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Wholesaling In New Zealand – Pushing The Digital Limits
Digital technologies and rising customer expectations are set to transform New Zealand’s wholesale sector over coming years, according to new research from Westpac’s economics team.
New Zealand has over 16,700 wholesale firms, which generated sales of $138bn for the year ended June 2022.
Westpac’s research, conducted to better understand the challenges and opportunities in the sector, indicates a bright future for the industry if it embraces new technologies and meets rising customer expectations.
Westpac’s Industry Economist Paul Clark says that wholesaling in New Zealand has to-date been largely insulated from these dynamics. That though is beginning to change, creating new opportunities for tech-savvy market entrants and others that are looking to bypass wholesalers altogether.
Mr Clark says that faced with these threats, there are four key things wholesalers in New Zealand must get right to be successful.
“Firstly, they need to expand their eCommerce offering. That means providing online customer portals with self-service and engagement options, establishing their own AI-enabled electronic marketplaces, and leveraging off the advertising muscle and reach of social media,” says Mr Clark.
“Secondly, they have to make it easier for customers to transact with them, whenever and wherever they want. The rise of mobile, increased social media engagement, and growing affinity for self-service among their customers has made it more important to offer a seamless, cohesive experience.”
“Thirdly, wholesalers will need to automate and integrate their inventory and supply chain processes. New digitally enabled machinery and equipment will improve accuracy, speed, and agility, and will also open the doors for additional services that others cannot provide.”
“Finally, wholesalers will need to boost their analytical capabilities. More informed decision making across all parts of the business is key if wholesalers are to reduce the threat of being bypassed by new market entrants.”
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