capSpire Blog

According to Microsoft’s 2018 Global State of Multichannel Customer Service Report, 88% percent of customers worldwide expect businesses to provide online customer self-service portals. This is especially true in the U.K. (92%) and U.S. (88%) where customer support has become an increasingly high priority. The Energy space is paying attention to this trend, and industry leaders are providing portals for their customers to access data 24/7 and execute trades online.

Why is this?

We live and work in an on-demand world in which we expect information to be available whenever and wherever we want. This is especially true for the refined-products industry in which market dynamics that affect commodity prices shift from moment to moment. No commodity-marketing company wants to delay getting critical information to its buyers. And no buyer wants to hunt down the latest prices. In the time that buyers and sellers spend manually transmitting and gathering information, money and opportunities are lost. This reality calls for a smarter approach to commodity sales.

The ability to conduct deals online offers critical benefits to both sellers and buyers of refined products. Here’s how we’re seeing industry leaders transform the way they’re selling product online:

• Convenience is key. Because information on the web is accessible 24/7 and updated in real time, buyers around the world can view the latest prices and purchase products whenever they want—independent of support staff on the seller’s side and even outside traditional office hours.
• Buyers have flexibility in terms of how they want to purchase via the portal: prompt sales, forward sales, heat-curve sales, bids, or market sales.
• Buyers can view the latest prices and buy products wherever they are using their preferred technology. If they’re at their desk, they can use a PC. If they’re on the go, they can use a tablet or smartphone.
• Sellers can unload inventory more quickly and better manage margins, as a result of providing buyers with real-time prices.
• Communication between sellers and buyers throughout the transaction lifecycle is more efficient. Every time a rack price changes or a significant event occurs, sellers can send messages to hundreds of prospective buyers at once via email or text.
• Industry leaders often provide the capability to electronically sign confirmations as needed. This means no more emailing documents back and forth, which can be cumbersome and time-consuming.
• The portal seamlessly integrates with existing CTRM systems, such as RightAngle and Allegro, so that trade information flows into the main system of record automatically. This eliminates manual effort and allows for automated, more efficient workflows.
• By housing all transaction documentation within a single, secure environment, the portal serves as a virtual file cabinet for buyers to access contracts, bills of lading, invoices, and more online 24/7.

CapSpire’s Gravitate platform is leading the charge in the online Refined Products marketing space and recently helped a client improve sales volume by 40%. Portal usage among buyers also increased, as evidenced by a 20% jump in log-ins. Most impressively, the portal paid for itself within 12 months by reducing internal transaction costs. 

Gravitate helps to empower buyers to take control of the transaction process and to boost their engagement with sellers. Marketing groups have the opportunity to deliver more intimate, personalized, and efficient customer service and reach a much larger pool of buyers to increase revenue. For more information about Gravitate and to become part of the industry’s embrace of web-based trading platforms, please email info@capspire.com.