The COVID-19 pandemic witnessed wholesale distributors challenged with unpredictable demand and supply chain disruptions. With the continuous improvements in B2B technologies, we think the future for wholesale distribution is bright. We expect to see more B2B businesses adopting new sales channels and managing operations online, especially post COVID-19.
Major trends including omnichannel selling, eCommerce ecosystems, expanding globally, improving order management, and artificial intelligence will reshape the wholesale distribution industry.
Key trends in wholesale distribution
Omnichannel selling
Omnichannel selling has been around for quite a long time. Omnichannel selling refers to the process of selling through multiple channels, both offline and online. An increasing number of B2B businesses are starting to embrace omnichannel selling to offer consumers a consistent buying experience across all sales channels.
eCommerce ecosystems
More and more B2B sellers are investing heavily in eCommerce technology to provide the exact frictionless ordering and customer experience online retailers offer. Creating online wholesale stores has become easier than ever, and B2B eCommerce stores are more frequently popping up on search results. Such stores would allow wholesalers to take their business online using e-catalogs and get paid faster through payment gateway integrations.
Automation
Many wholesale businesses are taking advantage of online marketplaces and B2B eCommerce systems to boost sales volume. Managing orders from every sales channel seamlessly would require centralized order and inventory management systems. B2B businesses must focus on investing time and money into next-gen order management systems that would allow them to efficiently fulfill orders across sales channels while delivering consistent customer experiences.
Artificial intelligence
AI and machine learning will enable SMEs to make better decisions by analyzing data in ways that were once considered impossible. Many inventory management systems and ERPs are already using AI to power everything from analytics to demand forecasts. AI-powered business software can deliver valuable insights in real-time to help B2B wholesalers make the right decisions and scale their operations efficiently. SMEs that invest in AI technologies today as early adopters will have a competitive advantage and benefit from these technological investments in the future.
Conclusion
Based on 2021 trends, it is apparent that agility is critical for success in today’s wholesale distribution industry. To remain competitive and increase profitability, wholesale distributors must make continuous innovation an integral part of their operating model. AccelGrid’s all-in-one business software is here to equip B2B businesses to stay ahead of the competition.
