What is predictive sales in B2B wholesale?
B2B wholesalers in many sectors, such as electrical wholesalers, industrial supplies and component retailers, now benefit from modern predictive sales software.
The B2B wholesale market is a fast-moving market characterised by intense competition and constant change. Companies are constantly looking for ways to increase their efficiency and profitability. Even though the last few years have not gone according to plan for B2B wholesalers, successful companies remember that every challenge – every adversity – also harbours opportunities and growth.
This is where predictive sales comes in – an innovative method that revolutionises sales through the use of ERP AI and artificial intelligence in wholesale. B2B wholesalers have a unique resource to capitalise on this opportunity: their ERP data.
This article discusses how sales managers and directors of specialised wholesalers with 5,000 to 10,000 customers and 20,000 to 100,000 items can become more successful in their markets. I start with a definition of predictive sales, some challenges in B2B wholesaling and some specific applications of technology in this area.
Predictive sales: a definition
Predictive sales uses advanced analytics and artificial intelligence (AI) to create sales forecasts, analyse customer behaviour and predict future trends. Utilising ERP data with AI makes Predictive Sales a unique crystal ball for B2B wholesalers or component manufacturers.
And it’s relatively simple. You feed the AI with your ERP data, run the models and forecasts with the help of specialised consultants and identify the hidden potential. The AI software provides you with a series of probabilities and scores that evaluate your opportunities.
If required, the ERP data can be supplemented with customer interactions and market trends to increase the accuracy of the forecasts.
This intelligent prediction makes it possible to optimise sales strategies, increase sales profitability in wholesale and secure a lead over the competition. Sales staff can take a look into the future and predict their success. This proactively prioritises the opportunities with the highest chances of success.
Challenges in B2B wholesale
We could sing a long song together here. Where doesn’t it hurt?
But let’s take an optimistic look at the challenges that companies can overcome today with the help of AI. In a highly competitive market, specialised wholesalers not only have to manage a wide range of products efficiently, but also react quickly to market changes.
These challenges are manifold:
AI can recognise patterns that humans cannot see. Which customers are at risk of churning? Which items and product groups should be offered more to individual customers? For which customers are price increases promising?
Predictive sales enables wholesalers to overcome these challenges by providing precise, data-supported forecasts that lead to faster and more effective decisions.
Predictive selling: application examples for B2B wholesale
Cross-selling
With just 1,000 customers and 1,000 products, there are 1 million possible combinations. Which sales employee, however experienced, can calculate that? AI can do that and much more. AI can analyse every score entered in real time. And that increases cross-selling opportunities.
The resulting cross-selling strategies are of crucial importance for wholesalers. Predictive sales analyses buying patterns and customer history to identify products that customers are likely to buy together. This enables sales teams to make targeted recommendations and maximise customer value.
Pricing
Dynamic pricing is another critical aspect where predictive sales plays a role. Loyal customers appreciate market-driven prices. These don’t always have to be the lowest (unbelievable, right?). Loyal customers are willing to bear their investment in stock and stock management. But not much more, otherwise there would be a strong incentive to look elsewhere for low prices.
AI can automatically and effortlessly take into account market dynamics and customer behaviour. This allows wholesalers to flexibly and strategically adjust their prices to optimise their usual margin while remaining competitive.
Customer churn
You are never alone on the market. Your competitors are not asleep. Sure, your sales team won’t forget your top customers. But the others? The B or C customers who buy a lot and regularly despite having few? And that’s not the fault of your sales staff, no! How can they call 1,000 customers?
Recognising signs of customer churn can make the difference between profit and loss. Predictive sales makes it possible to recognise warning signs at an early stage and take proactive measures to keep and retain customers.
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Predictive sales in B2B wholesale – Conclusion
The use of predictive sales in B2B wholesale offers a wide range of opportunities to optimise sales and increase competitiveness. From increasing the return on sales to optimising the product range and improving customer loyalty – the benefits are obvious. For specialist wholesalers ready to take the next step in digital transformation, predictive sales is not just an option, but a necessity to succeed in today’s dynamic business world.
We invite you to start the journey of transformation with Predictive Sales. Discover the possibilities, understand your data and drive your sales forward. For more information and support, we are at your disposal. Contact us today and start your journey to a more profitable future with predictive sales in B2B wholesale.
The path to optimised sales strategies and increased return on sales in wholesale starts here. Be part of the movement that is revolutionising wholesale. Download our resources and contact us to learn more. Your success is just one step away.