Nobody could’ve predicted the impact that 2020 and 2021 would have on the global economy. The consequences of COVID-19 and a major labor shortage put many industries through stress that they could barely survive. Still, strong sectors such as the wholesale industry were able to withstand the storm, prompting the question of what 2022 will look like. The distribution forecast for the new year reveals that wholesale profits may be on the rise, and the industry might be recovering from the fallout of the pandemic. Read on to learn more about the wholesale industry trends for 2022.
Increasing Market Value
The uncertainty that defined 2020 and 2021 certainly had an impact on annual market value projections, but fortunately, these projections still indicate expected growth across the wholesale sector. In fact, experts predict an annual compound growth rate of 9.9%. This is a promising statistic for anybody who’s at the forefront of the wholesale industry, and it offers hope for those who may still be recovering from COVID-19’s havoc. The message is clear — even despite the most unpredictable obstacles, the wholesale market possesses the resilience necessary to continue thriving and growing.
Value-Added Services
An increase in growth isn’t the only projection for the wholesale sector going into 2022. Another important prediction is the rise of value-added services as an important asset to customers. Value-added services include any special offering that sets you apart from competitors. If you want to continue your company’s growth, then, it’s imperative that you define what value-added services you offer, and why your customers should want them. You can do this by learning more about your clientele’s needs and developing solutions to meet those needs.
Emphasis on Automation
Automation is a buzzword spreading across nearly all industries in 2022, but it’s particularly important for wholesalers. Artificial intelligence and other tools of automation are increasingly responsible for tasks such as customer data management, order processing, and purchase order fulfillment. Automation can help you stay ahead of competitors, but it shouldn’t take away the human element from your company. To get the best out of automation, you should work to strike a balance between human and AI-driven processes.
Direct to Consumer Sales
One of the biggest trends set to hit wholesalers in 2022 is an increase in direct-to-consumer sales. Unfortunately, this often means lost profit for wholesalers who act as middlemen between manufacturers and individual buyers. Despite this shift, though, profits are still projected to increase throughout 2022 and beyond. Investing in wholesale insurance can help your company prepare for the unexpected and stay on top of consumer demand. If you’re planning for the future, insure can help to protect your future.
About BTC Insurance Services
Founded in 2011, BTC Insurance Services has proudly served Utah businesses with comprehensive and custom-tailored insurance coverages for a decade. We pride ourselves on fostering long-term client relationships with a personalized and hands-on approach, and have established a reputation built on quality and transparency. For more information about our products and services, we invite you to contact one of our reputable agents today at (855) 944-3457, or send us a message here.
