Key Highlights

The wholesale trade industry specializes in lowering transaction costs, matching supply and demand, and creating real added value for all stakeholders in a marketplace crowded with buyers and sellers.

Digital transformation, including the emergence of new online platforms, is disrupting wholesale companies and challenging the traditional view of trade and retail customers. With lower pricing, logistical expertise, and easy access to increasingly tech-savvy customers, online platforms are becoming serious competitors to traditional wholesale companies. 

IndSights Research predicted that online purchasing will likely be the norm in time to come.

Digitalisation accelerated by COVID-19

The COVID-19 pandemic has exposed inequalities in all industries, especially in the supply chain. Many companies with global footprints were caught by surprise and unable to react to the sudden factory closures and supply chain disruptions at the start of 2020. The disruptions have led companies looking to innovate with digital technology to strengthen the entire supply chain and ensure business continuity. The lockdowns across the world have accelerated the need to change as the restrictions have limited people's movement and their access to traditional sources of food supply.

The global digital revolution of the supply chain

Digital technology's role in the world's food supply, from farm to table, is growing. Consumption patterns have changed with consumers seeking reliable food delivery services as they try to shorten the supply chain and cut out the middleman. Farmers, seed and fertilizer suppliers, and food wholesalers and distributors have moved to online services like distribution and marketing channels. E-commerce and other innovative logistic fulfillment services are used to match supply and demand for agricultural produce.

Singapore's response to the digital transformation of the wholesale trade industry

Amidst the changing landscape and the need to digitalize, the Wholesale Trade Industry Digital Plan was launched in 2018 to make going digital simple and accessible for SMEs. Strategies include:

• building trade connectivity through digital marketplaces and platforms
• strengthening enterprise capabilities
• growing a vibrant trade ecosystem of wholesale trade enterprises in Singapore
• developing industry-ready talent equipped with deep skills for digitalization and internationalization.

Read more here - https://www.indsights.sg/industry-perspective/wholesale-trade-digitalisation/

Have any queries about how your wholesale organization can benefit from Zooloo's digital solutions? Contact us at sales@zooloo.asia.

Explore more

• Read about The Digital Transformation Journey
• Learn more about our “Digital Backbones”
• Learn more from our eBook series on Digital Transformation for Wholesale Trade

Tags:#digitaltransformation #B2B #digitaladoption #digitalintegration #covid19 #digitalsolutions