As a wholesaler, you’re dealing with large volumes of stock. However, not all wholesalers understand how to effectively manage their inventory, which often results in too much or too little stock. You’ll want to avoid overstocking and running out of stock as much as possible, as this affects costs and revenue.
Inventory management is about ensuring that you have the right products at the right price to the right place at the right time.
One of the biggest challenges wholesale brands face is how to set the right price. It can often be hard to determine your wholesale pricing strategy when you’re supplying goods in bulk to distribution groups, retailers, and other channels to sell to their customers. As a supplier, you’ll need to find the right price point that appeals to retailers.
Even as a wholesaler, you need suppliers that fit your business’s unique needs. Unless you’re running the manufacturing facility, you’ll need to find a wholesale supplier that can handle your volume of business at a price within your budget. It's also important to find a supplier that's reliable and works in the areas you want to do business.
Consumers are more comfortable than ever about making purchases on handheld devices. That’s great news for wholesalers and business to business (B2B) companies, as the mobile commerce trend has resulted in plenty of mobile commerce apps and software available today.
Wholesalers are facing a new challenge. The traditional models of retailer and supplier are rapidly becoming obsolete, and common distribution points, such as physical stores, are no longer a requirement to do business in the modern economy. Thanks to the internet, you can sell to almost anyone, almost anywhere in the world through business to business (B2B) and business to consumer (B2C) eCommerce.
In the past, running a wholesale business might be limited to print catalogues, cold-calling or door-to-door sales, and data entry into spreadsheets. Now there are alternatives to managing your business and getting your products out there, such as starting a B2B eCommerce store.
Supply chain management involves controlling the upstream and downstream flow of materials and finances from sourcing to manufacturing and distributing, to retailing and finally into the hands of the end consumer. Efficient supply chain management also ensures that a company maintains a constant flow of fresh products at an optimal level that matches customer demand while keeping inventory levels at a minimum to minimize carrying costs.
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