Being a wholesaler is an attractive perspective if you are a manufacturer, producer, or a distributor. Wholesale trade comes in many forms, but the rules and helpful tools within the industry remain the same for all wholesale companies.

It’s time to take advantage of them! How can you improve your day-today operations? What are the tools that can help you better manage your wholesale business? Here are the top 5 best tools for managing wholesale trade. 

1. Inventory System 

It can’t be stressed enough that you have to always know how many products you have in stock at any given time. As you operate on large quantities, you have to be aware whether you van complete your next order.

This is why you might need to consider getting an inventory software. And no, Excel is not enough, sheets won’t help you much to investigate when something went wrong, whereas an integrated system will connect the inventory and accounting to help you run a smooth operation.

Investing in an inventory management system might actually lead to lower logistics costs and better time management – it is worth it.

2. Wholesale Trading Platform 

Apart from storing your products properly, the most important thing is to get rid of them by selling. A single place where you can sell, promote and distribute your products? This is when a wholesale trading platform comes in to save you time and trouble managing your trading accounts.

Related:   The Latest Successful Business Opportunity

Here you can manage your finances, CRM and sales automation, as well as number of orders delivered, in preparation, or submitted. You will never miss an order, as wholesale platform will provide you with clarity regarding wholesale trading.

Find a platform that includes a lot of features, so that you can have everything you need in one place, if possible. 

pexels photomix company 230544

3. Ecommerce Website

Even though you are a wholesaler, you still need to have an attractive and functional website to attract retailers and other partners. Make yourself available, showcase the products that you offer, offer a few words about your business practices – a well-constructed website can help you catapult your business to higher ranks.

Build awareness around your business with a website. It is an essential functional and PR tool that should be included in your arsenal. A great place to start is to look up the websites of your competitors. See what works, and what can be improved, and imply that knowledge to build a superior site. 

4. Reporting And Forecasting 

Every wholesale business has to have an excellent strategy in place to cope with the number of orders and bring in the profits regularly. You need to figure out production, marketing, pick, pack & ship strategy, and manage cost between all processes – it can be a lot of work. Which is why you might want to consider getting a reporting and forecasting software, especially if such features are not included inside your wholesale trading platform.

Business reports and data analysis allow business owners to predict the company’s future so that you are prepared for the bad days that your business might face, and you can prevent it from happening. Such tools allow for a better planning and less unnecessary costs. Stay ahead of your wholesale business with sale forecasting applications. 

Related:   The 6 Must-Do Steps To Give Your New Hires The Extra Boost They Need

5. Backorder

Backorder is yet another useful tool that you simply must have as a wholesale trader. What happens in backorder is, you only order goods as per the demand. You don’t store goods in your warehouse in large quantities, but only order the products when there is a demand.

A backorder helps you manage your inventory with a smaller stare space. Since you don’t store so many goods in your warehouses, you can cut your inventory costs, like the cost of managing goods or rent for the warehouse.

However, to implement this technique, you have to be able to organize your supply chain efficiently, so that you can always fulfil an order on time. It might be particularly helpful when you start your wholesale trade journey, before you can afford large facilities. 

Final Words

Wholesale is an industry that requires specific tools and knowledge to conduct business in an effective way. Choose the software/tool that is most beneficial to your company from the list above, and build a reputation for being a reliable and professional wholesaler. Save time and money by implementing processes that will allow you to take better care of your operations. Technology made wholesale trade easier than ever before, use it!