Working in the modern wholesale industry: what you need to knowTechnological Innovation, agility and higher efficiency are changing the wholesale business
Have you ever wondered what is the difference between the retail and wholesale industry? Often, they are used as interchangeable, but in reality they imply quite different activities and final objectives: ‘What distinguishes a retail transaction from a wholesale one is the fact that the sale involves the end buyer. The definition of retail doesn’t so much concern the type of distribution channel as it does the parties involved. Retailers act as a middleman between wholesale companies and consumers.’ Basically, the most obvious divergence is the quantity of goods: wholesalers do not manage and sell small quantities of goods like retailers do.
If you are looking for a position as a wholesaler but don’t have enough knowledge about the area, read the information published on the site of the Federation of Wholesale Distributors, the trade association for food and drink wholesalers in the UK. If you are curious to read the stories of people working in the industry, here you can learn more from the real professionals – buyers, drivers, account managers, and suppliers.
The wholesale business has changed drastically in the last decade due to the digital transformation. Businesses are focusing on improving their ‘customer-centric approach, and personalized experience across an omnichannel environment’. Agility is the keyword that all distributors are applying in this moment. This being said, here are the latest trends that you can’t miss in 2019:
Massive use of technology
Technology is having a huge impact on all industries, and the wholesale is one of those businesses where the main players on the market are implementing new innovative systems and more efficient methodologies on a daily basis.
E-commerce and international expansion
If you are a person looking for an international working environment, then the wholesale industry might just be the right thing for you. E-commerce is growing in importance internationally, so distributors are constantly looking for new foreign customers online. On the other hand, if you are a distributor, you should invest in your technology system able to support international transactions and currencies.
The importance of analytics
A data-driven approach is transforming the way decisions are being made. The extensive use of reporting, analytics and technology platforms, such as ERP, will continue to be one of the core features of 2019 in the wholesale. ‘This could include refining specific processes like the supply chain planning or leveraging cubing tools to see product performance, behavior and planning’.
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