A wholesale tech stack capable of scaling your business is essential for growth. But that can’t happen unless your tech stack is also “nimble.” Unfortunately, everything that goes into the word “nimble” can be hard to define.
A nimble tech stack isn’t just flexible and adaptive to your needs. It should be capable of growing with you, tracking your results, and opening your business to a broader range of customers.
Here are five attributes that define whether your wholesale tech stack is truly nimble enough to help drive growth.
1. Digital maturity
Digital maturity is the status of your tech stack’s capabilities, especially as it relates to one question: how quickly can you change course if need be?
A digitally mature tech stack can pivot your value offerings, aggregate your data, and present the customer with a unified buying experience as your business grows.
Why does maturity matter? A Deloitte survey found a direct correlation between digital maturity and financial performance, such as net revenue and net profit margin. In short, digital maturity means adaptability, the key trait of a nimble tech stack.
If you’re not sure where your stack stands, consider taking our digital maturity assessment to find out where you’re lacking.
2. Dynamic pricing
A tech stack isn’t nimble unless it can facilitate a dynamic pricing strategy. Dynamic pricing makes wholesale more adaptable to market conditions, as well as individual buyer needs.
It also helps you find the answer to a core question: between affordable retail and expensive luxury items, where does your brand position itself in the market?
3. Flexible payments
No two customers look alike. Some businesses might buy from you from across time zones, affecting shipping costs. Others might require flexible payment options on bulk orders. A tech stack nimble enough to handle flexible payments will simplify the process for your customers.
Your tech stack should also support flexible payments for multiple sales avenues. For example, what if you want to sell products via virtual showrooms or create shoppable photos at your site? Square your wholesale payments platform with your goals. This will help you keep your tech stack nimble enough to handle it all.
4. Tracking / Analytics
Staying “nimble” means remaining adaptable. One key element is tracking: the ability to keep track of what you’ve done, what you’re doing, and what you will do.
Your tech stack should effortlessly track KPIs, or key performance indicators. Does your tech stack monitor email marketing benchmarks? Sell-through rates? Average order values? If not, consider upgrading your platform so KPIs are easy to find.
5. Multi-Channel Selling
The world of digital orders has changed how customers shop wholesale. They now expect touchpoints across multiple avenues, from face-to-face to online transactions. To build a nimble tech stack, find a platform that can handle multiple channels. Your tech stack should automatically update inventory changes no matter where the purchases come from.
Making your tech stack more flexible
Being “nimble on your feet” means the ability to move quickly. It’s the same for your tech stack: a nimble wholesale platform will keep you adaptable, dynamic, and ready to change to shifting market winds.
Request a demo with NuORDER to find out what a nimble tech stack can do to change your approach to wholesale.
