LLC vs. Sole Proprietorship: Florida Guide
Choosing between an LLC and a sole proprietorship in Florida? Learn the key differences in asset protection, taxes, and FL registration.
There are currently 2.77 billion online shoppers, and 21% of all retail purchases take place online.¹ Moreover, around 90% of all B2B sales will take place through digital platforms this year.² These numbers are poised to grow in the future as companies increasingly embrace ecommerce.
One important decision for small businesses to make is choosing the best wholesale ecommerce platform. Companies need to examine the features that the platforms offer, as well as the costs and efficiency of services. Companies should also consider how these services will function as they expand their business.
This article will help US businesses select a wholesale ecommerce platform and navigate complex issues like international payments.
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There are many ecommerce platforms in the market for businesses to consider. Here are some of the top options:
Best For: B2B ecommerce stores
Shopify is a common choice for wholesale ecommerce companies and large B2B ecommerce stores. Shopify Plus enables you to easily manage inventory, support customers as you scale, and integrate third-party applications into your ecommerce store.
Best For: food and beverage industry wholesalers
BlueCart is particularly suited to wholesale food distributors.⁴ BlueCart is optimized for mobile traffic, and it allows users to easily manage products in its digital catalog. This platform is a great option for companies that plan to have strong growth in the food and beverage industry and need an ecommerce solution that supports this journey.
Best For: Managing wholesale operations using AI
WizCommerce is an AI-powered sales and ecommerce platform for wholesalers. Its tools aim to help companies improve the buyer experience and more effectively manage wholesale orders. You can also connect WizCommerce with ERP, accounting, inventory, and CRM tools, helping save time on manual tasks.
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It is important to take a look at some of these key features to find the best wholesale ecommerce platform. Analyzing these factors can help you choose the best wholesale ecommerce platform and avoid common headaches that many businesses face.
Pricing options: Many wholesale commerce platforms offer bulk discounts or custom pricing for larger orders. Your business can offer various types of bulk discounts, including percentage bulk discounts and fixed price bulk discounts.
Inventory Management: Companies are currently paying around $9.47 per square foot for inventory space.⁶ Inventory management techniques can help companies accurately predict demand and reduce their storage space. Finding a platform with solid inventory management services can help you reduce costs and avoid product shipment delays, which can harm your revenue.
Mobile payment support: It’s also important to ensure that your ecommerce platform supports customers using a mobile device. Around 87% of people between the ages of 30 and 49 shop on their mobile devices.⁷
International payment support: Businesses should also consider international payment solutions, either through the ecommerce platform or by adding integrations. Wise is compatible with many leading ecommerce platforms and can help your business avoid unnecessary fees on international payments.
Offering Credit for Wholesalers: Some leading platforms, such as Shopify, offer flexible payment terms. These platforms can create net payment terms ( i.e., Net 30) and even set up automated payments.
Integrations: One important factor to consider is how the platform can integrate popular business tools, such as accounting software, CRM systems, inventory management tools, and payment gateways. Determining this beforehand can help you calculate the true cost of operating the ecommerce platform and ensure the platform meets your long-term business goals.
Custom product catalogs: It is essential to ensure your ecommerce platform supports your business as it grows. One important feature includes customizable product catalogs, which allow you to have power over how you showcase your products.
Reordering and repeat purchases: You should also ensure that the wholesale ecommerce website allows you to easily enable repeat purchases. This feature can make things easier for your buyers and help you lock in recurring revenue.
International Payments: It is also crucial that your ecommerce wholesale platform supports international payments or allows you to integrate other payment solutions. There are many hidden fees associated with some options in the market, which have poor currency conversion rates.
User Experience: The user experience for both the buyer and seller is another important factor. Buyers will need to be able to easily navigate the website on their computers and mobile devices. For the seller, services like inventory management support and payment solutions are an important part of the user experience.
One of the most important steps you need to take to find the best ecommerce platform for wholesale is to understand the platform fees. The monthly service charge is just one of the many costs you will incur. Below are some of the other costs that you need to calculate to understand the total cost of ownership (TCO).
Platform Subscription Fees: This is the most basic cost for companies to consider. Businesses may need to pay for some of the most premium plans if they plan to scale. It is important to look at all of the features available and determine how much they will need to spend on integrations.
Transaction Fees: Transaction fees are a very important cost that can add up over time if you don’t choose the most efficient option. Some of the main fees you will incur include percentage based fees, flat per-transaction fees, and gateway charges.
Payment Processing and Exchange Rate Markups: Some cheap ecommerce plans have high and hidden fees for foreign transactions, and may not support a large number of currencies. While the fee could be cheap on a percentage basis, the currency exchange rate could be poor, leading to high and unexpected costs.
Integration Costs: In many cases, your ecommerce provider will provide a lot of services, but you will still need to add extra software to the website. You will likely need to pay extra for ERP, CRM, and accounting software integrations. It is important to calculate this cost beforehand when choosing an ecommerce website.
Hidden Fees: There may be other types of hidden fees, including support fees, additional features, and international transaction charges.
Wise is a one-stop, clear, and transparent solution for ecommerce wholesale websites. Companies that integrate Wise can make and receive payments at the mid-market rate, helping them avoid high fees and unnecessary losses on poor currency conversion rates. You can also offer payment options in over 40 different currencies, making things easier for you and your customers around the world.
For example, a US business buying supplies from Asia could face a 3% markup on a $20,000 purchase of goods. With Wise, the company could avoid this hidden $600 markup charge and instead enjoy transparent fees and the mid-market exchange rate.
As your business expands globally, it's important to ensure that you have the mechanism in place to offer international payment options. Wise is a powerful tool that you can help you offer low-cost and convenient payment options using local account details.
Many payment methods may have hidden charges on international payments. These payments may move more slowly, often taking several days. On the other hand, Wise enables you to send and receive money in hours, not days — 96% of payments take less than 24 hours.
You can can see the transfer fee upfront, and avoid hidden fees. Moreover, Wise customers also have access to over 40 currencies all in one account.
You can also use Wise to send payments to suppliers in China in CNY, avoiding losses on poor exchange rates. At the same time, you can also receive payments from customers in Europe in the local currency and then convert this back to USD. This model helps support companies as they scale and expand their ecommerce business.
The best platform depends on your company’s needs, including the type of product, order volume, and your global operations. Some of the best platforms will offer a variety of tools for B2B sales.
Yes. Shopify supports B2B sales and can be a great option for wholesale companies.
As wholesale companies expand globally, some of the main hidden costs that they incur come from unfavorable exchange rates. Many options, like banks and payment processors, have transaction fees and wire fees, which can add up over time. Wise is a powerful solution for global companies, as it offers local account details, such as Euro and GBP account numbers. This option allows US companies to send and receive payments in local currencies and exchange them to USD at the mid-market rate.
Wise can help ecommerce companies with one of the main challenges they face, making and receiving international payments. Regardless of what platform you use, Wise has a lot to offer to your wholesale business.
Wise is not a bank, but a Money Services Business (MSB) provider and a smart alternative to banks. The Wise Business account is designed with international business in mind, and makes it easy to send, hold, and manage business funds in multiple currencies. You can get major currency account details for a one-off fee to receive overseas payments like a local. You can also send money to 140+ countries.
Check out Wise Business today to learn how you can eliminate the headache of accepting and receiving international payments.
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*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.
This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.
We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.
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