Do you wish to start your own wholesale business or are a wholesaler who is willing to expand your business? Be it any case, LiveSauda has got you covered. We have curated a list of five to-go strategies which will disclose to you the future of wholesale distribution. So let’s get started!
Strategy 1: Choose the Right Type of Products
Customer behaviour analysis is the key to do right B2B inventory management. Study the pattern of your customers and you will know what type of inventory mix will work for your business. This will not only help you retain the existing customers but also gain new customers (who are likely to buy the same products as your existing customers).
Strategy 2: Digitizing Wholesale Distribution
With the coming of globalization and merging of the world economy, it is very important for a wholesale business to use the right set of software to boost their efficiency and profitability. One such software that is surely needed by wholesale businesses is an intelligent application with analytical capabilities, With this, wholesale companies can access their data from multiple sources anytime and anywhere, helping the top-level management with quick decision making. An inventory management system is also of great help. It not only keep a check on the quantities of every good available but also helps you analyze the customer demand pattern.
Strategy 3: Invest in People
It is very important for a firm to not just hire people with the best skill set but also people who have a long-term vision. Make sure that you benchmark every position before hiring a suitable candidate for a particular job role. Have right manpower to rely upon. Throw new situations and case-studies on the candidates to see how they react in different situations.
Strategy 4: Differentiate yourself from Others on the Basis of Customer Service and not Price
In the traditional wholesale set-up, the businesses fight on the basis of price. However, with the changing market demands and patterns, better market share goes to those who anchor upon customer service and not the price point. Think about curating a unique experience for your customers. This way you will never lose them to your competitors.
Strategy 5: Sort your Logistics:
In today’s wholesale industry, businesses must digitize the order taking and submission process to increase efficiency and draw more profits. Be sure to consolidate all your sales orders for faster fulfilment and better customer satisfaction. A 1-2 days delivery will make you the best choice for a retailer who gets real-time orders from the end consumers.
Last but not the Least:
Wholesale business is not dying, it is just evolving. It is very important for wholesale businesses to adapt to the changing marketing and sales strategies to bank on better profits without draining huge efforts of the existing business resources. The future of wholesale distribution does not lie in cutting the prices and profits of the wholesalers. Now, it is all about curating better customer experiences.