Wholesale distribution is challenging and very demanding. In the USA, goods, and services worth $6 trillion were transported last year via wholesale distributors which speak volumes about its significance and importance.
The demands and requirements of the customers are always transforming with constantly evolving times so there is a growing need for faster, accurate, and cheaper shipments. Also, the wholesalers need to manage labor shortages, pandemics, increasing fuel costs, and more.
The bigger question here is:
How the wholesaler can make sure that the business is run optimally and there are fewer disruptions in the operations?
The answer is:
NetSuite ERP
It is the world’s fastest-growing cloud ERP platform that has revolutionized the way wholesale business is run all over the globe.
NetSuite ERP offers fascinating features with a strong focus on productivity, performance, and execution. It empowers the decision-makers to efficiently predict deliverables, minimize disruptions and churn out higher ROI.
NetSuite has added even more features and functionalities for wholesale distributors in the latest 2021 Release 2 that we will discuss here.
Prioritization in Inventory Allocation
Traditionally, the transition of goods from/to inventory used to be first-in-first-out(FIFO), which turned out to be ineffective and unproductive. But with the latest NetSuite upgrade, wholesale distributors can now prioritize the inventory allocation of sales/transfer orders based on factors such as demand, revenues, profit, and more.
In case a sales order has arrived, and the product is unavailable currently in the inventory, then the management can predict the most immediate date of the product’s availability, which further supports them to prioritize deliveries and amuse their customers.
The deep insights provided by the NetSuite ERP into inventory management and resource management translates to more revenue and more profit.
Unified Customer Experiences
Ecommerce has offered tech-savvy customers the online selection of products/services that has also become more seamless and swift with evolving times.
With NetSuite ERP, wholesale distributors can deploy a full-fledged e-commerce website via SuiteCommerce in one single click and start the B2B & B2C operations via the internet and mobile.
NetSuite ERP also provides seamless integration with APIs, marketplaces, Point-Of-Sale systems, and third-party services which makes the process of online shopping a breeze.
Faster Payments, Digitally & Auto-Monitoring
The days are gone when wholesale distributors used to send invoices and other payment reminders by snail-mail and then used to wait for weeks for the payment to be processed.
With the new upgrade in NetSuite ERP, wholesale distributors can now send the payment link embedded into the invoice and encourage the different entities to make instant payments.
Online payment modes like Credit cards, Debit cards etc have also been incorporated for smooth and safe transactions. NetSuite can automatically and efficiently track the invoice and inform you if the payment has been done in full or in parts.