Key reports to drive data-informed wholesale business success
You’ve recognized the need for a data-informed strategy for your wholesale business – but what do you do with all the data you’re collecting? How do you use data to measure the success of your sales, order fulfillment, shipping, profitability, and so on?
We’ve collated some of the key wholesale reports you can and should be using to monitor your performance over time.
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Building strong relationships with customers is critical for wholesale businesses, as wholesalers tend to have a smaller but more regular customer base. By looking at your sales over a given timeframe broken down by customer, you can pinpoint your highest value buyers, who you might choose to offer a higher level of service. You can also identify opportunities to convert small long-term buyers into more valuable buyers by implementing initiatives like Minimum Order Quantities (MOQs).
To view your sales over time by customer in TradeGecko, head to TradeGecko Intelligence in your dashboard and click on Sales by Customer to set your desired timeframe and generate a report.
Ship to promise
One of the biggest indicators of customer satisfaction and the efficacy of your shipping strategy is ship to promise, which is a measure of how quickly an order is fulfilled after being made. Efficient shipping is imperative, especially for wholesale businesses whose goods are being delivered to customers who rely on them to run their own businesses.
Having a high-performing sales team is crucial to the success of any wholesale business. Using TradeGecko’s Sales History Report functionality, you can filter report results by sales rep to track how individual members are performing and even provide rewards to top performers to incentivize a higher standard of performance across the board.
On a higher level, this metric can also be compared to your revenue goals to help you evaluate the quality of leads and see whether you’re targeting the right audience.
Tracking product performance helps you identify top-performing products as well as the low sellers – enabling you to better optimize inventory, make informed marketing and purchasing decisions, and mitigate the risk of dead stock.
To track sales by product in TradeGecko, go to the Intelligence section of your dashboard and click on Sales by Product to select a date range and generate a report.
Keep in mind that individual product sales can be influenced by a number of factors – including seasonal sales periods and product discounts – so it’s important to use sales and inventory forecasting to account for these fluctuations. Use our free sales and inventory forecasting model to track inventory, sales, and forecast revenue all in the one place.
Sales cycle length
Sales cycle length is another way of answering the question, “How long did it take to close the deal?” The shorter the sales cycle, the more time your sales team has to nurture new leads and work on generating more sales – so you want this number to decrease over time, or remain steady.
Collecting data is a meaningless activity if you don’t know how to analyzie it and organise it into reports and insights. Pulling the right reports will make it easy to set benchmarks and track your performance over time.
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