As a wholesaler, you earn revenue when retailers purchase your products, but this is sometimes easier said than done. If you are at a loss for ways to attract more buyers, you may be interested in our seven suggestions for wholesale business owners.
How to Increase Wholesale Revenue
Use the following guidelines to create a purchasing experience retailers cannot get enough of:
1. Provide exceptional customer service.
Always be courteous to your customers and exude professionalism. Be prepared to go the extra mile for a retailer who wants to purchase your products, and never fear losing the occasional “battle” to win the wholesale business “war.” Even if you occasionally need to refuse a request, treat each retailer with compassion and understanding. This type of treatment will go a long way toward generating loyal, higher-volume wholesale clients.
Amazon is a prime example of the significance of small gestures. To enhance the customer experience, the company implemented several firsts in its industry. These include order tracking, customer reviews, free shipping, one-click ordering, and product recommendations, all of which make ordering faster, more convenient, and less expensive.
2. Offer promotions that result in better-than-wholesale prices for retailers.
Including double savings deals in your daily, weekly, or monthly offerings will give you a competitive edge and help you move your merchandise quickly. B2B buyers will be on the lookout for these promotions and will enjoy the additional savings they receive when doing business with your company, resulting in more orders for you.
In addition to the initial wholesale discount, wholesale businesses can offer special pricing on merchandise, just like any retail establishment. Incentives can also come in the form of discounted prices for bulk orders.
3. Make ordering, billing, and delivery as seamless as possible for wholesale customers.
As much as possible, automate your order management and product distribution processes. If you offer size 14 mens shoes cheap prices, see to it that you put a proper description for that so that your customer can easily find the product that they are looking for. The primary benefit of automation is that it simplifies complex fulfillment processes and reduces the need for manual labor, allowing you to provide superior, more efficient customer service from order placement to payment processing and shipment.
4. Make ordering suggestions.
You may wish to recommend additional merchandise based on the retailer’s order, a process that can be automated or handled by a live customer service agent. This is analogous to selling accessories in retail sales.
Let us return to Amazon. They are currently dominant in this field as well. They offer related products to customers during the checkout process and on every product page. This not only makes it easier for customers to find related products but also boosts the probability of cross-selling and upselling, which generates more revenue for the company.
5. Offer discounts to new customers.
A one-time discount for new customers, whether they are retailers or consumers, can be an effective way to attract new business. If they like you sufficiently, they will return even without a discount.
6. Offer retailers limited-time discounts to encourage immediate purchases.
If you have captured their interest, avoid losing it. Incorporating firm deadlines into your offers can provide the impetus your prospect requires to move from “maybe” to “yes.”
The second factor cited by The Markies as contributing to the success of the WD campaign was the company’s use of “limited-time offers” to promote its products. With this technique, more customers would be intrigued by what you sell and will surely try your product.
7. Promote a gift with the first purchase of every new customer.
Everyone enjoys receiving gifts, including B2B clients. Consider offering varying gifts based on the initial order size. You will increase the likelihood that a buyer will choose your company as its supplier while simultaneously promoting a larger initial purchase.
Best of luck with your wholesale strategy!
If coupled with an effective wholesale strategy, wholesaling can be a profitable business venture. These small incentives could be exactly what your business needs to flourish.