Technology is an important tool that helps you keep track of current trends in the fast moving world. Choosing and investing in the right software for your business can turn out to be very profitable. So let us how wholesalers are using technology for their benefit.
➔ Accurate demand forecasting and thus better inventory management
It is very important to know what is the current trend, what is no longer selling, what was in trend the same time last year , what are the buying patterns of the customer. To do all this manually will take a lot of time and effort, but technology makes it easier.A product in trend right now may go out of trend next week.
For example:- There is a hike in the sales of the air conditioners just before summer starts and during summers. Following the motto “keep stock at a minimum never run out of goods” becomes difficult. Real time analytics uses past sales data as insights to make a good judgment in this case. It avoids products getting wasted just sitting on shelves, instead the space is occupied by trending goods, all of this results in higher profitability.
You can use platforms like EMERGE App for inventory and order management.
➔ Technology eliminates human errors, saves time and increases profit
A small error in a long business chain can develop into a big mistake. Human errors can happen in any sector of the business, miscalculation of the goods, accounting mistakes, etc. Implementing automated tools to execute all these tasks helps to lessen the hard work and increase the output.
For example – Barcoding systems are a good example. Manually entering details of a particular product can take a lot of time and also have the risk of committing mistakes. On the other hand, using a barcode system within seconds the work is done, the risk of committing mistakes is removed, efficiency is increased and thus profit is also increased.
➔ Boost relationship with supplier and customers
Finding the right supplier is a very important part of a successful business partnership. The wholesalers have to look for suppliers who offer the best services at the best prices. For doing this at times you have to rely on old seller’s word, collect data from different sources, etc. Again doing all this manual work takes a lot of time and sometimes we might end up ignoring the minute but the most important details. Instead of doing all the work manually, incorporating E-sourcing tools helps to get all the necessary information at one place. It helps to easily compare all the suppliers together and thus makes the selection process more simple and effective.
When it comes to boosting relationship with customers a good inventory management plays an essential role. It helps:-
- to ship and deliver products at the right time
- to track products from the time order is placed till it’s delivered
- efficient and simpler payment processes by storing payment information and tracking invoices
- maintaining optimum stock levels to avoid canceling orders
➔ You can work from anywhere at any time
Using mobile technology or laptops and internet with the right management software makes your work easier. It is not always necessary to be physically present at the warehouse or your office. You can do work from home, talk to essential clients in the middle of the road, just anywhere. Also having access to up-to-date information at your fingertips is crucial for taking important decisions.
➔ E-Commerce website and Mobile technology
It can be a game changer for reaching out to customers. Owning ecommerce website and a Mobile application can highly boost your sales. People are opting for online shopping because
they can go through a huge amount of collection sitting at your office, home, anywhere.
they can place, track, and request support of their own orders
So these are some of the ways wholesalers are using technology to increase their profit. Embracing new technology helps to make a complex business into a seamless process and meet customers expectations easily.
There are plenty of wholesale management apps available in the market, go a head and choose which suits the best for your needs.
We recommend trying out apps like EMERGE App, Xero, Shopify, Mailchimp for your store.