The wholesale industry is at a crucial turning point. Changes in the business landscape—driven by trends like digital transformation, nearshoring, and new consumer expectations—demand a strategy to ensure profitability and long-term success. If you run a wholesale business, how can you thrive in the digital age? In this blog, we share six tips to help you become a successful wholesaler.
Unpredictable demand can create inventory imbalances. Using technology to accurately forecast demand, optimize purchasing, and avoid overstock or stockouts can help reduce unnecessary expenses and allow you to invest in other areas.
Some tools you can use to achieve optimal inventory control include:
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:
Inventory cost reduction of up to 20%
Inventory level reduction of up to 30%
Inventory turnover increase of up to 20%
Improved inventory visibility and traceability
Order fulfillment rate increase of up to 99%
Better strategic decision-making
In an increasingly competitive market, standing out through price alone is no longer enough. Offering added value through unique products, exceptional customer service, and additional services like custom packaging or shipment management makes a difference. Additionally, leveraging artificial intelligence can help better implement your company’s strategy. Here are some ideas you can develop:
Build a strong, differentiated brand
Implement a customer loyalty program
Offer innovative products and services
Personalize the customer experience
The advantages of giving your brand visibility and reach translate into:
Market share increase of up to 10%
Customer retention improvement of up to 50%
Higher customer satisfaction
Having a data-driven pricing strategy based on your market is crucial to staying profitable and competitive with distributors and retailers. It also helps maintain profitability and reduce operating costs. Examples of best practices you can achieve with enterprise software and artificial intelligence include:
Implementation of dynamic pricing strategies
Automation of repetitive and manual tasks
Supply chain optimization
In return, you can improve the following key indicators:
Profit margin increase of up to 5%
Operational cost reduction of up to 15%
Improved efficiency and productivity
In a world ruled by algorithms that personalize everything, the customer relationship process can’t lag behind. That’s why implementing a CRM system to provide better service, optimizing logistics for fast deliveries, and especially making the buying process easier with more options available is key to meeting modern consumer expectations.
Other tools that can help you improve your customer journey include:
Sales Automation Platform: Connected to the inventory system, it enables automation of other processes like demand planning and order creation.
Business Intelligence (BI) Software: A key tool to understand customer behavior, market trends, and sales opportunities.
Customer Service Suite: More than just a ticketing system—they need a loyalty program, live chat, and satisfaction surveys to ensure an excellent post-sale experience.
Your company will also benefit in the following areas by providing quality pre-sale and post-sale service:
Up to 41% increase in converted sales opportunities
14% reduction in the sales cycle
5% increase in customer retention, which translates into a 25% reduction in promotion and acquisition costs
Staying updated on international trade policies and diversifying the supply chain by sourcing from different regions reduces risks and ensures business continuity. Today, nearshoring presents an opportunity for Latin American companies to access higher-value markets like the U.S., which also have stricter requirements. With the support of technology, you can gain insight into the following:
Continuous monitoring of international trade policies
Supplier diversification across different countries
Implementation of risk management strategies
By doing this, your company will benefit from:
Reduced risk of supply chain disruption
Increased flexibility and adaptability
Improved competitiveness in the global market
Being present on all channels and digitizing both internal processes and relationships with customers and suppliers is essential.
Digital transformation has become a fundamental pillar for business success. Integrating technology into all areas of the company not only improves operational efficiency but also boosts competitiveness and responsiveness to change.
Therefore, investing in online platforms, implementing digital catalogs, and optimizing logistics for fulfilling online orders are key actions to ensure sustainable growth in the digital era.
Some strategies to digitize your company and keep it relevant include:
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 are the benefits of this? Here are some:
Online sales increase of up to 50%
Expanded reach into new markets
Enhanced customer experience
NetSuite, the leading cloud-based business management platform, offers a comprehensive solution to the challenges of wholesale distribution in the cloud. With NetSuite, businesses can:
Accurately forecast demand and optimize purchasing
Differentiate from competitors with exceptional customer service and added value
Optimize pricing strategies and increase profitability
Manage inventory efficiently and reduce costs
Adapt to e-commerce and expand their reach
Simplify supply chain management and increase efficiency
Provide personalized customer service and improve satisfaction
Ready to conquer the future of wholesale distribution?
Efficientix is the strategic partner you’ve been looking for to make it happen.
Contact us to get the advice and support you need to implement the ideal solution for your company.