As a wholesaler, you profit when retailers purchase your products. This may initially appear simple because your sales will increase if just a few buyers purchase significant quantities of your item, right? However, occasionally it’s not that simple. You cannot simply wait for retailers to purchase from your wholesale company.
Instead, you should exert effort to not only acquire new clients for your wholesale business but also foster customer loyalty and drive repeat purchases from your present clientele. Let’s see how you can make that happen and boost growth.
Take wholesale management to the next level
Investing in wholesale management software is definitely worth considering because the ROI is great. Your wholesale management software should provide you with the means to better understand your clients, the products they like and dislike, the things they aren’t even aware they need, and your market as a whole.
You will know your customers better than they know themselves using business intelligence tools such as an operational CRM, demand forecasting, sales, trend analysis, and other important data.
For instance, Joor is one of the best platforms of this kind. Its showrooms have revolutionized the way you can showcase your collections, while its real-time data and analytics features will help you come up with more educated decisions. On top of that, you will save a lot of time, and your efficiency will improve.
Polish your website
Online or web presence refers to how easily a company’s website can be found on the internet. It may be achieved through any of the social media platforms or on your website, as well as many other channels.
If you are aware of the ways in which you can use the internet to extend your reach and maintain a strong web presence, you may increase the number of consumers you serve and the number of clients you can attract.
So, it’s time to polish your website. Pay attention to every detail. Even your email pop up form can be a powerful weapon if used correctly. Take into account its design and how it can help you attract new leads, drive more sales, and boost growth.
Check your pricing strategy
When running a wholesale company, one of the most challenging and stressful elements in determining the prices of the products. Comparing products on the market that are similar and that compete with each other is a good way to start. One of the best ways to gain insight into client demand is to observe the prices at which clients are willing and able to pay.
After you have determined the price range, you can either raise or lower the price depending on the quantity of the order that you place. For instance, if a merchant makes an order for one hundred items that are sold at a retail price of $100, you are free to set the pricing anywhere between $58 and $60.
If you don’t have an online business but wish to sell in a physical location instead, you should first establish prices that are comparable to those of your competitors and then modify them as you go along.
Work on customer service
According to statistics, acquiring a new customer might be five times more expensive than retaining an existing one. Therefore, it’s essential to keep the consumers you already have satisfied. One of the simplest ways to accomplish this is by offering excellent customer service.
Obviously, to deliver the best service to consumers, you must be professional, pleasant, and attentive. In addition to treating your customers well, there are additional ways to create exceptional customer service.
Consider, for instance, enhancing the user experience on your wholesale website. For your wholesale program, you can offer order tracking, optimize the ordering process, and develop an onboarding procedure.
This will maintain the satisfaction of your present wholesale customers and urge them to continue purchasing from you. But excellent customer service can also help your business acquire new consumers. Consider adding a live chat to your wholesale website, for instance.
Live chat enables prospective consumers to ask any pre-sale queries and receive an almost instant response. As you may imagine, this can facilitate the purchase process for shops.
Cash flow has to be under firm control
Any business in wholesale distribution needs to maintain a steady cash flow. It is possible for a wholesale distributor to make one of the most costly blunders possible by providing their customers with an excessive amount of credit.
It is important to refrain from giving in to demands for longer payment periods and to be vigilant in the process of collecting debts. You should take payments via credit cards and invoices, receive payments online, and, if necessary, outsource collection.
In addition to this, you should always be informed of the state of your finances at any given time. Produce regular flash reports that include information such as cash availability, daily/weekly/YTD sales, payables, important inventory, best-selling/worst-selling items, and other relevant data.
Increasing your wholesale sales and fostering expansion is not very challenging, but it does involve time and work. Be proactive, and you’ll quickly be able to expand your business. Take whatever you can from this mini-guide, and you’ll be off the ground in no time.