How to Run Your Wholesale Operations More Efficiently
Managing a wholesale operations efficiently has many challenges. From ordering merchandise to managing sales productivity, there are several ways wholesaling is different than retailing. Follow these tips to make your wholesale operation more efficient from top to bottom.
- Check your real-time OTS status – It is critical that you keep eyes on all uncommitted inventory items. With the right wholesale management solution, you can know what products you still have on inventory, their statuses, and more, right down to the SKU level. This will increase your ROI as you will be able to respond and move your inventory around as necessary.
- Get a better handle on client orders – With wholesale, customers tend to order in bulk. This makes order management a little trickier, especially if you have clients that order the same product in close proximity. Is it all one order, or is it multiple orders? How do you classify and track it? The right order management solution can handle these details easily.
- Pay your sale agents appropriately – Nothing is more frustrating, for you and your sales team, than to have your commissions and bonuses all out of whack. Set your rules, then pay your sale agents appropriately based on their sales volume. To do this effectively, you need a way to track employee performance.
- Establish credit alerts – Whether you operate on pay-on-time, net 30, net 60, or net 90, you can get eyes on all credit accounts, know which clients are in good standing and which ones are delinquent, and maintain a positive cash flow and ROI by setting up the proper credit alerts to let you know which accounts need attention and when.
- Manage discounts easily – Customers buy in bulk because they can get discounts on merchandise. This makes their retail operations more profitable, and it helps you sell more product. By managing volume discounts, rebates, and other cost influences better, you can help your wholesale operation and your customers be more profitable.
Get the right wholesale management solution and make your operation more profitable and efficient.