We recently wrote about 2 new innovations to BULQ, the wholesale arm of our software solution: cases (smaller lot sizes) and the BULQ mobile app for iOS. Our goal in launching these two new features was ultimately to drive faster sales velocity and higher recovery for our retail partners. A month since launch, we’re analyzing key metrics and are finding that our predictions are holding true.
New Features Drive More and Loyal Buyers
Aiming to open up BULQ’s customer base to smaller-scale and more category-specialized sellers, the BULQ team designed cases: smaller wholesale lots. One-eighth the size of a wholesale pallet, cases are a great fit for resellers who run operations out of their homes, as they can be delivered to a residence and don’t require a loading dock. Due to their smaller size, they also cost less, making it less prohibitive to place an order on BULQ. Over the last six weeks, we’ve seen a 129% increase in orders from new customers, as well as a 10% increase in orders from repeat buyers.
Sales Velocity Increases After Launch of New Offerings
In addition to increasing the number of BULQ buyers, our goal was ultimately to drive a faster sales velocity for our retail partners: goods sold faster mean value recovered more quickly. What we’re seeing now, six weeks since cases and the mobile app launched, supports this goal. While BULQ’s average order value has decreased slightly due to the smaller size of cases, cases sell nearly 80% faster than pallets, which more than makes up for the difference.
The faster sell-through rate of cases can also be attributed to BULQ mobile app usage, which garnered over 600 users in its first 3 weeks alone. Over the last six weeks, BULQ.com has experienced a 60% increase in conversion rate, which means that both pallets and cases are going fast. The mobile app helps drive these fast sales by alerting customers the minute a new lot matching their preferences is listed.
10% Increase in Client Recovery
In just the last six weeks alone, cases and the BULQ mobile app have contributed to an increase in recovery – which is up nearly 10% – for our retail partners.
As time passes, we will continue to monitor these metrics to keep you informed about BULQ’s performance.