By now, the power of data is well known. Digitising processes and collecting and processing data in the right way creates a source of valuable information. The possibilities are endless and can therefore be overwhelming. How do you apply your data? Here are five ways that can be very valuable to wholesalers. 

Assortment management

One data application that is certainly worthwhile is data-driven assortment management. In it, you not only process the data of the articles in the assortment, but also all factors that influence the value of the articles. With the help of an effective business intelligence tool, you can map out how products perform and how more profit can be made from them.

Stock control

Stock management also improves with the right data strategy. Smart software can make accurate demand forecasts. In addition, it is possible to take into account other matters such as delivery times and availability. In this way, you always determine the perfect ordering moments and quantities. This data strategy enables you as a wholesaler to keep your stock costs as low as possible.

Marketing

Knowledge of the market is invaluable for Wholesale. Data analyses on customer behaviour, price action or market forces provide a better picture of the playing field of your trade. Quickly discover opportunities, identify risks and make better-informed decisions.

Target group

Because more and more purchases are made digitally, it is easier than ever to make the transition from B2B to B2C. By collecting personal and purchase data, you get to know your customers. There is even talk of D2C business, or Direct to Customer. By mapping out exactly who your customers are, it is possible to offer your products directly to only those who are interested.

Spending patterns

A growing database of newspaper information also provides more insight into spending patterns. These spending patterns are also influenced by external factors. Seasonality, weather, purchasing power or political uncertainty are all things that can affect customer behaviour. Linking this date to the customer information provides valuable insights.