7 Wholesale Trends You Need to Know for 2022
Wholesale is a dynamic and competitive industry that is constantly evolving. Whether you are a wholesaler, a retailer, or a consumer, you need to stay on top of the latest trends and opportunities in the market. In this article, we will explore seven wholesale trends that you need to know for 2022 and how they can help you grow your business and satisfy your customers.
1. E-commerce and online platforms
The pandemic has accelerated the shift to e-commerce and online platforms for both B2B and B2C transactions. According to a report by Digital Commerce 360, B2B e-commerce sales in the US grew by 10.9% in 2020, reaching $9.92 trillion, and are expected to grow by another 10.1% in 2021. Online platforms offer convenience, speed, and efficiency for buyers and sellers, as well as access to a wider range of products and markets. Wholesalers need to invest in digital capabilities and optimize their online presence to attract and retain customers, as well as to streamline their operations and reduce costs.
2. Sustainability and social responsibility
Consumers are becoming more conscious of the environmental and social impact of their purchases, and they expect the same from the businesses they buy from. According to a survey by IBM and the National Retail Federation, 57% of consumers are willing to change their shopping habits to reduce environmental impact, and 70% of consumers say it is important that a brand is sustainable or eco-friendly. Wholesalers need to adopt sustainable practices and policies, such as sourcing from ethical suppliers, reducing waste and emissions, using renewable energy, and supporting social causes. Wholesalers also need to communicate their sustainability efforts and achievements to their customers and stakeholders, and leverage them as a competitive advantage.
3. Omnichannel and multichannel strategies
Omnichannel and multichannel strategies are essential for wholesalers to reach and serve customers across different channels and touchpoints. Omnichannel refers to providing a seamless and consistent customer experience across all channels, while multichannel refers to offering multiple options for customers to interact with a business. Wholesalers need to integrate their online and offline channels, such as websites, social media, email, phone, chatbots, physical stores, trade shows, etc., and provide a personalized and convenient service for each customer. Wholesalers also need to diversify their distribution channels and partner with different types of retailers, such as online marketplaces, brick-and-mortar stores, dropshippers, etc., to expand their market reach and customer base.
4. Data-driven decision making
Data is a valuable asset for wholesalers, as it can help them understand their customers’ needs, preferences, behavior, and feedback, as well as their own performance, strengths, weaknesses, opportunities, and threats. Wholesalers need to collect, analyze, and use data to make informed decisions that can improve their customer satisfaction, loyalty, retention, and acquisition, as well as their operational efficiency, profitability, and growth. Wholesalers need to leverage tools and technologies such as analytics software, artificial intelligence (AI), machine learning (ML), cloud computing, etc., to process and interpret large amounts of data quickly and accurately.
5. Innovation and differentiation
The wholesale industry is highly competitive and saturated with many players offering similar products and services. Wholesalers need to innovate and differentiate themselves from their rivals by offering unique value propositions that can meet or exceed their customers’ expectations. Wholesalers need to constantly monitor the market trends and customer demands, and adapt their products, services, prices, promotions, etc., accordingly. Wholesalers also need to explore new niches and segments that have unmet or underserved needs or potential for growth.
6. Customer-centricity and relationship building
Customer-centricity is the key to success in any business, especially in wholesale where customer loyalty is crucial for repeat purchases and referrals. Wholesalers need to put their customers at the center of everything they do, from product development to service delivery. Wholesalers need to understand their customers’ pain points, goals, motivations, challenges, etc., and provide solutions that can solve their problems or fulfill their desires. Wholesalers also need to build long-term relationships with their customers by providing excellent customer service, supporting them throughout their journey, listening to their feedback, and rewarding them for their loyalty.
7. Education and content marketing
Education and content marketing are effective ways for wholesalers to attract new customers, establish credibility, showcase expertise, and provide value. Wholesalers need to create and share relevant, informative, and engaging content that can educate their target audience about their products, services, industry, and best practices. Wholesalers can use different formats and channels for their content marketing, such as blogs, videos, podcasts, webinars, e-books, white papers, case studies, testimonials, social media posts, etc.
