How To Cut Costs on Wholesale Technology in 2023

Benefits of Digital Wholesale

Since the start of the pandemic, the increase in digitization has enabled businesses to become more streamlined and competitive, letting them grow beyond their existing customer base. A major plus side for wholesalers using digitization is easier sharing of data, meaning that interconnectivity between businesses will increase efficiency for suppliers and provide better customer service for buyers. Modern ecommerce platforms will also incorporate several features that allow very large orders to be created quickly and accurately, again underscoring the efficient nature of the ordering experience.

Omni-channel solutions help integrate into a back-office system, as well as providing a seamless purchasing experience that automates critical business tasks, helping to improve productivity for employees. This way, companies can increase sales, grow customer loyalty and reduce inefficiencies within a single solution. We seamlessly integrate with ecom platforms to simplify your wholesale digital capabilities and drive direct B2B sales with ease. Streamline your workflow, boost wholesale output and drive B2B growth. Book a demo today. Get on top of your cash flow and save thousands.

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Maximizing and Identifying Cost Savings

Before deciding what costs you want to cut, it’s best to organize them by understanding what type of cost-cutting you are dealing with:

Bad Costs: Costs that don’t benefit your company’s growth strategy. It’s best to cut these costs, which may be holding your company back, and instead direct those resources elsewhere.
Good Costs: These costs usually support a company’s overall goals, driving strategies and initiatives that match well with your business plan and drive brand awareness.
Best Costs: These are expenses that appreciably expand your company’s capabilities, leading to a more unique and value-driven enterprise. They are your high-ROI business expenses that drive maximum profit.

Businesses usually thrive by adapting to changes, new emerging technologies, while customer demands and behaviors are often impacted. Being agile can change the speed of your business’s development, meaning you can invest quickly in new working strategies.

Many companies have suffered from the impact of COVID 19 by cutting expenses and jobs and are now anticipating higher margins and low profits in 2023. We offer the most cost-efficient, all-in-one digital wholesale plans specifically designed for every business’ need. Check out our subscription plans and choose the one that suits your current needs.

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Customer Retention Over Acquisition

Many retailers see customer acquisition as one of their biggest marketing goals. However, changing the focus to customer retention could reap more financial rewards and be more cost-efficient, meaning a net increase in sales. Acquiring a new customer costs retailers an average of 5x more than re-engaging a current one. Repeat customers are likely to have higher spending, which will most likely increase over time; profits will increase while operating costs decrease with this additional spending. Improving retention rates can be done through a strong digital market strategy and constant monitoring of the market response.

Minimizing the Risk of Errors

By organizing and utilizing customer data, retailers stay engaged. You can do this by digitizing your customer data; using digital wholesale platforms such as Candid you will be able to keep track of all wholesale customers efficiently. Investing in digital transformation upstream brings better results on the consumer side; it enables you to work anywhere in the world, leading to better connections with brands. Just as consumers make better buying decisions when we can compare products across multiple brands by price, options etc, retailers can use the exact same processes and methods to bring those products to the end consumer. It is also key to know that you will be able to see when a specific retailer was last active in your wholesale shop, how long it has been since their last order, and how much they’ve ordered from you in total. Utilizing this data will allow you to know which retailers to reach out to.

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Constant Selling

Increasing the frequency of inbound sales can be done by digital storefronts that generate these transactions, presenting buyers with photo and video-rich environments that make it convenient, easy and attractive to shop fully searchable catalogs and custom linesheets on their own schedules. Buyers can also place self-service orders directly via their own personal devices or by uploading offline orders.

As your wholesale network expands, you’ll increasingly find that the majority of your clients likely live in other time zones. Your digital wholesale storefront being open 24/7 with all of your desired marketing material should lead to you waking up to see new orders and wholesale payments made while you sleep.

Faulty communication and slow response times are two common customer service woes concerning retail buyers. Expanding your company’s hours of operation to 24 hours a day means you can maintain accurate records of communication, respond with greater speed and allow buyers to shop at their own convenience.

B2B to Upsell

As we have established, it is key to utilize digitization and switch to digital wholesale platforms. When deciding what B2B ecommerce platform to invest in, it is important to consider whether it is fast and simple to set up, as well as buyer-friendly and easy to use.

Another thing that should always be considered is aesthetics; a good looking B2B wholesale ecommerce solution can translate into additional sales to your retailers. One of the main reasons for this increase is the visual appeal that a digital platform brings to the table, meaning the aesthetics of your chosen ecommerce platform is important. Having a pleasant-looking platform adds to the experience, while an unpleasant one detracts.

Pricing of a wholesale ecommerce platform is similarly quite important for small and newly started companies. Affordability is key for these companies – if platforms are priced too highly, it simply won’t become profitable for anybody but enterprise companies to digitize their wholesale.

Finally, the catalog element of the B2B digital storefront greatly increases the number of opportunities to upsell to clients. Sending custom linesheets, offering capsule collections to select retailers and executing insight-driven email marketing campaigns are a few of the many ways you can make it happen via the right platform. This encourages more frequent in-season orders and even one-offs from retailers deciding to take a chance on your brand.

Implementing B2B Integration

A B2B wholesale integration is a key part of growing your wholesale business online. It makes it easier for different parts of the supply chain to collaborate by integrating their systems. This leads to the ultimate goal of reduced costs and increased efficiency for all involved.

It also allows retailers to gain the upper hand on competitive pricing and inventory management. Integrating systems with suppliers to get real-time insight on inventory levels will allow retailers to know when to order more stock and when to reduce stock levels.

Being able to become time efficient in all areas will benefit and save your business a lot, especially with inventory management. B2B wholesale is an industry that needs a lot of integration in order to save time and simplify the work. With good integrations, retailers are able to see the whole inventory of what the supplier has in stock, as are sellers.

Integrations can also help retailers to find out what products are trending in other stores and offer their customers new items they may want.

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