Wholesale businesses have long been a valuable resource for people looking to buy in bulk. From school stationery to hotel bedding, wholesalers enable companies and institutions to buy the products they need in the quantities they require them in – at a heavily discounted price compared to traditional retailers.
In 2008, there were 108,502 wholesale businesses in the United Kingdom alone. But the way in which these companies operate has undoubtedly changed in the decade since then.
From material requirements planning software to inventory trackers, it’s no secret that software has transformed the way the global retail sector works, and wholesalers are no exception. This post will take a closer look at how software can help wholesale businesses.
Inventory tracking software
Because wholesalers sell in bulk, their inventories can be harder to keep track of than those of traditional retailers, which typically sell products in much smaller quantities. This is the case for small-to-medium sized wholesalers, as well as large multinational companies.
Inventory tracking software is one of the most crucial technologies for wholesalers. This is a digital system that tracks all of the factors affecting stock levels, including sales, deliveries, and orders.
In today’s crowded e-commerce market, one of the most important ways to secure customer loyalty is with competitive shipping prices and times. With Amazon offering free one-day delivery as part of its Prime package, smaller retailers and wholesalers need to ensure that their shipping policies aren’t driving consumers to larger companies.
By remaining in control of their inventory in real time using inventory tracking software, wholesalers can prevent shipping delays and make sure they’re able to fulfil orders quickly.
According to a survey by the American software company Blackline, industry accountants believe that online accounting and bookkeeping software are the technologies that will have the greatest impact on their profession over the next five years. This technology is crucial for wholesalers, who can rarely afford to lose track of their processing costs, profit margins, and the changing cost of raw materials.
Because their stock is sold at heavily discounted prices, it can be difficult to set price tags in accordance with fluctuating values. Accounting software can automatically account for these fluctuations, making it easy to adjust expenses on a day-to-day basis if necessary.
CRM software – which stands for Customer Relationship Management software – is crucial for businesses in all sorts of sectors, but it can prove particularly helpful for wholesalers.
CRM software functions as a database to log customer data, contact companies, and ultimately drive repeat business. Many include functions that enable wholesalers to track the effectiveness of marketing campaigns, with ways of tracking the conversion rate of customers (from web traffic to paying clients).
This software is incredibly useful for SMEs (small to medium enterprises), as tailored customer service is a key way in which smaller companies can compete with big businesses. By building long-term customer relationships based on strategic campaigns and personalised service, wholesalers can increase their chances of winning repeat customers.
With statistics showing that 84% of companies that take steps to improve their customer experience see a corresponding increase in their revenue, it’s clear that CRM software is well worth the initial investment for wholesalers.
By investing in the right software, wholesalers can boost their business and close the gap between their competitors.