In this article, you would be learning about the 10 Ways to Increase Your Wholesale Sales. As a wholesale, you generate money when merchants purchase your products, but this is not always easy to accomplish. If you are at a loss for ways to attract additional customers, you may be interested in the following ten suggestions for wholesale business owners.
10 Ways to Increase Your Wholesale Sales
Use the following guidelines to create a purchasing experience retailers cannot get enough of:
1. Provide retailers with discounts that are better than wholesale
Including double-savings bargains in your daily, weekly, or monthly offerings will give you a competitive edge and help you move your merchandise more rapidly. B2B buyers will be on the lookout for these promotions and will enjoy the additional savings they obtain when doing business with your firm, resulting in more orders for you.
In addition to the initial wholesale discount, wholesale enterprises can offer unique pricing on items, just like any retail shop. Incentives might also come in the form of discounted prices for volume orders.
Thorn Apple Valley, a manufacturer of a variety of types of sausage, hot dogs, and other meat products, is a prime example. The company’s incentive program got the Gold Incentive Showcase Award from the Association for Incentive Marketing (AIM). What made it so wonderful? Based on the percentage of their sales rise, they rewarded meat managers at Pathmark supermarkets with a variety of Sony items or AT&T handsets. The sales did grow significantly by 22%.
2. Offer exceptional client service
Always be courteous to your customers and exude professionalism. Be willing to go the extra mile for a retailer who orders your products, and never fear losing the occasional “battle” in order to win the wholesale business “war.” Even if you occasionally need to decline a request, treat each retailer with compassion and understanding. This type of care will go a long way toward generating loyal, higher-volume wholesale clients.
Amazon is a perfect example of the significance of small gestures. To enhance the client experience, the organization implemented several firsts in its field. Among these are free shipping, order tracking, one-click ordering, user reviews, and product recommendations, all of which make ordering faster, more convenient, and less expensive.
Amazon was the first company to include a customer review feature on an e-commerce website, in addition to their wide multichannel customer support strategy.
3. Make ordering, delivery, and invoicing as seamless as possible for wholesale customers.
As much as possible, automate your order administration and product distribution operations. The primary benefit of automation is that it simplifies complex fulfillment procedures and minimizes the need for manual labor, allowing you to provide superior, more efficient customer service from order placement to payment processing and shipment.
Within six months of fully automating its end-to-end distribution system, WinnCom Technologies, a distributor of networking products, realized a return on investment of approximately $250,000, with annual savings of 20% of inventory value ($1.2 million to $1.5 million) anticipated. In addition, the company’s revenue nearly doubled in the six years following the automation of its processes (2000-2006).
4. Optimize your business operations
Those who operate their own businesses efficiently anticipate the same from their suppliers. Therefore, it is your responsibility to maximize operational efficiencies inside your own organization. Integration of inventory, finances, shipping, logistics, etc. within an intelligent cloud B2B inventory management system or ERP inventory management system is beneficial for both the customer and your organization.
As an illustration, Essendant, a provider of workplace basics, offers same-day shipment on all products. They are able to ship customer orders within hours of receiving them because they have developed methods to simplify order processing.
5. Make ordering suggestions
In fact, you may wish to recommend additional items depending on the retailer’s order, a process that can be automated or handled by a live customer care agent. This is analogous to selling accessories in retail sales.
Let us return to Amazon. They are currently dominant in this field as well. They provide relevant products to customers during the checkout process and on every product page. This not only makes it easier for customers to identify related products, but it also enhances the possibility of cross-selling and upselling, which generates more revenue for Amazon. The system is automated, making it a comfortable experience for the consumer and freeing up Amazon’s employees for duties that cannot be performed as effectively by computers. Amazon completes its strategy by providing free shipping on orders with a relatively low overall price. No wonder so many buyers find up purchasing more than intended.
6. Create engaging, attention-grabbing campaigns.
Aesthetics are equally as crucial as content. Use color, contrast, and other professional design aspects to catch the attention of potential B2B customers with an appealing digital marketing campaign, followed by concise writing and a distinct call to action.
Don’t overlook the effectiveness of email campaigns. Amazon accomplished this in 2014 with their one-of-a-kind series of “jolly” messages that incorporated quirky animations and product placements.
7. Provide exclusive deals to new customers
A one-time discount for new clients, whether they are retailers or consumers, can be an efficient method to attract new business. If they like you sufficiently, they will return even without a discount.
Over the course of one month in 2013, the Los Angeles-based wholesaler NP Fashion increased fall sales by offering free delivery and discounted prices on its new range of handbags. NP Fashion sells both to retail stores and directly to consumers, and offers special discounts to retailers who carry their collection.
8. Offer incentives for referrals
It all comes down to who you know. Customers possess their own networks. Leverage these wholesale connections by offering an incentive for referrals.
Dropbox’s referral scheme (modeled after PayPal’s successful “refer-a-friend” program) resulted in a 60% increase in signups. In a span of 15 months, the number of registrations increased from 100,000 to 4,000,000 — a success story for the record books. Both referrers and referred users get more storage space on Dropbox’s cloud-based data storage technology. The awards were commensurate with each company’s market specialty. Their rewards were targeted and individualized, as opposed to generic.
9. Advertise a free gift with the first purchase of every new customer.
Everyone enjoys receiving gifts, particularly B2B clients. Consider offering varying gifts based on the initial order size. You will increase the likelihood that a buyer will choose your company as its supplier while simultaneously encouraging a larger initial purchase.
The 2012 Mystery Sale campaign of Western Digital, one of the largest manufacturers of computer hard drives, won The Markies award for Most Creative Marketing Campaign. The Markies cited Western Digital’s “simple promotion mechanic (gift with purchase)” as one of two contributing factors to its “exceptional ROI.” The campaign was so effective that the company decided to expand it internationally.
10. Offer time-sensitive discounts that encourage retailers to purchase immediately.
You have captured their interest. Avoid losing it. Incorporating firm deadlines into your offers can provide the impetus your prospect requires to move from “maybe” to “yes.”
The second factor cited by The Markies as contributing to the success of the WD campaign was the company’s use of “limited-time offers” to promote its products.
It is so amazing to discover that there are 10 ways to increase your wholesale sales without stress.