These are some of the wholesale trends that you need to know for 2022. By following these trends, you can stay ahead of the curve and gain a competitive edge in the market. You can also improve your customer satisfaction, loyalty, and retention, as well as your operational efficiency, profitability, and growth.
Wholesale Trend: A Statistical Overview
Wholesale trade is the management and transfer of goods in the distribution chain from manufacturer to retailer. It is a vital sector of the global economy, as it facilitates the flow of goods and services across borders and regions. In this blog post, we will present some statistical data on the wholesale trend, focusing on its market size, growth rate, and regional distribution.
Global Wholesale Market Size and Growth Rate
According to a report by ResearchAndMarkets.com, the global wholesale market is expected to grow from $42,119.22 billion in 2021 to $46,370.23 billion in 2022 at a compound annual growth rate (CAGR) of 10.1%. The market is expected to grow to $65,613.18 billion in 2026 at a CAGR of 9.1%. The report attributes this growth to factors such as increasing demand for consumer goods, rising e-commerce sales, and improving logistics and transportation infrastructure.
The wholesale market can be segmented into two major categories: durable and non-durable goods. Durable goods are those that have a long lifespan, such as machinery, equipment, vehicles, furniture, and metals. Non-durable goods are those that have a short lifespan, such as food, beverages, clothing, pharmaceuticals, and chemicals. According to Statista, the global wholesale market for durable goods was valued at $19.8 trillion in 2020, while the global wholesale market for non-durable goods was valued at $29.5 trillion in 2020.
Regional Wholesale Market Distribution
The global wholesale market is not evenly distributed across regions. According to the U.S. Census Bureau, the largest wholesale market in terms of sales was Asia-Pacific, with $21.5 trillion in 2020, followed by North America with $9.7 trillion, Europe with $8.9 trillion, Middle East and Africa with $4.4 trillion, and Latin America with $3.9 trillion.
The regional wholesale markets also differ in their growth rates and prospects. According to Alibaba.com, some of the emerging wholesale trends for 2022 include:
– The rise of digital platforms and online marketplaces that connect buyers and sellers across borders and offer lower costs, faster delivery, and greater convenience.
– The adoption of sustainable practices and green initiatives that reduce environmental impact and enhance social responsibility.
– The diversification of product offerings and customization options that cater to different customer preferences and needs.
– The integration of advanced technologies such as artificial intelligence, blockchain, cloud computing, and big data analytics that improve efficiency, transparency, and security.
These trends indicate that the wholesale industry is undergoing significant changes and challenges that require innovation and adaptation. Wholesale traders who can leverage these opportunities and overcome these obstacles will be able to gain a competitive edge and increase their market share.
References:
https://palvelutukkurit.fi/en/
https://dx.doi.org/10.2307/1247896
http://unstats.un.org/unsd/cr/registry/regcs.asp?Cl=9&Lg=1&Co=6
https://www.businesswire.com/news/home/20220712005907/en/Wholesale-Industry-Report-2022—Global-Market-Valued-at-46.3-Billion-in-2022-is-Expected-to-Reach-65.6-Billion-by-2026—ResearchAndMarkets.com
https://www.statista.com/markets/423/topic/532/wholesale/
https://www.census.gov/wholesale/pdf/mwts/currentwhl.pdf
https://seller.alibaba.com/businessblogs/px001t44y-9-wholesale-trends-you-dont-want-to-miss-out-in-2022
https://www.digitalcommerce360.com/2021/06/29/us-b2b-ecommerce-sales-grew-10-9-to-9-92-trillion-in-2020/
https://www.ibm.com/downloads/cas/EXK4XKX8
https://www.bigcommerce.com/blog/omnichannel-vs-multichannel-marketing/#:~:text=Omnichannel%20marketing%20is%20a%20cross-channel%20content%20strategy%20that,across%20all%20channels%2C%20but%20not%20necessarily%20with%20consistency.
