Picture this. You’re constantly improving your service offering, fine-tuning your social channels, and spending money on marketing — but you haven’t seen much growth. Sound familiar?
In today’s landscape, it takes an army to make brands reach the peak of their potential. But if you want to get there faster, here are 3 ways to rapidly scale your brand.
1. Focus on scaling sales with retail partnerships
You might think eCommerce deserves all the hype after the pandemic, but the future points to a hybrid between online and in-person sales. This is because the customers you seek are looking for a shopping experience (and they’d gladly pay more to get it if means supporting local businesses).
So here’s how to cater to that demand:
- Consider omnichannel as a key growth strategy by offering online and in-person buying
- Look to local retailers collaboration opportunities
- Work together to optimize product inventory (using a data rich B2B platform!)
Forming strategic and thoughtful retail partnerships can boost your brand's visibility, reputation, and sales. For more on this, take a look at our blog 5 Must-Dos to Ensure a Successful Brand / Retail Collaboration.
2. Meet buyers where and how they want to shop
To knock the omnichannel experience out of the park, consider ship-to-store purchasing options.
Ship-to-Store (STS) is becoming a popular sales strategy — primarily because it helps boost sales with more flexibility in how can receive merchandise, increases foot traffic in stores, improves efficiency, helps manage inventory, and reduces shipping costs. And benefits extend to both brands and retailers.
On the brand side, an STS feature will increase cart conversions, improve the consumer experience, and provide competitive fulfillment options akin to major e-commerce platforms.
For retailers, an STS feature will drive in-store foot traffic, showcase the retail store name on the brand's website, and provide insights into product performance and trends.
3. Look into WHOLESALE marketplaces
An Inriver study recently discovered that 44% of product journeys begin at a marketplace. Another study placed that number at 53%. And the numbers are likely to get higher since marketplaces are expected to become a jaw-dropping $3.5 trillion industry by 2024.
Here are the benefits marketplaces offer:
- They improve brand visibility
- Customers trust them (hence, they trust you)
- Access to a variety of payment options
- Global reach (more buyers!)
However, if marketplaces are not your cup of tea, you could also consider showcasing products on a B2B platform to have better control over your selling process. But there’s a third option: employ both for a competitive advantage.
To experience the benefits of marketplaces, you should explore options like Tundra, NuORDER by Lightspeed Marketplace, Abound, Bulletin, Handshake, or Faire.
Create an immersive experience
As we mentioned earlier, shoppers are willing to pay extra for an experience. The same applies to your B2B buyers.
If you plan to maintain and grow these wholesale partnerships (the 20% likely to generate 80% of your revenue), you need to offer a buying and selling experience that is built with your buyer in mind.
NuORDER by Lightspeed can help you reimagine your wholesale business with tools like immersive virtual showrooms, 3D products, marketplaces, and efficient payment options that all cater to helping retailers buy and ultimately help you grow your brand.
To learn more about our product offering, request a demo!