7 min. de lectura

6 keys to be a successful wholesaler in the digital era

Mar 26, 2024 6:30:00 AM

The wholesale industry is at a critical juncture. Changes in the business landscape, driven by trends such as digital transformation, nearshoring, and evolving consumer expectations, demand a strategy to ensure profitability and success in the future. If you run a wholesale business, how can you thrive in the digital age? In this blog, we provide six tips that will make you a successful wholesaler.
Wholesale

1. ENSURE INVENTORY CONTROL

Demand unpredictability can lead to inventory imbalances. Using technology to accurately forecast demand, optimize purchases, and avoid excess stock or stockouts can help reduce unnecessary expenses and invest in other areas.

Among the tools you can use for optimal inventory control are:

  • Warehouse Management Systems (WMS).
  • Radio Frequency Identification (RFID) for inventory tracking.
  • Internet of Things (IoT) for data monitoring.
  • Predictive data analytics software.
  • Artificial intelligence and machine learning.
  • Real-time data visualization dashboards.

Other notable benefits of using inventory management systems include:

  • Cost of inventory reduced by up to 20%.
  • Inventory levels reduced by up to 30%.
  • Inventory turnover increased by up to 20%.
  • Improved inventory visibility and traceability.
  • Order fulfillment rate increased by up to 99%.
  • Enhanced strategic decision-making.

2. busca tener ventaja sobre la competencia

In an increasingly competitive market, standing out on price alone is no longer sufficient. Offering added value through unique products, exceptional customer service, and additional services such as personalized packaging or shipping management makes a difference. Additionally, leveraging artificial intelligence can help you implement your company's strategy more effectively. Some ideas you can develop include

  • Building a strong and differentiated brand.
  • Implementing a customer loyalty program.
  • Offering innovative products and services.
  • Personalizing the customer experience.

The benefits of giving visibility and reach to your brand translate as follows:

double exposure of businessman hand drawing virtual chart business on touch screen computer

3. optimize pricing and costs

Having a data-driven pricing strategy tailored to your market is crucial for maintaining profitability and competitiveness with distributors and retailers. Similarly, it contributes to maintaining profitability and reducing operating costs. Examples of best practices you can achieve with enterprise software and artificial intelligence include:

  • Dynamic pricing strategy implementation.
  • Automation of repetitive and manual tasks.
  • Supply chain optimization.

As a result, you can improve the following key indicators:

  • Profit margins increased by up to 5%.
  • Operating costs reduced by up to 15%.
  • Enhanced efficiency and productivity.

4. Personalize the Customer Experience

In a world dominated by algorithms that show you stuff entirely personalized, the customer relationship process cannot be left behind. Therefore, implementing a CRM system to provide better service, optimizing logistics for fast deliveries, and especially facilitating the purchasing process by having the most options available is key to meeting the expectations of modern consumers.

Other tools that can help you have a better journey with your buyers in your company include:

  • Sales Automation Platform: Connected to the inventory system, it allows the automation of other processes such as demand and new order planning.

  • Business Intelligence Software (BI): These are a key tool for understanding customer behavior, market trends, and possible sales opportunities.

  • Customer service suite: Not just a ticket system, they need a loyalty program, live chat, and satisfaction surveys, which guarantee an optimal after-sales experience.

In addition, your company will benefit in the following aspects by having quality pre-sales and after-sales service.

  • Up to 41% increase in converted sales opportunities.
  • Sales cycle reduced by 14%.
  • Retention increased by 5%, resulting in a reduction in promotion and acquisition costs of up to 25%.

picture that exemplifies nearshoring

5. Use Globalization and Nearshoring to Your Advantage

Staying updated on international trade policies and diversifying the supply chain by seeking suppliers in different regions reduces risks and ensures business continuity. Currently, nearshoring presents an opportunity for companies in Latin America to enter higher-value markets such as the United States, which also have stricter requirements. With technology support, you can understand the following:

  • Constant monitoring of international trade policies.
  • Supplier diversification in different countries.
  • Risk management strategy implementation.

By doing so, your company can:

  • Reduce supply chain disruption risks.
  • Increase flexibility and adaptability.
  • Improve competitiveness in the global market

6. Consolidate Your Digital Transformation

It is essential to be present in all channels and carry out the digitization of internal processes, as well as customer and supplier relationships.

Nowadays, digital transformation has become a fundamental pillar for the success of companies, and integrating technology into all areas of the company not only improves operational efficiency but also enhances competitiveness and the ability to respond quickly to changes.

Therefore, investing in online platforms, implementing digital catalogs, and optimizing logistics for online order fulfillment are key measures to ensure sustainable growth in the digital age.

Some strategies that allow you to digitize your company and keep it up to date are:

  • Creating an attractive and user-friendly online store.
  • Integrating online and offline sales channels.
  • Implementing digital marketing strategies.
  • Optimizing logistics for fast and efficient deliveries.

What benefits can be obtained from this? Here are some of them:

  • Online sales increase by up to 50%.
  • Expansion of reach to new markets.
  • Improvement of the customer experience.

Netsuite, the complement for success in the digital world

NetSuitethe leading cloud platform for business management, offers a comprehensive solution for wholesale distribution challenges in the cloud. With NetSuite, companies can:

  1. Accurately forecast demand and optimize purchases.
  2. Differentiate themselves from competitors with exceptional customer service and added value.
  3. Optimize pricing strategies and increase profitability.
  4. Efficiently manage inventory and reduce costs.
  5. Adapt to e-commerce and expand their reach.
  6. Simplify supply chain management and increase efficiency.
  7. Provide personalized customer service and enhance satisfaction.

Ready to conquer the future of wholesale distribution? Tekiio is the strategic partner you need to achieve it.

Contact us and get the advice and support you need to implement the ideal solution for your company.