9 Steps On How To Increase Sales In A Wholesale Business?

Wholesalers make money by selling products in bulk to retailers. But, while it does sound pretty simple and straightforward, it isn't. Wholesale marketing can be difficult, especially in these difficult times. Following the COVID pandemic, customers' expectations have shifted dramatically. Wholesale customers now expect the same level of service as those who shop in physical stores or on the internet. So, how to increase sales in wholesale business?

Before determining how to increase your company's sales, it is essential to determine your target market. A niche market may be preferable for some businesses, but it is not for everyone. If you work in the wholesale industry, you may need help identifying your target market and expanding your business. Several factors can influence your company's visibility and reach, which can impact your sales.

Tips on how to increase sales in wholesale business

Table of Contents

• Step 1:Perform thorough research.
• Step 2:Find new wholesale buyers (businesses/retailers).
• Step 3:Evaluate your pricing.
• Step 4:Plan a pitching style.
• Step 5:Join online stores.
• Step 6:Enhance customer service and support.
• Step 7:Offer special discounts.
• Step 8:Optimize your website for a better experience.
• Step 9:Providing incentives in return for referrals.

Step 1: Perform through research

It’s amazing when people are so taken with what you offer that they are willing to pay your price for it. However, if you're thinking about how to increase sales in wholesale business, you should first see how strangers react to your products. Anyone who has joined an online store or has a website has a solid understanding of how customers feel about their items.

Consider the type of problem your product is attempting to solve. It is sufficient to identify where or how your product fits into the lives of consumers; it does not have to be revolutionary. Your niche may have a lot of competition already, but don't let that deter you from joining the race!

Step 2: Find new wholesale buyers (businesses/retailers)

The second step in how to increase sales in wholesale business is finding leads. Make a list of 100 businesses you believe can become potential customers.

Compile a spreadsheet of business leads. Try to learn as much as you can about the companies. Here are a few details to keep in mind:

• Name of the company.
• Website of the company.
• The company's size.
• Contact person's name, phone number.
• Email and postal address.
• Revenue projection.
• Has contact been established (Yes/No)?
  

The size of the company and the estimated revenue are two indicators that can help you determine the size of the sale you can expect and identify high-quality leads. With this information, you can prioritise those with the most potential.

Step 3: Evaluate your pricing

Product pricing is one of the most difficult and stressful aspects of running a wholesale business.

A good place to start is comparing similar and competitive market products. Seeing what prices customers are willing and able to pay is a great way to learn about client demand.

Once you have decided the price range, you can increase or decrease the price based on the size of the order.  For example, if a retailer places an order for 100 units of an item that retails for Rs100, you can set the price between Rs.58-60. But if a retailer places an order for 1000 units, you can further lower the price and offer the products at a price range of Rs.52-54.

If you don't have an online store and instead want to sell in a physical location, set prices comparable to your competitors and adjust them as you go.

Step 4: Plan a pitching style

Selling is the most challenging part of the entire process. Given how much time and effort you've invested into the product, feeling dejected when a customer rejects it or is critical of it is understandable.

When a buyer says no, try not to take it personally. The circumstances may not be appropriate, or it may be pretty much identical to another product they already use. Even if you don't get the sale, the buyer will remember the interaction. So, make a memorable pitch and consider what you can do to stay connected. Whatever happens, your company should be the first thing that customers think of when something changes.

Step 5: Join online stores

In order to increase sales in wholesale business in the internet age, you should consider using both online and offline wholesale marketing strategies to boost wholesale sales.

Customers can now purchase products more easily thanks to the rise of eCommerce retailers. An internet-connected online store can be quickly accessed via a mobile device, from any location and at any time. This makes the selling and buying process easier for both parties. If done correctly, going online can give your company a much broader reach and significantly increase sales.

Step 6: Enhance customer service and support

Excellent customer support and service is an excellent answer to improve sales in wholesale business. Always treat your clients with respect and dignity. If you want to be a successful wholesaler, go above and beyond for the retailers who buy your products.

But don't be afraid to lose a "battle" now and again. Show empathy and tolerance even if you have to say no. Customers will become more loyal if you provide excellent service to your wholesale customers.

E-commerce websites have introduced numerous firsts in the online retail industry to serve their clients better. Free delivery, order tracking, one-click ordering, user feedback, and related product recommendations are just a few of the features that make ordering more straightforward.

Step 7: Offer special discounts

Offering a one-time discount to new clients can be an effective tactic to bring in new business, regardless of whether the customer is a consumer or a retailer.

For B2B buyers, the best pricing on a large order encourages them to make a purchase. Also, offering discounts and special deals to promote your products will help you sell them off your shelves quickly.

B2B customers, for example, could receive volume-based discounts: the greater the number of products purchased, the larger the discount. Offering customers small incentives can encourage larger sales.

Step 8: Optimise your website for a better experience

"Site under construction" labels were common in the early days of the internet. But now, keeping the website up to date and well-maintained is necessary to attract sales.

A high-quality, user-friendly online interface that is simple to use, loads quickly across all browsers, and works well on mobile devices is critical for businesses.

In today’s internet age, going digital is another proven answer to how to increase sales in wholesale business?

Step 9: Providing incentives in return for referrals

Giving incentives and referrals could be another strategy to improve wholesale business. You can surely increase your sales by meeting new people. However, your clients will almost certainly have their own connections that you can use. So, why not make it easy for customers to recommend businesses to other potential customers? A referral program will incentivise customers to spread the word about your brand, increasing your company's visibility and revenue.

Co-marketing strategies such as drop-shipping can help expand your business’s reach. It will take some effort to put this system in place, but it will bear sweet rewards.

You can use OkCredit to manage your transactions

You can also use the OkCredit application to streamline your increased sales in the wholesale business and maintain a digital ledger of all the credit and payment transactions with your customers. This will reduce manual and mental burdens, and help you reclaim time for focusing on core activities.

Wrapping Up

If you have a solid growth strategy in place, wholesaling may be a lucrative business venture. To take your wholesale business to the next level, implement the tactics listed above.

Now that you know how to increase sales in wholesale business, it’s time to get started.

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FAQs

Q. How can I improve my wholesale sales?

Ans. Various factors can influence your sales. Although, the most common usually is the price at which you sell. Offering weekly or monthly discounts can help you attract more customers. Some of the other influencing factors are:

• Ordering and billing process.
• Timely delivery.
• Customer service.
• Retailer incentives for referrals.
• Special discounts for new buyers or a free gift.

If you plan to sell online, creating eye-catching social campaigns can also help you draw the attention of potential customers.

Q. How to find wholesale clients?

Ans. Finding vendors to sell your products to is the primary concern of any wholesale business. Connecting with more vendors increases the chances of making sales.

• Reach out to your existing customers to check their requirements.
• SEO optimise your website/eCommerce platform.
• Create an email list of existing customers and prospects.
• Offer weekly/monthly offers and one-time deals to new customers.
• Introduce referral programs that offer incentives to retailers on each referral.

If you have the resources, consider investing in a pay-per-click campaign. It can boost visibility and increase sales. Attending trade shows is another great way of showcasing your offerings to ideal customers.

Q. How do you increase sales distribution?

Ans. Apart from your distribution network, you can also take advantage of other merchants or retailers drop-shipping your products. Drop-shipping is an online retail order fulfilment strategy where a retailer does not keep the products it wishes to sell in stock. The retailer in this business model purchases the product from a wholesaler or manufacturer, who ships it directly to the customer.