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In this age of experiences, technology has revolutionized the way end-to-end business operations are carried out. Digitizing business processes and functions in the wholesale industry is a great amount of work for the wholesalers. Most wholesale distributors realise the importance of going digital and hence, have begun rapidly adopting new-age technologies to stay relevant. The old-world scheme of things such as the power of shelf space, organised retail, importance of location and scale is no longer efficient and relevant. Technology-led disruptions are at the core of each of these changes.
The wholesale industry was already undergoing an overhaul at its own pace prior to 2020. But the past couple of years have triggered a lot of reflection and rethinking to turn business models around and make them more efficient. As a result, the wholesale distributors are now on the lookout for insights on disruption and the forces driving the industry. Many have already started implementing new ideas and are witnessing massive impact/benefits from it. Following are some of the ways in which technology is reshaping wholesale businesses:
Building a robust customer base
Digital literacy has transformed how Indian consumer’s shop. With rapid internet penetration and increasing smartphone usage, India has already become and will emerge as the third-largest e-commerce consumer market globally. Additionally, with rural India also expected to drive the sale of smartphones, a higher adoption rate enables marketplaces to tap a more extensive consumer base beyond urban areas. Through a variety of digital strategies, wholesalers can build a strong customer base as per their needs and expectations to increase sales with B2B platforms that are embedded in all the relevant business processes.
Tech-enabled growth of B2B marketplace
Technology provides a vast toolkit of features that enable businesses to operate more efficiently and meet consumer expectations. Integrating Artificial Intelligence (AI) in wholesale businesses, especially B2B e-commerce marketplaces enhances customer experience to a great extent. Technologies such as AI, Machine Learning, and Natural Language Processing (AI-ML-NLP) eliminate language barriers for customers hailing from different parts of the country with different languages. In addition, mobile technology, AR-based pop-ups, virtual feedback forms etc. help wholesalers collect vital data of customers. Predictive, text, and behavioral analytics – all are new-age technological solutions which B2B wholesalers are leveraging to the maximum to provide value to consumers.
Real-time improvement of supply chain
The industry today wants to optimize processes and workflows with the help of technology and progressive automation helps improve work efficiency and cost-effectiveness. Predictive optimization, automated warehouse picking systems, and long-term sustainable solutions reduce labor intensity, save time and cost to get the job done faster. Combined with AI, Augmented Intelligence also leads to human intelligence like the comprehensive experience of supply chain planners, responsibility, and flexibility. Streamlining the supply chain through automation allows businesses more time to focus on listening to their customers. By adopting the latest technology, logistical work can also be automated and optimized so that it becomes possible to streamline storing, packaging, ordering, and receiving of orders in lesser time as compared to manual efforts.
Leveraging IoT to enhance operations
Leveraging the Internet of Things (IoT), brands are redefining the experience to forge deeper connections with wholesalers. IoT removes time constraints that result from manual product tracking. By employing Radio Frequency Identification (RFID) tags and inserting sensors on products, wholesalers can track incoming and outgoing stock more efficiently. This information is fed into an ERP system to replenish the inventory from time to time. IoT effectively monitors products through the supply chain, right from the time it comes out of the manufacturer’s production line to the time it reaches the end customer. IoT also alerts wholesalers about detained shipments and offers real-time information about customer delivery. By connecting the warehouse with stores and outlets, wholesalers can manage their inventory distribution better and reduce the workload required.
As convenience, security, and simplicity are important in consumer and business spending, integration of digital payment solutions is a great way for businesses to meet consumer demands in a timely fashion. Digital payment options like e-wallets, QR codes, buy now-pay later (BNPL), and others are reshaping the payments ecosystem. These payments and faster checkout solutions help decrease drop offs, identify high risk customers, and provide an appropriate default payment option. Moreover, due to seamless technology amalgamation, marketplaces are now collaborating with new age fintech to offer BNPL solutions to businesses, offering flexible terms and easy installment payment options.
Today, as traditional businesses evolve and harness digital solutions to stay ahead in the game, the innovative use of technology will enable online marketplaces to provide a more customer-driven experience and expand their capabilities allowing businesses to grow. Considering marketplaces have the potential to offer better services and pricing for buyers and sellers, it’s essential to tap into adjacent services and also leverage the technology infrastructure to provide better solutions.
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Views expressed above are the author's own.
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