This week we explore three key ways to improve the average order value of your wholesale business.
In the competitive landscape of wholesale business, it's important for businesses to increase their profits and provide more value to their customers. By improving the average order value, wholesalers can maximise their revenue potential and increase customer satisfaction. Here are some ways you can achieve this:
- Offer promotions and discounts. To encourage customers to buy in bulk or try new products, businesses can offer promotions and discounts. For example, buy-one-get-one-free deals or discounts for purchasing a certain quantity can incentivise customers to purchase more. Additionally, offering limited-time promotions on new or lesser-known products can entice customers to try something new.
- Introduce new and innovative products. In order to stay competitive and attract new customers, businesses should introduce new and innovative products. This can include keeping up with current trends in the market and offering unique products that stand out from competitors. By regularly introducing new products, businesses can keep customers excited and engaged with their brand.
- Use data analytics to track sales patterns. Utilising data analytics can provide insights into sales patterns and customer behaviour. By analysing this data, businesses can adjust pricing, promotions, and product offerings accordingly. For example, if sales of a certain product increase during a certain time period, businesses can offer a promotion or discount during that time to encourage even more sales. Similarly, if data shows that customers are regularly purchasing multiple products together, businesses can create bundles or packages to offer at a discounted price.
And one for luck…
- Invest in the latest technology: Let modern technology do all the heavy lifting for you. Orderlion is a super simple app that allows customers and sales teams to place orders 24 hours a day. With features such as a streamlined ordering process, live chat, promotions and easy integration with existing systems, the app can help businesses save time, increase orders and order values and improve customer experience.
By implementing these simple strategies and leveraging technology such as Orderlion, you can increase the average order value for your wholesale business and boost your profits.
Contact our team right away, to learn how Orderlion can support your day-to-day operations.
Hear what some of our customers think about Orderlion.
Find out how F&V wholesaler Keith Mawby saved 20+ hours per week on manual orders using Orderlion app. - Watch Video