B2B Online, Chicago in review

Where in the world was nanopay this week?

As a global company, we attend events around the globe. This past week Derek Chow and Kevin Wallace, nanopay’s Directors of Sales & Partnerships, were in Chicago attending the B2B Online Conference. In this short blog, they share their insights and learnings from the event.

Q: How did this event compare to similar conferences you’ve attended?

This event was very well run and provided quality and engaging content for attendees. The conference was different in that it focused on manufacturing and distribution, but this space is ripe for change, as this industry continues to focus on digital transformation and the many benefits digitalization has to offer.

In particular, manufacturers look to:

Q: What were your highlights from the event?

This event was truly engaging, but our highlights were:

  1. An ‘Ask Me Anything’ titled From Supply Chain to eCommerce, Blockchain Explained with Jeff Denton, Sr. Director, IT Global Secure Supply Chain for AmerisourceBergen. He delivered a terrific, informative talk on blockchain and why it will transform supply chains and payments in manufacturing and distribution.
  2. A session on How Wolters-Kluwer drives growth and customer engagement through self-service commerce, which was hosted by Brian Lemieux of Wolters-Kluwer Health. He mentioned that one of their goals was to “Get out of the person’s way when they want to give us money”, which relates directly back to nanopay’s goal of providing a Frictionless Payment process to all.
  3. On a less educational note, the House of Blues event, which featured duelling pianos in Chicago’s House of Blues, created the perfect environment for networking

Q: Any surprises at the event?

The major surprise herewas the relatively early stage most manufacturers are at with respect to digitizing and automating processes. Many of them still rely on paper invoices, fax machines, printed catalogs, phone ordering, and of course, checks and wire transfers for payments.

These are multi-million, or even billion dollar businesses, yet they rely on legacy ERP systems. As they look to remove friction from the overall supply chain and B2B customer journey, the use of a payment product, like nanopay’s Connect could be a huge boost to the sales, invoicing, AR, and accounting processes, allowing them to free up resources for other growth opportunities.

Q: What generated the most buzz around nanopay and its products?

Attendees were really excited about our Centralized Ledger Technology, which keeps our blockchain fast, private, and completely secure. Combined with Connect’s ability to create personalized payment portals for both suppliers and distributors, and the product’s ability to tie into any ERP system, the conference was really buzzing.

Q: What were your top industry learnings or insights?

I know we mentioned it earlier, but we were really surprised how much business was still done using legacy technology. 85% of sales done by distributors of industrial manufacturers are done via the phone after receiving printed catalogs, and E-commerce directly to consumers or end buyers currently only account for 3%-5% of all sales

In the future 53% indicate they will make half or more of their purchases online and 44% of the workforce will be Millennials by 2025, so it is quite clear that the industry is about to change, and fast.

Learn more about our B2B payment product, Connect, at www.uniquedoesnotexist.com

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