7 Ways Tech Can Boost Your Wholesale Business
The recent pandemic put significant pressure on the wholesale industry due to imposed restrictions, travel bans, and altered business mechanisms. It’s crucial to realize that wholesale is not an easy, smooth sailing business. Instead, wholesalers run a tight ship. They’re the central links between the economy and the country’s supply chain. Hence, it’s an integral job that requires massive effort and well-thought-out strategic planning.
Technology is reshaping the world beyond anyone’s imagination. It’s affecting almost every business domain, and for the right reason. Technological implementations can speed up processes, improve productivity, and enhance access to data. Similarly, wholesalers can benefit significantly from digitization and technological innovations. Digitization offers wholesalers valuable opportunities and the right strategies to take their business to new frontiers.
However, still, some people don’t value technology entirely. They believe it’s not practical enough for wholesale and would be a mere waste of money. But that’s not even the slightest bit true. This article will show you how technology can boost wholesale businesses.
While barcode scanners have been in the market for quite some time, they still serve as an impressive optical scanning technology to capture and read information printed on a barcode. It is a remarkable innovation that reduces errors, saves time, and raises efficiency. Moreover, they are accurate, permit the fast transfer of information, and provide efficient inventory control. Since an automated barcode system eliminates the need for re-keying inventory information, your employees save time on picking, packing, and shipping.
The barcode scanning technology is undoubtedly phenomenal. What’s better is that access to such scanners is widespread now. It’s best to look for online retailers to shop for such scanners. You may find wholesale barcode scanners at Code Corp for low rates and optimal quality.
Hyperconnectivity refers to connectivity existing in several systems and devices. It is a term used for unified communication where everyone and everything is participating, whether it is a person or a machine.
As explosions in connections at the business and machine level grow, new business ideas and agile processes follow. It’s crucial to realize that hyperconnectivity enables machine-to-machine, person-to-person, and machine-to-person communication, allowing you to respond faster. Therefore, it boosts efficiency and saves time. Further, hyperconnectivity improves flexibility, makes more accurate forecasts, provides proactive services, and tailors customer offers.
Cloud computing is taking the wholesale distribution industry to a remarkably new level. In simplest terms, cloud computing refers to a network of remote servers storing and accessing data. Cloud computing ensures data security, scalability, collaboration, and unlimited storage capacity. It is flexible, mobile, and offers excellent quality control and disaster recovery.
If you want your wholesale business to triumph in today’s highly competitive market, you must adopt new technologies and innovate. Cloud computing can help accelerate processes and adapt to new technologies. Your employees will remain engaged, and you can understand your customers better and reach new markets. Further, cloud computing maintains control over your pricing options. It enables you to know your inventory like the back of your hand.
Automated order writing and submissions
Writing down an order manually and submitting it is time-consuming and prone to error. There are more chances of duplicates and missing information with paper records.
Automated order writing, however, is a far more efficient, speedier, and reliable process. Automating your order writing tasks with your sales management can save your employees significant time and energy. Automated order writing and submission make it easier to collect customer data, improve accuracy, eliminate errors, decrease order fulfillment costs, and provide faster shipping. Moreover, with automation, you can streamline submissions and tracking and maintain high customer satisfaction rates.
Remember, an advanced system will allow your employees to use a digital catalog on their devices, store information, and give access to order histories. Your sales rep must be able to sync customers’ orders with your back office instantly.
Enterprise Resource Planning system (ERP)
An enterprise resource planning system is software businesses use to manage and plan daily activities. It’s a highly pivotal technology to automate and manage business processes for better performance and outcomes.
An ERP system in a wholesale business can manage sales orders, production, finances, customer relationship, supply chain, and much more. Moreover, ERP software can reduce operating costs, optimize inventory management, improve communication, and provide better data and security control.
ERP systems provide comprehensive visibility, better demand planning, and process improvements. Most advanced ERP systems include an integrated business analytics solution, e-commerce, mobile access, and others. ERP’s social collaboration capabilities are top-notch, making your business more agile and modern.
Robotics is not a new but a rapidly evolving technology that is benefiting wholesale distribution businesses tremendously. Using robotics, warehouses can improve productivity, enhance performance, improve working conditions, reduce errors, and cut staff costs.
Robotics technology can help in collaborations and performs repetitive, mundane tasks. It raises efficiency, increases employee productivity, and considerably improves output. Remember, nothing lowers profitability than order errors. However, robots can not only find you the most efficient route, but they can facilitate optimal efficiency and increase order accuracy.
Robots will be the next big thing, providing amplified results for wholesale businesses. Many wholesalers already use robotics technology in their operations and claim to be entirely satisfied.
A wholesale business would have high volumes of crucial and sensitive data stored, which makes the company prone to cyberattacks. What’s interesting is that most times, hackers are not the culprit behind security breaches. Instead, a technological error from inside the company causes such inconveniences.
Cybersecurity is an essential technology that aims to tackle such concerns. Cybersecurity protects against external and internal threats, regulation compliance, improved productivity, brand trust and reputation, and cost savings.
As mentioned above, wholesale is not a straightforward business to conduct and manage. It can get overwhelming and exhausting, especially with the lack of technology. Digitization is crucial for growth. Digital sales channels attract new customers for wholesalers, and digital self-service boosts customer satisfaction in wholesale. Additionally, the e-commerce business module can increase wholesale revenue, provide added convenience, and enable you to offer a unique experience.
Integrating technology within the process is necessary for your business to reach new heights. However, technological implementations are not as simple as they might occur. An excellent digital plan is mandatory for sufficient and successful digitalization. Hence, plan, strategize, and weigh the pros and cons before taking further steps.