A wholesale business is any firm that sells merchandise to retailers–industrial, commercial, institutional, farm, construction contractors, professional business users or other wholesalers. There are also wholesale businesses that act as agents or brokers in buying for or selling to various individuals and companies.
Looking ahead, economic turbulence, new competitors, and a talent shortage are forcing wholesale businesses to find new ways to remain competitive and drive growth. The businesses that will thrive are those that have invested in e-commerce, data analytics and artificial intelligence to grow their business. Furthermore, to stay nimble, a wholesale business should own their customers, have a reliable source of product, and have strategic plans for risk mitigation and succession.
