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Online Wholesale Shopping- A Growing Market In India
India might not be the largest manufacturing country in the world yet but online wholesale shopping is on the rise in the country like never before. This has become possible due to the growing digitization push by the government, the ease of shopping online and the fast-expanding globalization since the economic reforms of the 1990s.
Online wholesale shopping has entered into various sectors today like electronic items, clothing, beauty products, Items for Home Utility and health products.
Various companies have taken many different ways and strategies to become the site for the best online wholesale shopping in India.
Some of these strategies include:
1. Online Brand Building: Great product quality, lower than expected prices, deep discounts and priority to customer satisfaction have made many brands what they are today on online platforms like websites, social media and search engines.
2. Investing in Modern Technologies: When Artificial Intelligence is taking the world by storm, how can the online wholesale shopping sector remain excluded! Firms are investing big in modern cutting-edge technologies like data mining, data analytics, and big data to know the current trends in customer preferences, their likes & dislikes and their buying habits.
3. Persuasive Marketing: Apart from trying to improve the standard and quality of the products, firms are also trying to influence potential customers psychologically through persuasive marketing. Different types of banners and photos are all over the internet, which claims different businesses to be the site for the best online wholesale shopping in India.
4. B2B Online Wholesale Shopping: A large percentage of wholesale shopping online is done among businesses themselves. Higher the sales grow through this route for business, greater the chances for it to become the site for the best online wholesale shopping in India and the best B2B online wholesale shopping in India.
How a particular business performs on the online wholesale shopping front may prove to be its make or break factor. Online wholesale shopping provides businesses with many advantages that are miles ahead of the benefits from the physical/tangible wholesale shopping done through the brick-and-mortar traditional shops framework.
These advantages are :
1. Enhanced Number of Customers: Firms get a flood of customers on their websites who want to buy in bulk. This increases sales manifolds as the firm is dealing with and selling to multiple customers at the same time.
2. Reduced Costs: The costs associated with the traditional brick-and-mortar shops like rental costs, electricity costs, labor wages, etc. are saved and the firm incurs a much lower cost like for buying and maintaining their websites, digital marketing, etc.
3. Easy Marketing: The coverage and cost of marketing have gone down significantly through online wholesale shopping. The high and ever-increasing number of internet users makes sure that a big amount of people see your advertisements, offers, and services online.
4. Safe, Secure and Transparent Modes of Payment: Unsafe Cash payments are avoided easily and payments through debit & credit cards along-with other mediums like online wallets become a possibility with online wholesale shopping.
5. Better Customer Service and Satisfaction: Customers are provided with the best products, all relevant information and satisfactory grievance redressal systems which maximizes their satisfaction levels hence propelling sales further.
6. Enhanced B2B Engagements and Synergies: It was virtually impossible for businesses to get together and transact among themselves till the time online wholesale shopping was not introduced. But now B2B wholesale shopping has become easy, fast, secure and widespread. In fact, today without B2B online wholesale shopping would remain incomplete.
But online wholesale shopping is not a cakewalk for the firms. They face many challenges while operating.
Two main challenges that they have to face are:
1. Increased Level of Competition: Firms have to face cut-throat competition from their rivals which many a time proves to be the reason for their leaving the industry.
2. Management of a large number of customers simultaneously: A large base of customers is good for firms but it could also prove to be detrimental for them sometimes for eg. Large number of website usage simultaneously might lead to site crash-downs sometimes. Also, to manage a large number of customers, firms have to hire a large number of employees which adds to the firms’ costs
To remain in the online wholesale shopping industry, firms can adopt the following strategies to negate the challenges:
1. Constantly improve their product quality, customer base, customer satisfaction and the technology adopted.
2. Constant Innovation and up-gradation of existing marketing strategies.
3. Predicting, studying, understanding and countering competitors’ moves and strategies.
4. Attractive strategies to lure potential customers for eg. Free-gifts, deep discounts, free delivery and solving customers’ pain points.
Online wholesale shopping will only increase its reach in the coming times. Hence, firms should focus on building capacities in areas like online customer management, tackling competitor strategies and constant technology up-gradation. The race for the best B2B online wholesale shopping site will only intensify in the coming future!
An online marketing enthusiast, blockchain technology writer and a business networker having robust industry experience in developing eCommerce technologies helping brands in reaching their target audience. More than 8 years of experience in consulting and developing digital marketing strategies for world-renowned brands and companies. Implemented different technologies to simplify and fast-pace the workflow.
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