes here as well when you can connect. You can get your online account set up. It's super easy to get the online account set up. We even have videos. We recently made a bunch of videos to show you the process on how to get that set up. So we'll put some links in the show notes to that as well, because we will make this extremely easy for you to get set up, to get started and to move forward, because it eco is what's what's all about again people and ideas over products.

Speaker 1: 23:04

But we need to understand that the ideas that we're having to help you With your journey, making better decisions in the field that's important, that is crucial, that is critical. We recognize that to be true and we don't want to let you down. So if you haven't taken advantage of that yet or if you have questions on that, just please reach out. We're here we were so. We're here to support, we're here to encourage, we're here to enable, we're here to help you understand how these work. So the different companies can have different roles within our digital e-commerce platform and you have to be able to Really get in and understand that some. Hey, just reach out. This is what we're all about. So we'd love to get some feedback from you out there.

Speaker 1: 23:42

If you're enjoying the new format eco s? Y well, it just be an honor to hear from you. First and foremost, it just thank you for listening. If you know people that are in industrial procurement, maybe you know people who are in engineering or design or E&I, whatever they may be and they need help getting product from their distributors and they're feeling frustrated. Encourage you, share, share this episode, because they may not have thought about some ideas like this. Because, no matter what distributor you find yourself working with because this is, there's all sorts of not just electrical shippers, piping and plumbing and all these types of distributors out there we all all have to recognize that this experience, this B2C expectation, is here. So we need to be building infrastructure.

Speaker 1: 24:25

So I encourage you, as distributors you're working with, how are you working in investing for the future, for your online platform, for your online Self-service presence? This is a big one, because I'm telling you, when things go down and they usually don't happen between Regular business hours right, you need to have ability to access that data accurately, securely and with confidence. That's we're offering. That's we're encouraging you to check out. So, again, if you have questions on this, reach out. Love to know your feet near your feedback on eco S, why you could give us a rating and review. That'd be awesome.

Speaker 1: 25:03

Check out the show notes. We'll have some links in the show notes, particularly how to get started with your online account. All the videos I mentioned so far is how do you get that to work through, to get that set up, we'll have links there as well to one of the main Pages that gives you all that information. Okay, so you have all that data there. Make it super easy. You can always reach out to us. There'll also be an email account listed inside the show notes as well. Feel free to jump on and send us an email. You can always connect with eco on LinkedIn. We have a pretty big LinkedIn presence. We always send out a newsletter once a month. We have lots of ways we try to serve people there. We have a YouTube channel and then eco onlinecom is the best way to get started with us, to connect with this, to ask Questions, to see all the ways that we're serving people.

Speaker 1: 25:47

The website is awesome. We've changed a lot of things lots of redesigns, lots of focus on making this a user-friendly site. Blogs and articles and resources it's all there Generally. It's all there, including eco. That's why that's what it's all about, okay. So thank you guys so much. I really appreciate you guys just taking time to listen. Again, if you could share this out with others, that would be wonderful. If you give us some feedback, a rating and review, that'd be great. And you know what? Just thank you again for the time that you spent with us today and remember to keep asking why? Thank you for listening to eco s, why this show is supported ad-free by electrical equipment company. Eco is redefining the expectations of an electrical distributor by placing people and ideas before products. Please subscribe and share with your colleagues and friends. Also leave comments, feedback, any new topics that you would like to hear. To learn more or to share your insights, visit Eco s why that's eeco, asks android z. Like lusty hermit sus me.