The COVID-19 pandemic has permanently changed the way in which business is done and how customers shop. In 2020, retail e-commerce sales worldwide amounted to USD 4.1 trillion and are projected to grow to USD 6.54 trillion in 2022. According to the Australia Post 2020 eCommerce Industry Report, online purchases in Australia were also up by 41% from the previous year.
Because people love to shop – and even more so online – special occasion events such as Valentine’s Day, Easter, Mother’s Day, Father’s Day and Christmas, coupled with seasonal shopping including mid-year, Black Friday and Boxing Day sales all provide great opportunities to push some extra stock and generate more revenue.
For any wholesale distribution business, this sudden demand requires speed and accuracy to ensure all orders are fulfilled quickly and correctly, creating the need for automation and efficiency in the entire supply chain.
If your business isn’t using digital tools to streamline your operations and is struggling to make the most of peak demand periods, here are a few tips to help get you ready:
1. Choose a system that is RIGHT for your business
We’re talking about getting your internal processes into gear and finding systems that can help you automate your manual processes. Those that can also seamlessly manage your entire supply chain from warehouse to customer. Because taking the time to select a solution that helps integrate your entire operations from stock control to order fulfilment and right through to payment processing is a smart investment which puts you in better control of your business and saves you a lot of time and money.
2. Employ better warehouse management practices
While special occasions and holidays are a time of joy and happiness, it can also be a very stressful time for many businesses trying to fulfil orders. Most warehouses are still managed using outdated and traditional methods such as paperwork, PDFs or spreadsheets to handle all data, orders, stock, sales and deliveries. This results in data errors, unclear stock numbers, tedious administrative duties and manual data entry. Not only do these processes waste time and money, but they also hinder your business potential.
As your business grows, your efficiency, sales and service to your customers is also expected to grow. It’s why more businesses who operate via one or multiple warehouses are making the switch to industry-specific software to discover a safer, faster and easier way to operate.
3. Take control of your cash flow and ensure you get paid on time, every time
Holiday and seasonal demand, while good for sales numbers, can create cash flow pressures, especially if there are different payment terms for you as a buyer and supplier. On top of that, manual invoicing can contribute to delayed or incorrect payments, resulting in the need for businesses to waste more time and money recovering debt.
But by setting up smarter systems in your business with more payment options, such as with credit cards or through Buy Now, Pay Later agreements, it gives your business a set payment timeline that puts you in better control of your cash flow, helping you to be better prepared to do business when demand hits.
Spenda’s B2B Payments solution is designed to simplify and reduce operational and administrative burdens and enables businesses to transform with fast, error-free digital efficiency. Businesses have the ability to realise faster payment times, along with providing a seamless experience for customers. And by establishing the right tools and processes that enable pre-authorisation of credit cards, payments can be processed quickly and more efficiently.
Get in touch with us to learn more about how we can make our solutions work for your business.