As a wholesaler, you make money when other businesses buy your products. As easy as it sounds, wholesale companies must deal with unique challenges posed by evolving demand, competition, and technology. In order to grow your wholesale business in this modern business climate, you must adapt to the latest industry trends and develop new ways to attract potential prospects. Well, if you want to increase wholesale sales this year, you’ve landed in the right place.
You can’t simply sit back and relax while other wholesale businesses steal your customers from you. Instead, it would be best if you made extra efforts to build loyalty with your existing customers and worked on attracting new retailers to buy from you.
Today, we’ll guide you by sharing the best tips to increase wholesale sales this year.
What is a Wholesale Business?
A wholesale business is a type of business that involves selling products or services to customers at a discounted price. Typically, wholesalers sell products or services in bulk to retailers, who then sell the items to consumers. Wholesale businesses can be either brick-and-mortar stores or online platforms.
Wholesale businesses usually purchase products or services from manufacturers or suppliers at a lower cost than they would charge consumers. They then add a markup to the product or service and sell it to retailers for a higher price. In some cases, they may sell directly to consumers, but typically they work with retailers.
There are many types of wholesale businesses, including food, clothing, and general merchandise. Wholesale companies can be found in almost any industry.
The main advantage of starting a wholesale business is that it can be relatively easy to get started, especially if you find the right supplier. They also have the potential to be very profitable. However, there is also a lot of competition in the wholesale industry, so making sure your business stands out from the rest is essential.
A few years back, wholesale businesses were referred to only as brick-and-mortar stores. That means if retailers wanted to buy in bulk online, there weren’t many options available. However, after the COVID-19 pandemic, many wholesale businesses invested in setting up their stores online.
With an online store, you cannot only deal with other businesses but also sell directly to customers who aren’t simply interested in buying products for their personal use. Apart from that, online stores allow you to deal with customers from across the globe.
There was a time when you had to buy a ticket and fly over to China to get your next bulk order manufactured or shipped. However, with online stores’ help, buyers can now connect with manufacturers and wholesalers from across the globe without having to spend extra money or waste any time.
You can also set up your own wholesale store in no time. All you need is a leading wholesale plugin that gives you the functionality to make your WooCommerce store capable of selling in bulk. Our recommended plugin is Wholesale for WooCommerce. This unique tool will allow you to establish a hybrid B2C+B2B store where you can deal with retailers and end-users.
Once your online wholesale store is ready, you need to work on ways to increase wholesale sales so that you don’t have to shut down.
How to Increase Wholesale Sales?
According to research, it was discovered that around 56% of B2B companies conduct their marketing activities in-house. Therefore, please take a close look at our strategies so that you can also increase your wholesale sales without having to outsource your marketing.
1. Market Your Brand on Social Platforms
Social media is a crucial aspect when it comes to marketing your products and brand. You have to think about your audience. If they are following you, then you need to stay active and provide them with engaging posts. Wholesalers should work on reaching out to their audience via LinkedIn, Facebook, and Twitter.
Once you have identified your target audience, you can share your products and brand story and announce special offers on those social platforms. Your posts can help you get direct orders. Around 84% of B2B executives consider social media a source for making purchasing decisions.
2. Make the Ordering and Delivery Process Seamless
If you plan on building long-term relationships with your buyers, you need to provide them with a seamless experience. Everything should be flawless, from placing orders and going through the billing process to delivering their goods.
With the help of the WooCommerce wholesale plugin we mentioned above, you can give your customers the seamless experience they deserve. All the features that come with the plugin will help you make your online store perfect for buying bulk products virtually.
3. Excellent Customer Support
In order to maintain a good relationship, you must deal with your buyers with professionalism and courtesy. The importance of providing outstanding customer service cannot be overstated. In today’s competitive B2B environment, customers have more choices than ever before. They can take their business elsewhere if they are unsatisfied with the level or quality of customer service they receive.
That’s why it’s so crucial for businesses to provide outstanding customer service at every opportunity. There are a few key ways to do this:
- Make sure your employees are properly trained in customer service. This includes teaching them how to be friendly and helpful, as well as how to deal with demanding customers.
- Be available to your customers. Make sure you have someone available to help them during business hours and make it easy for them to reach you if they have questions or problems.
- Be responsive to your customers’ needs. If they have a problem, do everything you can to resolve it quickly and efficiently.
- Show your customers that you value their business. Thank them for their patronage and let them know that you appreciate their business.
Providing outstanding customer service is essential for any business that wants to be successful. By using these tips, you can make sure that your business has the kind of high-quality customer service that retailers want today.
4. Offer Special Discounts to New Clients
In order to increase wholesale sales, you need to attract new buyers to purchase products from you. A one-time discount to new buyers can do the trick here, as it’ll attract new businesses. If they are satisfied with your products, prices, and service, they’ll return even without a discount.
Other than that, you can also hunt down all your customers that have stopped buying from you. An email with an exclusive offer or a phone call to know the reason behind them not buying from you could get you the business you’ve lost back. Reaching out to old customers may encourage them to continue buying from you. Also, you’ll receive helpful feedback to fix any problems that may have occurred in the past.
5. Introduce Seasonal Sales
People eagerly wait all year to spend their savings during Black Friday or Christmas sales. Though you should also be active during this time of the year to clear out all your old stock, you should also go for other seasons throughout the year when the competition isn’t that strong.
With a reasonable offer, you’ll attract their attention. Now, your job is not to lose it! Maintain strong relationships with all of your clients and stay in touch with them to make sure they keep buying from you.
6. Get Listed on a Leading B2B Marketplace
One of the easiest ways to increase wholesale sales this year is by getting listed in a B2B directory. On such B2B portals, you’ll have the opportunity to generate quality leads from global buyers. In addition, you can post all your products on the platform and even have a dedicated store page where all your details will be displayed. The top online B2B marketplace is none other than Alibaba.
If you are running a wholesale business and you aren’t listed on Alibaba, you may be missing out on reaching a vast audience. However, there are many Alibaba B2B competitors like TradeKey, ThomasNet, and Made-In-China that you can also rely on to help you find the best buyers for your products.
Other than that, many of these B2B marketplaces also offer premium B2B services, which include everything from helping you find buyers to generating an online identity for your brand.
Are You Ready to Increase Wholesale Sales?
Running a wholesale business is a very profitable option if you walk down the right path with the best strategy. The tips mentioned above are ideal for helping you grow your wholesale sales in no time. Though you may face many challenges in the initial days, don’t give up and move on to the following strategy to get maximum exposure in this competitive business environment.