Innovative developments in Wholesale
The wholesale trade is at the beginning of a digital transformation. Although the sector is not the most innovative, there are signs of change. Several technological developments have the potential to transform the industry. In this article you can read which technologies can be of great value for the wholesale trade.
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Many wholesalers have already discovered the power of data. Digitised processes are a huge source of valuable information. Much software is set up to collect this data and map it clearly. This way, sound strategic choices can be made. But what if these choices are already being made for you? Artificial Intelligence will make all the difference here. Artificial Intelligence (A.I) is smart software that analyses data through self-learning algorithms. It can recognise complex patterns and hidden trends. Thus, the software will determine the strategy for you based on your watertight conclusions with a predictive nature.
The greatest benefits of technology are control and insight. By applying innovative tools, it is possible to map all open gaps in the supply chain. By providing insight into the entire supply chain and accurately tracking the journey of your products, you gain control of your process. In this way, you protect the position of your company and you can determine a better pricing policy. Sharing information and status updates with different stakeholders prevents miscommunication and optimises the value chain. In addition, traceability technology provides the opportunity to be transparent to the customer for expectation management and trust.
Many costs within the wholesale business are incurred in the payment system itself. The competitive advantage is to be gained in a more cost-efficient transaction structure. Blockchain may offer the solution here. It is the ideal technology to minimise costs and operations. Moreover, it provides more transparency and less susceptibility to fraud. Mutual trust is an essential element in trading. The transparent nature of blockchain creates trust and encourages long-term cooperation.