Wholesale as a Success Factor: Modern Customer Relationship Management
Wholesale distribution plays a critical role in the modern economy, linking manufacturers and retailers.
Successfully capturing markets and retaining customers is, therefore, central to the growth and stability of a wholesale business. Although the market is highly competitive, there are innovative strategies that companies can use to capture markets and retain customers for the long term.
This article focuses on the key factors that have become essential to success in wholesale distribution, such as well-managed customer relationship management, its importance and what it entails.
It answers why modern customer relationship management is necessary, what systems and alternatives midsize wholesalers need, and why implementing an entirely new CRM system can disadvantage midsize wholesalers.
In addition to the well-known pricing strategies, you will also learn about the role of predictive analytics in pricing, especially for mid-sized wholesalers, why these companies can also reduce their churn rate through predictive analytics, and why AI is necessary.
AI in sales gains momentum: Qymatix Experts Fully Booked in November
Karlsruhe, 07.12.2023. The topic "Artificial Intelligence in Sales" is becoming more and more popular! In the last few weeks alone, Lucas Pedretti, CEO of Qymatix Solutions GmbH, has been a guest speaker at four exciting events:
Intelligent, Predictive Pricing: the Key to B2B Wholesale Success
Digitalisation is a blessing and a curse, an opportunity, and a threat. Nearly 900 German wholesale companies took part in a recent study by Roland Berger and the German Wholesale, Foreign Trade and Services Association (BGA). Almost all of them, 94%, believe that digitalisation is driving change in their sector. Two-thirds are aware of the challenges it poses.
In particular, the companies surveyed see themselves threatened by digital platforms when it comes to pricing (62%).
Return on sales in B2B Wholesale – What is it and how to increase it?
"It is not because things are difficult that we do not dare. It is because we do not dare that they are difficult." Lucius Annaeus Seneca, c.4 BC-c.65 AD.
Some of Germany's biggest B2B wholesalers have doubled their Return on Sales (ROS) after Corona, while others are struggling. Take, for example, the Würth Group, one of the biggest. Its Electrical Wholesale unit was particularly successful in 2022, reporting a growth of 25.0 per cent.
Is it hard to increase ROS? If Würth could, why not you? In B2B wholesale distribution, sales managers and executives must increase their return on sales (ROS) to remain competitive and profitable.
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Optimizing AI Efficiency: Effective Use of Data via Qymatix Cloud Connector
As businesses increasingly leverage artificial intelligence (AI) to streamline operations, optimize decision-making, and gain insights, the role of data as the lifeblood of AI has become indisputable. Data acts as the foundation upon which AI models are built, providing the raw materials necessary for AI to learn, adapt, and evolve.
However, manually handling and extracting data for AI can be time-consuming, costly, and fraught with errors. This is where the Qymatix cloud connector comes into play.
What are Algorithms - Easily Explained
Algorithms - the word gets tossed around today for everything from your basic Instagram feed recommendations to complex interfaces like ChatGPT. But what are algorithms? Are they just for computers? How do they help you?
In today’s article, we’ll explain what algorithms are and give some examples of how you can benefit from this ubiquitous but often-misunderstood technology.
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How to Set More-Realistic Sales Targets using Historical Data
How to set more-realistic sales targets using historical data and Predictive Analytics.
To replace the legendary Jack Welch as CEO, the General Electric (GE) Board had selected Jeffrey Immelt in November 2000. As he took the reins, Immelt set an ambitious sales target: “We believe that GE can grow two to three times faster than world gross domestic product, which translates to about 8 per cent sustained sales growth.”
To give you some perspective, the industrial segment of GE had grown 4 per cent historically.
Likewise, on December 4, 2003, Rockwell Automation announced that its board of directors had elected Keith Nosbusch as president and chief executive officer.
How can AI help with labour shortage in B2B wholesale and manufacturing?
The importance of predictive sales software to address the skills shortage in Germany's specialist wholesale sector.
The shortage of skilled workers in Germany has reached alarming proportions and is particularly affecting the specialist wholesale trade. Sales managers and directors of specialist wholesalers in Germany are under great pressure as they face an acute shortage of skilled workers.
Predictive Analytics vs Prescriptive Analytics
With so many types of data analytics and analytical methods out there, many people are curious about the relationship between predictive analytics vs prescriptive analytics.
Today, we’ll review all four types of analytics and delve into predictive and prescriptive analytics to help you understand when and how to use both.
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What artificial intelligence can and can´t do
For years, artificial intelligence has fluctuated between the terms "Terminator", "technology of the future", or "new superpower", and "doesn't work", "is disappointing", or "no confidence".
It is not surprising that there have repeatedly been so-called "AI summers" and "AI winters" over 70 years. More specifically, there have been two AI winters since the 1950s, when AI was being researched and developed: In the early 1970s and late 1980s, the high expectations for the technology were dashed. Investors pulled out, and researchers got less funding.
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