Eight latest trends in wholesale distribution of 2022
Factories, warehouses, and distribution centers were closed, and the production of many products was halted, causing supply chains to go crazy. Profits were lost, and companies were in a predicament. Here we will explore the eight Latest trends in wholesale distribution which add value to you.
Fortunately, many companies saw this disruption as an opportunity to explore new possibilities in strategy and practice. Despite all the confusion faced by wholesalers this year, there were some interesting trends in this industry.
This article will examine the top eight trends in the wholesale distribution industry in 2022, including omnichannel marketing and artificial intelligence.
Supply chain automation
Nowadays, efficiency is a must. Supply chain includes in the latest trends in wholesale distribution. The wholesale distribution industry is no exception. Leaders in this industry are very interested in streamlining and automating their supply chains. It is a way to prevent the waste of resources, time, and, most importantly, cash.
Automating the supply chain requires several things. It would be best if you had the right software to support connectivity across all departments, warehouses, and teams. Data needs to be transferred quickly and updated in real-time. What is in stock, where is it, where is it going, how much is it costing, what orders were processed, and what is the customer’s purchase history? And I never knew how many. It is limited to what is in the warehouse.
The right technology allows you to track your products even after they are shipped from the distribution center. We can follow where it is from the supplier to the customer and when it is delivered to the customer after leaving the distribution center.
True automation requires a complete understanding of your entire business. That way, you can respond to the question correctly. That’s what industry-specific, robust enterprise software is about.
E-commerce and Digitization
The steps needed to overcome traditional thinking and reverse the shrinking margins are to embrace technology-driven solutions in every way. For example, we often discuss the rise of innovative technologies in e-commerce and other digital sales. According to an annual eCommerce survey by Distribution Strategy Group, 63% of respondents get more than 10% of their sales from eCommerce, up 19% in the same category from the previous year. It is also considered as the one of the latest trends in wholesale distribution.
In addition, since the beginning of Amazon, Fulfillment by Amazon (FBA) and Amazon businesses, distributors, and manufacturers alike have to rapidly transform their sales and fulfillment strategies, including online sales. As a result, customers increasingly demand on-demand purchasing experiences, and digital technology services inevitably extend to non-sales areas such as logistics infrastructure.
Data-driven decision making
While business is always a game of numbers, cutting-edge technology has enabled wholesalers and retailers to make data-driven decisions about how much inventory they have, when they buy, and what products they buy.
In addition, access to advanced analytics and detailed consumer behavior reports helps these companies make marketing, sales, and even internal business decisions.
Data and analytics can remove many guesses from the business, enabling companies to more confidently fine-tune their strategies and allocate investment funds.
Role of artificial intelligence
It’s essential to leverage automation to expand your business model. The wholesaler is now relying on automation technologies like AI-based tools to modernize their businesses and make them more profitable.
Artificial Intelligence (AI) is multiplying and has been used in various industries recently. Today, many advanced software and management systems enable wholesalers to take advantage of these latest features, even with a small budget. AI is applied throughout the wholesale distribution industry. Especially useful for sales, payroll management, accounting, etc.
AI’s role in wholesale distribution will undeniably expand significantly in the coming years to cover essential warehouse functions such as labeling, packaging, and shipping. As a result, companies can automate most of their processes and make their business models more scalable.
Global Expansion and International Trade
Global trade has been on the rise for decades, but thanks to advanced technology for enterprise use, this trend has made tremendous strides in 2020.
Again, jiffystock.com is at the forefront of global growth in wholesale distribution. Our platform offers a unique tool that allows buyers and sellers to communicate through automated translation.
It means you can communicate with people on the other side of the screen, no matter what language they speak.
It would help if you managed multiple sales channels simultaneously, so you must be prepared to wear many hats. In the digital age, everything is consumer-centric. More flexibility is needed to act according to consumer rules and to be at the forefront of a competitive market. No matter how and where consumers want to engage with the brand, they have to wait for them at every touchpoint. Offline channels, websites, communications, and social media can help you increase brand awareness, improve customer satisfaction, and ultimately increase sales.
Flexible supply chain
The pandemic has severely disrupted global supply chains, causing many companies to suffer enormous losses and go bankrupt.
Supply chain flexibility is, therefore, a rising trend in wholesale distribution today as companies can better coordinate the use of resources in their production lines, raw materials, and overall shipping procedures. As a result, the entire process is cheaper and more profitable. In our eight latest trends in wholesale distribution, we also explore the flexible supply chain.
Most B2-B retailers didn’t have flexible plans, so the unprecedented supply-demand disruption created a global crisis. Supply chain flexibility allows distributors to build resilient business models to overcome serious challenges and problems.
Sustainability for the future
In the past, wholesalers didn’t talk much about sustainability. Traditionally, the cost of being environmentally conscious seemed out of reach for the wholesalers, who were small in margins. But recently, the industry has been redefining sustainability, and this topic is attracting attention.
For example, healthcare distributors may set sustainability goals to reduce hazardous waste and ensure product safety. Food distributors may also focus on green logistics, zero emissions, and reducing carbon dioxide emissions. Some businesses are already driving in this direction.
Verdict: Latest trends in wholesale distribution
Although the past year has been a year of ups and downs, the wholesale distribution industry has exploded with positive trends. Many of these trends come from desperate struggles through periods of economic hardship. Fortunately, the lessons from this global crisis have enabled many companies to grow and expand shortly.
Technology and the Internet are familiar with many of these trends, and this combination attracts attention as a future wholesale business.
jiffystocks.com is proud to be at the forefront of development across these industries. Wholesalers can quickly expand and grow with our various software, platforms, and services.