In business, time is money. Yet, it often feels like there’s never enough time to stay on top of everything. If too much time passes, deals can be lost. In response to timely processes, PV hardware sellers look for ways to gain efficiency while growing revenue.
Online sales channels are a viable option to achieve both goals. They are designed to expand a seller’s reach across a region or even globally. They expose sellers to new buyers who are actively sourcing hardware. They function as intermediary platforms to connect sellers to buyers’ needs faster than could be done offline. Furthermore, they give sellers a window into the overall market with pricing and availability details. This intel helps sellers to competitively price their inventory and identify new opportunities.
With all these benefits, a seller would be wise to build a revenue portfolio that includes at least one online platform in addition to listing their inventory on their own website. But how can a seller gain efficiency when adding another sales channel to their process?
In this article, we’ll share tips to enhance efficiency when adding a new online sales channel. Examples are taken from the EnergyBin wholesale exchange. In a nutshell, the ability to leverage online tools with sound relationship building leads to increased sales for the wholesale seller.
Tip 1: Get Organized Internally
The first step to take in adding an online sales channel is to ensure your inventory is accurately documented in an easy-to-manage system. How you choose to manage your inventory rests on your preference. We’ve seen inventory management systems as simple as Google spreadsheets and as sophisticated as ERP programs.
Accurate documentation is key for listing inventory online. At the very least, you’ll want to track the following identifiers, each in separate fields:
- Manufacturer
- Part / Model Number
- Product Description
- Quantity
- Minimum Order Quantity
- Price
- Warranty
- Location (address, city, state, zip, country)
- In Stock or Lead Time
If you’re selling solar panels, you may want to include the following in addition to the above-mentioned fields:
- Wattage
- Total Watts
- Number of Cells
- Faciality
- Frame Color
- Backsheet Color
- Number of panels per pallet
- Cable Length
Furthermore, if you’re dealing in secondhand solar panels, document the following:
- Serial number
- Module model number
- Brand
- Datasheet
- Exact quantity
- Age (i.e. how long the panels have been in operation)
- Number of busbars
- Number of cells
- Packing condition
- Weight per pallet
- Photos (include images of the back and front sides of the panels, the label, and the packed pallets)
It’s also quite helpful to link corresponding datasheets to each inventory line item, as wholesale buyers will want to review them.
Once you have everything accurately documented, you’re ready to upload inventory online.
Tip 2: Determine Where to Sell Online
Where to sell online directly ties into your sales strategy, including who you want to sell to. A variety of online sales channels exist to connect to B2B or B2C buyers. For this article, we’re using the scenario of the wholesale seller whose strategy is to sell bulk orders to wholesale buyers.
With that in mind, one of the most effective ways to connect with wholesale buyers is to join an online B2B exchange, like EnergyBin, comprised of PV professionals across the solar supply chain.
Other than the membership makeup, there are just a few criteria to look out for when considering whether to join an exchange. Is it secure? Is it trusted? And does the exchange charge transaction fees?
Tip 3: Complete Your Company Profile
Following your decision to join an exchange, your first step should be to complete your Company Profile within the exchange. Don’t get lazy when it comes to this step. Just like search engines, algorithms pull search results based on the information you provide. The more complete your profile is, the more often your company profile will appear in search results.
For example, EnergyBin’s search capabilities are built on elastic keywords. When a member searches “solar panel supplier”, those companies that have included this term in their biographies will appear in the results. Searches for specific brand names, such as QCells, Trina Solar, Longi, etc., are common as well. If your company is an authorized reseller of any Tier 1 brand, you should include that manufacturer in your biography.
Additionally, a complete Company Profile conveys that your company is legitimate. Buyers will want to see your credentials, terms of service, policies, team members, and anything else that helps them pre-qualify you as a vendor. Treat the profile as a shiny marketing brochure that tells other members you’re worth doing business with.
Tip 4: Upload Your Inventory
Now you’re ready to upload inventory to the online sales channel. Depending on the channel’s functionality, you can gain efficiency in this step by setting up an integration between your internal management system and the exchange.
For example, EnergyBin members can set up Real-Time Inventory (RTI) integration (based on a REST API) to sync their system to the platform. This feature affords a company the convenience of managing one system while the other automatically updates when changes are made to the internal system. Furthermore, API integrations can be programmed to exclude any inventory line items you don’t want to publish online.
When it comes to listing inventory online, the most important tip for success is to ensure accuracy and transparency. We talked about organizing and documenting your inventory in Tip 1. You’ll also want to be as transparent as possible, which will enhance the efficiency of your buyer’s process. Buyers have expressed that one of their biggest pain points is when sellers don’t list pricing online. No listed price slows down their buying process.
But if you’re reluctant to publish prices because you don’t want competitors to see your pricing, that’s understandable. However, the online channel may have an option for you. For example, EnergyBin allows sellers to pick and choose which members can see their pricing. You can also set variable prices for each selected member.
Tip 5: Designate a Team Member to Manage the Online Sales Channel
To ensure your inventory listings are up-to-date and that customer inquiries are answered in a timely manner, you’ll want to assign a team member to manage the online sales channel.
With respect to efficiency, we recommend automation paired with human oversight. Automation could be as sophisticated or simple as needed, such as integrating with your customer relation management (CRM) software or directing inquiries from the online platform to your email inbox. Most online channels will have built-in tools to help streamline your process.
For example, EnergyBin lets a user set up email preferences for receiving RFQs. Although our platform is not a transaction-based site, we want to help sellers connect to buyers as quickly as possible. Most buying inquiries on EnergyBin are volume inquiries with complex project details.
Therefore, a conversation between the buyer and seller is likely to take place before the transaction is completed. The timing of the buyer-seller connection is critical to project timelines.
Aside from receiving email notifications from prospective buyers, a point person on your account can proactively seek out buyer needs. For instance, on EnergyBin sellers can send and view Broadcasts, which are immediate Want-to-Sell and Want-to-Buy notices. You can view these needs by logging into the platform, or you can set up daily Broadcast reports delivered to your inbox – whatever’s convenient for you.
Take it a step further and send Want-to-Sell Broadcasts for hot ticket items you have in stock. These Broadcasts are published to the platform and sent to members’ email inboxes. Interested buyers can respond directly to your Broadcast by email or phone call.
Having a designated team member responsible for such communications not only ensures you don’t miss an opportunity but also that your company can build relationships with these wholesale buyers.
Regardless of which online sales channels your company decides to integrate, build a support team ready to respond to your customers and fulfill their needs.
Efficiency Simplified
In the technologically advanced age we live in, there are countless ways to gain efficiency. You have ample software solutions that help automate your workflows. And integrations help to sync it all together.
If you’re feeling overwhelmed, don’t! The time spent to initially set up your system will pay off. Once you have a process that’s working for you, it can always be enhanced. The key to gaining efficiency is to slow down to speed up.
Think of efficiency as streamlining repetitive or simple tasks to free up your team for more complex undertakings, like customer communications. Doing so will allow your business to expand into new online sales channels and build new relationships.
More Resources
5 Tips to Sell Wholesale Solar Equipment Online
Grow Your Revenue: Sell PV Hardware on EnergyBin