How UK Wholesalers Can Increase Their Sale in the Pandemic Situation?
The COVID-19 pandemic has hit us hard, such that many big consortiums have filed for bankruptcy. Barring a few sectors, most have struggled to even break even during this pandemic. Fortunately, amidst this economic downturn, wholesalers and distributors are somewhere in between. This sector was also hit but with a lower degree, which is also the reason why they have an opportunity to grow even in this situation.
Let us have a brief look at how to bank on this growth opportunity.
Evaluate Your Demand & Plan Accordingly
Wholesalers: Demand and supply are the two fulcrums of the lever that is the economy. Without one, the other is useless and serves no purpose. The shockwave of the pandemic has rocked both the fulcrums. However, in this case, the supply part is mostly taken care of by the manufacturers and suppliers end, this is not what they are worried about, the demand is the main contention here.
Since, demand drives most of the sales, without a proper demand business in this sector cannot function smoothly. Moreover, the demand for every product has not gone, some products are being sold in huge quantities even today. So, it’s important to evaluate the market demand for each product and proceed accordingly. Best Wholesale ladies jackets
Once, you are done assessing the market demands, there are some basic methods that need to be used keeping in mind the pandemic.
Employ Multichannel Marketing Approach
Wholesalers Businesses especially the wholesalers do not switch their marketing approach frequently because their existing marketing strategy is in line with the supply chain support process. However, at this point in time, even the wholesale sector has adopted a multi-channel approach so as to explore and evaluate which approach gives them the maximum return. By multichannel, it means testing not just the digital marketing arena if you had not done it earlier, but also the social media, affiliate marketing, email marketing, and even the influencer marketing strategy.
The traditional, as well as digital marketing, were usually employed by most wholesale businesses to increase their sales, but now it’s high time to enter into other domains and find out which is working for them and is feasible in the long run.
Strengthening Existing Supply-Chain Mechanism
The supply chain support system is one of the strongest pillars for most discount wholesalers UK and this is also the area which has hit the hardest with the frequent However, the movement of semi-essential items such as beverages, clothing, and a few varieties of consumer goods has started along with the essential commodities. So, it’s the perfect time to revamp the existing supply chain mechanism on all three fronts – resilience, transparency and automation.
A great amount of revamping in three areas can just be done by going digital. This will ensure more predictability and enhanced visibility towards the complexity of the process. Moreover, the robustness of the system is further increased if the human dependency is decreased and a streamlined process is in place.
Time to Restructure & Rebuild Your Talent Pool
Wholesalers: Since, the revenue flow is running thin in the pandemic, hiring new employees may not be feasible for every wholesale business. However, deepening your talent pool does not always imply hiring in bulk, instead, it can also be achieved by looking into the existing human resource and assessing their talents. It’s long overdue that you skill up existing employees on the lines of the process that need more manpower.
In addition, the remote location phenomenon has worked in this pandemic, so if possible you as a business should also start hiring for those processes that can accommodate remote working. It must be remembered that people can be substituted but talent cannot, so the focus on hiring for such processes should be on talent and not the location.
Diversify Your Revenue Streams
Wholesalers: You must have seen and read in newspapers that many firms from different sectors are aggressively doing Mergers and Acquisitions in their respective ancillary sectors. This can also come as quite a surprise if you would get to know most such firms are also not having a run in the market on the revenue generation front. So, the only logical conclusion one can make from these M&A is the diversification of revenue streams. This pandemic has shown us that uncertainty in the market can hit any sectors but not every sector at a single. So, if you have a diversified revenue flow, surviving the pandemic is not that tough at all.
With all the information at your disposal, you as a wholesaler can explore some of these if not all. In addition, one must remember that most of the aforementioned approaches are tried and tested in this pandemic Wholesalers as well. So, do not wait for another, instead be the example.