The Australian Bureau of Statistics revealed that during the Covid-19 pandemic, a loss of revenue was reported by 41 percent of businesses while an operating expense increase was reported by 22 percent. Food & beverage businesses across the board have faced the brutal impact of the pandemic, especially through lockdowns and social distancing measures. While B2C businesses have been able to adapt to changing digital trends, some B2B businesses have yet to make the transition. Here are some digital trends that will influence the Australian B2B food & beverage industry in 2021:
Adopting Less Time-Consuming Ordering Methods like Online Ordering
2020 showed us that online sales are almost the only way to go. Phone and fax orders are not just old school and time consuming, they cost a business thousands of dollars in lost productivity. An antiquated ordering system is a burden far too many food & beverage businesses continue to face.
Online ordering takes the entire process digital. The key benefit is that customers can order when it suits them – not just business hours. This gives you a 24/7 sales portal that is completely automated – saving you time and money.
Having an entire suite of products easily visible to your customers can potentially even increase the dollar value of orders, which grows your sales and maximises profit.
Automating Incoming Payments with Payment Gateway Technology
A payment gateway automates the entire payment process on behalf of your business. It allows you to accept credit and debit payments in a secure manner, which means no more long debtors’ lists.
When a customer places an order, the payment gateway can easily validate the transaction and puts you in control by lowering any risk. Businesses can enforce specific measures like payment days, payment limits and more to stay in even greater control and improve their cash flow without worrying about late payments.
A key benefit of an automated payment gateway is the ability to accept secure transactions and having them processed immediately after the invoice has been issued.
Integrating Accounting with Business Systems
Integrating accounting with existing food & beverage software can give a business even greater control over the operations without having to do any separate time-consuming work.
An advanced accounting software like Xero takes care of all the accounting needs, while syncing it to business software creates a centralised platform where a business owner has complete visibility of cash flow, orders, payments, delivery, distribution, and plenty more.
Another benefit is the ability to avoid doubling up on bookkeeping and preventing errors associated with having to enter the same data more than once.
In a nutshell, with more and more businesses transitioning online, your business cannot afford to stay behind. If you want to find out more about how to incorporate all these technologies into your B2B food & beverage business, contact EasyVend. Our web-based food & beverage distribution software will accelerate your ordering, distribution and payments process – improving your cash flow, reducing time-wasting manual tasks and improving profitability.