Since its inception, e-commerce has been considered as a ‘Goliath’ industry. With this reputation, it is no wonder that businesses are always skeptical about its failure. This developing industry is both profitable and challenging.
In this blog, we are going to discuss why you should bring your wholesale business online.
So, without any further ado, lets just get into it.
Future of E-commerce
Global online sales amounted to approximately $3.5 trillion in 2019. Though it is a new trend, it has a long way to go. With an expected growth rate of 25.6% in 2020-2024, this industry is attracting many wholesale businesses. An increase in retail sales ensures a bright future for wholesale business.
Plus, the COVID-19 pandemic brought social distancing and business closures. These drastically changed the spending habits of most customers. The E-commerce industry enjoyed a huge spike. With the concept of ‘New Normal’, everyone started adopting the ‘New Shopping Style’.
Why Take Your Wholesale Business Online?
- Emerging Markets Are Ready to Pay
Many emerging markets like China, Russia, and Brazil are playing a massive role in the growth of E-Commerce. A study shows that almost 3 million buyers from these emerging markets will have direct access to the internet by 2022. This number ensures a raise of up to 20% in the E-commerce world during 2021-2023.
As a wholesaler, there are a lot of opportunities available for you to pop up within these markets. To attract a huge number of these businesses, make sure your presence is felt in the digital world.
- Omnichannel Commerce Makes a Difference
Omnichannel shopping decodes the desires and needs of your customers by understanding the patterns of their shopping behavior. Why roam around the markets and bicker over prices when you can get the entire market on your screens?
- Social Shopping Sovereignty
Social media platforms have become shopping centers. With the selling capabilities of these platforms, they there are one of the top places for advertising.
Many social media platforms like Facebook, Twitter, Instagram, and so on help businesses promote their products. This new trend in the online E-commerce marketplace is making shopping productive for both companies and customers.
You can elevate your presence and offer an easy wholesale online shopping experience by setting up your business on one of these platforms.
- Overseas Purchase
Interestingly, customers are looking for foreign trends and like to shop from overseas shops. Gone are the days when you had to wait for someone to send you products from other countries. Now, you can buy anything you want with one click from around the globe.
In fact, 60% of shoppers claim they use online platforms to shop from other countries. This growing interest in overseas purchases enables you to capture the global market.
- B2B Business
B2B or business-to-business is a transaction between two businesses.
Recent market tendencies show that B2B e-commerce will hit $1.184 trillion by 2021. The nature of transactions, deals, and methods of the trade make B2B more complicated than business-to-customer sales.
B2B buyers go through many processes before making sales. To ease the entire process for both wholesalers and retailers, E-commerce offers advanced functionality that includes price negotiations, easy ordering, and smooth delivery.
- Advancement in the Mobile Industry
Advancement in the mobile industry is influencing e-commerce at large. For the past few years, the mobile industry is continuously coming up with innovative mobile features for its users. These updates have made mobiles more powerful.
This changes a shopper’s life. They now use mobile phones to shop on websites, social media platforms, and apps. So, build a mobile app or optimize your website for smaller screens in order to capture this massive market.
- Digital Platforms
Digital markets are playing an important role in the development of ecommerce. Many platforms allow you to register your business freely. At a wholesale marketplace, you need not generate any traffic as they already have their own audience. You can use their visitors as your audience. It also works as a marketing tool for your business.
Conclusion
We hope these reasons were able to help you see why starting an online wholesale business is essential in 2021. Do let us know which point made the most sense to you. Good luck and stay safe!