Guide to Boost Your Wholesale Business in 2023

February 16, 2023

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!

1. Go Online & Sell On Wholesale Marketplaces

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.

2. Use Content Marketing to Increase Brand Awareness

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:

  • Newsletters
  • Podcasts
  • Social media posts
  • Blogs/articles
  • Videos

Here are some great ways to implement content marketing for your wholesale business:

  • Upload catchy and good-quality product images with valuable product descriptions. The aesthetic appeal will always be one of the reasons why customers purchase no matter which industry they belong to.
  • Make short videos and advertise them on LinkedIn or other social networking platforms where your audience is the most active.
  • Send newsletters to your prospective customers. So, whether it’s about any product launch or you wish to get more sales from your existing product line, you must make your customers know about your business and its offerings.

3. Build & Expand Your Business Network

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.

4. Offer Incentives for Referrals

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:

  • Give out gift cards
  • Provide free shipping
  • Offer cash rewards

5. Give Special Discounts and Offers On Your Products to First-time Buyers

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.

 

Categories:  
Carlos Diaz
I believe in making the impossible possible because there’s no fun in giving up. Travel, design, fashion and current trends in the field of industrial construction are topics that I enjoy writing about.

Leave a Reply

Your email address will not be published. Required fields are marked *

Related Posts
April 23, 2024
Foundation Repair Company | When To Call One

H1: Critical Signs You Need to Call a Foundation Repair Company   Your home's foundation is its backbone, providing stability and support to the entire structure above. Any issues with the house's substructure can lead to significant problems that affect your property's safety, structural integrity, and value. Recognizing the critical signs of foundation damage early […]

Read More
April 23, 2024
Everything You Need to Know About Aluminum Awnings

Aluminum awnings have emerged as a popular choice for homeowners and businesses, offering functionality, durability, and aesthetic appeal. If you're considering investing in sunshades for your property, understanding the ins and outs of aluminum awnings is essential. Here, we'll delve into the various aspects of aluminum awnings, from their types to their benefits and cost […]

Read More
April 23, 2024
Things To Remember Before Purchasing Real Estate In Dubai

Buying a luxurious home in an ultra-luxurious community like Dubai is a dream and if you are planning to make your dream come true then buying a home is a commitment not only financially but emotionally as well, so whether you are a beginner or a seasonal buyer, whether you are purchasing a home for […]

Read More
Welcome to Urban Splatter, the blog about eccentric luxury real estate and celebrity houses for the inquisitive fans interested in lifestyle and design. Also find the latest architecture, construction, home improvement and travel posts.
© 2024 UrbanSplatter.com, All Rights Reserved.
linkedin facebook pinterest youtube rss twitter instagram facebook-blank rss-blank linkedin-blank pinterest youtube twitter instagram