In 2022, the estimated revenue of the wholesale industry was US $6376.4 billion and it is expected to increase in the succeeding years.
Just like many wholesalers, you might have great products in your brick-and-mortar store but if they are not reaching enough customers, your business is likely to struggle with profits.
And with fluctuations in the market and economic conditions, you must think of equipping your wholesale business with the right tools and growth strategies to dominate the market.
In this article, we will share five proven ways to boost your wholesale business in 2023.
So, without any further ado, let’s get in!
Ever wondered why some wholesale businesses survived while others collapsed during the pandemic and why some are doing better than others amidst this looming recession?
That’s because they’ve digitalized their businesses. Besides having an offline store, they’ve been quick in building their online presence on a marketplace.
A study by McKinsey shows that a sizable 60 percent of B2B buyers indicate they are open to purchasing on digital marketplaces.
While the pandemic resulted in the permanent closure of many wholesale businesses, you cannot lose your business to the recession now.
So, to face this economic downturn, you can’t just keep all your revenue eggs in one basket (your offline store). Diversifying your sales channels is the need of the hour as more and more customers are purchasing online.
The easiest and inexpensive way of doing this is by establishing your online presence on a B2B wholesale marketplace that has a pre-built audience.
Unlike many marketplaces that charge commissions on sales, there are some that take 0% commissions such as SeeBiz.
It offers a virtual space to manufacturers, distributors, wholesalers, and retailers to connect and conduct trade online.
To begin with online selling on this trading platform, there’s much on your part — you just have to sign up, choose a yearly subscription plan, and watch your store go live within a week.
And the store built for you looks and feels just like your independent eCommerce website.
Content marketing has also been a huge hit for B2B wholesale in recent years. It works great in expanding your business’s reach, engaging with target buyers, and ultimately driving sales.
According to a survey by Statista, 66 percent of respondents stated they planned to increase their B2B content marketing spending to bring favorable results.
Based on your audience’s interest, you can choose to deliver your marketing message via:
Here are some great ways to implement content marketing for your wholesale business:
Another great way to boost your wholesale business is through networking.
And that networking doesn't always have to be face-to-face.
Trade shows do help, but there are lesser-known networking hacks that are very likely to boost your wholesale business.
Be social. In this case, LinkedIn and Twitter are the way to go. LinkedIn membership totals more than 400+ million business people worldwide, making it prime territory for B2B sales and promotion.
Many CEOs and prominent personalities have active Twitter profiles with hundreds and thousands of followers.
You can view this as an opportunity to connect with key decision-makers and influencers from the wholesale industry through LinkedIn and Twitter.
Besides, you can also get your networking things right by using an online wholesale marketplace that allows you to import your contacts and make them aware of your new product launches, discounts, or any business-related news.
By doing so, more and more people will get aware of your business and its offerings.
This helps ensure that you don’t just know a lot of people but you have strong business relationships with players in the wholesale industry.
Buyers have their own networks, so once you have a happy buyer who sends others to your business, you should think of referral rewards.
Word-of-mouth influences every step of the customer’s journey.
And research shows that customers acquired through word-of-mouth have 2x the lifetime value compared to customers acquired through traditional marketing methods.
Here’s how you can start a successful referral program for your wholesale business:
When it comes to boosting your wholesale business, giving out discounts and offers to your first-time buyers turns out to be a great strategy.
You can try something like ‘20% discount on your first order’ or ‘free shipping on the first three orders.’
Once they like your product, they will return to you even when you are not offering a discount.
Ultimately, a good customer experience turns one-time clients into long-term brand champions.
Here’s a stat to back this up: 89% of consumers are more likely to make another purchase after a positive experience.
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