Wholesale Distribution Trend 2018: Expanding into global markets

2018 is going to a big year for wholesale distribution. Thanks to constant advancements in B2B technologies and capabilities, wholesale is quickly catching up to retailers. This year, we expect to see more and more B2B businesses expand into global markets.

As customers continue to make purchases internationally, wholesalers need to focus on the digitalization of their buying and supply chain workflows, ensure their online marketplaces are transforming cross-border trade, implement integrated cross-channel marketing strategies and streamline their cross-border payment technologies.

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Digitalization

The B2B eCommerce market continues to grow at a rapid pace, and digitalization is becoming a necessity. B2B businesses need to take advantage of the evolving digital technologies in order to meet customer demands and acquire new customers on a global scale.

Wholesale customer behaviors are now mimicking B2C buyers more than ever, which means wholesalers must use digital capabilities to improve service levels and plan strategically. To remain competitive, wholesalers should make their buying and supply chain workflows digital, and take away the barriers to buying or selling online.

As digital channels are opening, international brands are finding more opportunities to meet consumer needs outside of their home market.

Quote from Yi-Wei Ang, Director of Product at TradeGecko and speaker on the 5 Trends in Wholesale Distribution 2018 webinar.

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Global online marketplaces

Online marketplaces (such as Amazon Business and Alibaba) are transforming cross-border trade capabilities for retailers and wholesalers. By providing trading infrastructure and guaranteed traffic generation, these marketplaces enable small businesses to explore new market opportunities across the world. B2B sellers will have more opportunities to reach new international customers, however, they will also face greater competition since buyers are offered more choices due to transparent and tiered pricing.

The big question is, is your business ready to support the global shopper? If the answer is no, you should reconsider your current channels so you can meet the needs of potential global customers.

Quote from Yi-Wei Ang, Director of Product at TradeGecko and speaker on the 5 Trends in Wholesale Distribution 2018 webinar.

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Integrated cross-channel marketing strategies

As global buying and selling becomes the norm, B2B businesses need to embrace integrated cross-channel marketing strategies. While big brands have already started to embrace integrated marketing strategies, SMEs and wholesalers have not fully accepted the need for a complete cross-channel marketing approach. Soon this will be vital in order to outperform competitors.

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Streamlined cross-border payment technologies

As international buying grows, the need for streamlined cross-border payment technologies becomes more important. A 2016 AFP survey discovered that 70% of respondents were converting the majority of their B2B payments to digital. B2B payment technologies allow merchants to make payments online and enable B2B sellers to get paid faster.

The B2B eCommerce market has started to embrace the world of payment technology, TradeGecko being one of them. Since the launch of TradeGecko Payments, B2B merchants are now paid 3x times faster and most importantly, it has given the B2B seller access to real-time data on payments.

International Shipping

Shipping your products internationally may seem intimidating, however, opening up your eCommerce store to global customers can have a huge positive impact, allowing the business to scale at a rapid pace. Many online retailers in the U.S., Australia, Canada, United Kingdom along with other countries, may hesitate to sell their products globally. They think the international fees will exceed the potential revenue, however, this is not necessarily true. When an eCommerce business conducts thorough research and makes well-informed decisions, they can reach new customers around the world and grow the business.

As you can now see, expanding into global markets is a “must” for the B2B market in 2018. Wholesalers need to adapt in order to stay competitive. Focusing on building a cross-border sales ecosystem with international payment capabilities, and sophisticated online stores will help businesses gain global awareness and scale new international customers.

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