Digitizing MedTech Commerce
MedTech companies have been slow to adopt e-commerce as compared to other industries. Existing e-commerce technologies offer very little flexibility for MedTech companies to integrate their multi-tiered distribution structures and diverse product portfolio where each product category has unique stages in sales cycle.
MedTech can be broadly classified as equipment, consumables & accessories and implants. Based on the cost, shelf life, technical complexity, need for customization and consumption volumes, a MedTech company requires a highly flexible solution that offers a single window to the customer while at the same time accommodating the diverse and complex requirements across its supply chain. Digitization involves big investment into IT and very often, what works for one country will not work in another there by creating islands of legacy systems across the globe with very little synergy.
StoreFront application from Doctor’s Bazaar addresses this problem by offering MedTech companies unique solutions to address their varied needs to digitize transactions at all levels across the value chain catering to varied demands of their products portfolio.
MedTech companies can leverage their distribution network around the world to create localized stores under one single domain using the patented micro-store concept of the StoreFront application on Doctor’s Bazaar.
Micro-stores result in zero regulatory hassles, distributor or subsidiary level payment gateway configuration, direct routing of payments to seller account any where in the world, invoice and shipping document uploading and delivery confirmation while giving companies control and visibility of at store level.
While companies can control pricing, products and geography of a micro-store, distributors or subsidiaries manage inventory allocated for online selling, order processing and shipping. The entire process of setting up a micro store takes less than 15 minutes.
B2C Store — open-walled
Pricing and features are available and visible to all and are common to all visitors regardless of the user registration. Usually meant for consumer and end user oriented low/medium value products. Prescription control can also be implemented for those products which required a valid doctor’s prescription prior to purchase.
Based on the type of products and pre/post sale engagement required the StoreFront provides highly customizable transaction tools to improve conversions and offer purchase alternatives to customers.
Gatewalled B2B Stores — Achieve Customer Segmentation in B2B
B2B selling is relationship based which means there is usually a customization in terms of product combinations offered, pricing, delivery and payment terms.
StoreFront allows companies to set gate-walled stores where products offered, pricing, and check-out conditions including credit period, delivery terms, order & payment process workflow at customer end can be customized at user account level. This helps companies avoid ad-hoc local level sales policies which hurts profitability and creates dissonance in the market. The application therefore assists in creating a segmentation policy where customers are grouped together based on key metrics
This allows for unique online ordering experience which individuals are used to in B2C purchases while at the same time allowing for a institutional structure to be incorporated into the system.
StoreFront also allows custom deployment of transaction tools available for B2C segment in addition to Financing options as well where customers can avail loans from banks and NBFCs to fund their purchase.
Micro-Store concept allows for customers to be assigned to individual channel partners removing channel conflict and moving the focus on customer satisfaction.
Digitize Channel Partner Management — Manage channel partner orders, claims, warranty registrations and monitor stock and sale data in real time.
Allow your channel partners to place online orders, manage warranty registrations and claims, goods return management, credit notes. Receive real time stock and sale notifications via user friendly interfaces making it easy for the distributors and companies to engage with each other.
APIs make it easy to integrate StoreFront with existing ERP / CRM making the entire channel management online and paperless.
The process flows can be completely customized to the requirement of the customer requirement.
Replenishment Digitization
Ideal tool for implementing Vendor Managed Inventory, application allows tracking of consumption, batch or serial number tracking, triggering of replenishment both to hospital stores from distributor and from central warehouse to distributor.
Data capture is done using a Mobile APP ensuring high adherence.
The application can be implemented with Channel Partner Management tool to provide high visibility and digitization of secondary sales at channel partner end.
StoreFront application from Doctor’s Bazaar is used by leading brands in the MedTech industry. To understand how this application can be customized for your products and markets reach out to us at contactus@doctorsbazaar.com
Doctor’s Bazaar is a medical device market-network. Using the power of social networks in B2B environments, we are changing the way medical devices are procured, serviced and maintained.
