Business trade has been around since pre-historic times. Even before the invention of paper money, people used to conduct business by trading items in exchange for other items

Then came the era of finance. It introduced money to act as a medium of exchange in the form of coins and banknotes. Slowly but surely, the overall scale of business started to grow. From the steampunk factories of London to today’s massive industries, business sure has a rich history So, let's explore!

Globalization of Business Trade

As time went on, international trade came into being. It was assisted by the invention of steamships, railroad, and aircraft. The European empires became the foundation of multinational trade in the 16th century which led to the business being globalized.

Following the aftermath of World War ll, many trade barriers were removed and free trade was promoted through the World Trade Organization (WTO).

Dawn of Modern Business

During the 18th century, the market was still in a primitive state. The business was largely retail and conducted through weekly shops set up alongside others. Merchandise came in transports from the manufacturers directly.

Wholesaling started to catch on after the introduction of mass production and several marketing techniques in the 19th century. Without wholesalers, large organizations would have to manually market their products. More changes began in the 20th century with hypermarkets.

Sales began to skyrocket in the 1960s with the introduction of supermarkets and shopping centers which were often located on the outskirts of cities. The spread of such shopping centers began in Europe and then to the rest of the world. They had more variety and their pricing was substantially lower than retail stores.

Emerging Trends in Wholesale Business

  1. Global Expansion of Markets

If you limit your merchandise to local buyers only, you'll be missing a huge opportunity for business expansion. Growing your business beyond the bounds of your local country is crucial in 2021. Focusing on the digitization of supply chain workflows allows customers to purchase your products worldwide.

This ensures that you are transforming cross-border trade and evolving international payment technologies. Wholesalers need to expand to stay ahead of the curve.

  1. Automating Inventory Management

Automation makes inventory management much more effective and improves shipping, staffing, and warehousing.

Automation through advanced technology and AI has allowed wholesalers to be more efficient.  They experience fewer errors, better planning, and greater cost reduction.

More businesses are adopting this trend to make their operations more seamless.

  1. Shifting to Omnichannel Selling

Customer experience can either make or break your wholesale business. By focusing more on the omnichannel selling methodology, your business can become more customer-centric.

Business owners across the world are embracing this new emerging trend which helps them offer a more streamlined and connected buying experience for all. It drastically enhances the customer experience by offering customers the freedom to engage with the brands of their choice.

  1. Making Supply Chain Flexible

The trend of making supply chains more flexible is catching up in the industry. It has turned out to be a blessing for the wholesale marketplace.

As we have already experienced countless disruptions and losses in business, it’s good to know that supply chain flexibility is putting a lot of hard-working business owners on the road to recovery.

Conclusion

Business is the world's biggest contributor to the world economy and it's directly growing alongside technology. As more people are gaining access to smartphones and computers, the e-commerce industry is getting bigger.

Even in these challenging times, technology is helping many wholesale businesses continue their operations across the globe without a halt. Adversity is not stopping them from experimenting with new trends and preparing for an upcoming year of new possibilities.