7 tips for running a successful wholesale business

There are plenty of benefits to the wholesale business model: higher order volume, increased brand visibility, reduced operating costs and a boosted cash flow. So, how can your brand get involved in the action? Here are some of our top tips to help your fashion brand create a successful wholesale business model.

Manage your inventory

A good handle on inventory management is one of the keys to a profitable wholesale business. Make sure that you are keeping track of incoming/outgoing inventory, carrying out regular inventory checks and adjust your inventory levels to coordinate with fluctuations in demand.

Arm your sales team with key information

In order to sell your brand’s collection, your sales team needs easy access to key information for sales appointments and trade shows. This could include customer-specific pricing, most ordered items, and current stock levels.

Quicken your order fulfillment

Wholesale distributors must digitise the order process to increase efficiency. If you are selling through multiple channels, like trade and a B2B ecommerce platform, make sure to consolidate those orders for faster fulfillment and happy buyers.

Build strong relationships for long-term success

All businesses benefit from strong, lasting relationships between the buyers and sellers, and wholesale is no different. Deliver excellent customer service and prioritise faster order fulfillment and you’ll be well on your way to building a long list of satisfied, repeat buyers!

Run B2B marketing campaigns

In order to improve sales, you need to attract new buyers to your brand. Trade shows are not the only way to build relationships with new B2B customers. These days buyers are looking for DTC-style marketing experiences and are using social media to learn about brands. One idea is to use user-generated content such as photos and reviews to show buyers how much your end-customers are loving your brand.

Offer flexible wholesale payment options

If possible, establish flexible credit arrangements for your wholesale customers, such as post-delivery payments or paying in installments. This will be attractive for B2B customers, as many don’t have the cash to pay for wholesale orders upfront and need to generate a profit on the items they’ve ordered.

Invest in a B2B ecommerce platform

The huge advantage of selling your collections through an online B2B platform is that these marketplaces have large pools of potential buyers ready to buy from your brand. For example, over 20,000 global retailers buy wholesale fashion brands through Blanc. Uploading your fashion collections to the platform allows you to slot into their typical purchase process.

BLANC is an online B2B platform built for the future of the fashion, art, and lifestyle industries. Trusted by thousands of brands and retailers worldwide, BLANC provides brands with the cutting-edge tools to conduct their wholesale business smoothly and professionally. Buyers from all over the world can use our platform to review collections, download linesheets, and place orders directly with brands.

If you are a fashion brand looking to improve your wholesale business and gain more B2B customers in 2023, click here to find out more.