The electronic distribution industry has come a long way since its inception.Gone are the days when when electrical distributors merely restricted on territorial advantages for maintain a regular influx of customers.With the advent of internet shopping and cut throat competition being offered by manufacturer’s, online channels and portals available at the web are available worldwide .With so much variety in goods and a easy access to low and subsidised prices, customers’ demands and needs have also changed considerably today.In the growing times of competition,survival of any industry not only requires meeting customer specific needs rather it also involves finding through ways that could be helpful in gaining customer credibility and support.This not only caters to offering subsidised prices but also innovative manners that could help you maintain your margins alone with offering a sustained growth. To find more on how far the electronic distribution industry has changed, click here.
Undoubtedly the competition for electronic distribution industry is growing every year but so is the revenue generated. According to a recent report published by IBIS World,a significant growth of about 30$ has been observed between a short span of 5 years from 2011 to 2016.
The surviving principle
In order to survive through market, “the right product for right customer” principle also applies to electrical distributors just in the manner it applies to contractors and manufacturers.This isn’t particularly limited to sale of local goods like wall plates and gears but is applicable to business as a whole to be able to streamline your business practices that can offer increased profits.
Managing competitive pricing
Offering subsidised prices is not only the sole principle to grab attention of customers .Instead focus on more adaptability towards meeting customer’s requirement with varying types, demands and seasonality. In between all this you need to be sure of the margins that should not offer any significant loss to your business operational costs.
Why is online business presence necessary in the present competitive scenario?
An online presence plays a very significant role in magnifying your business productivity. Today more and more people look for internet to meet their daily needs. If you have a gateway to sell your products across the web via multiple channels, that will multiply your reach by many folds. But in order to survive through dire competition and grow you will have to look beyond traditional methods and extend the reach of your products to multiple platforms like online sales, social media promotion, and presence in the smartphone market and through counter sales as well. With your presence online you will also be able to assess customer demands more closely and can make changes accordingly. Also through an online portal there will be an easy access towards keeping a track of customer history, product specifications and warranty schemes that will definitely be a good manner to keep your presence strong in the times of risings inflation and market saturation helping you ensure a constant phase of business growth.