In our latest webinar Wholesale in the time of Coronavirus: Best Practices, we go over a few important things for brands to consider in the rapidly changing wholesale business and how to best prepare for what’s to come.
Joined by NuORDER’s Account Director Chelsie Frieze, Fashion Director Tommy Fazio, and Education Director Chris Dunlap, they each offer insights into the current state of wholesale in the wake of COVID19 and best practice tips on how to continue business online. Read below for a look at the challenges brands and retailers are faced with and some tangible solutions to these difficult times.
the full webinar: Click here
Now more than ever, brands must remain agile in the face of current events, adjusting to the demands and needs of retailers and customers. Unable to meet face to face and attend trade shows, there is a new push towards full-scale digitization and online presence that replaces analog paper catalogs and ordering systems, among others. Results from our latest survey found that at least 25% of retailers would be reducing or modifying orders for the current season, resulting in significant financial impacts for many brands.
Confronting the Unknown
There is a big question as to when the industry can expect a return to any sort of “normal” shopping experiences. Fazio states that when retailers do reopen, it will be essential for retailers to focus on stocking compelling and exciting merchandise. Between factory closures and brand cancellations, there will be new adjustments to open-to-buy orders. There’s no space to miss, selecting the right products is essential to making the most of this changing landscape.
Solutions and Digital First Impressions
With a new focus on digital as a means of communication with retail buyers, brands can convey their messaging succinctly and effectively. Fazio covers some of the ways in which brands can leverage a B2B commerce platform to tell their story and build better relationships with their retailers.
For NuORDER platform users, now is a great time to:
- Revisit your homepages and update it with a clear focal point that includes marketing materials like up-to-date product images, sizing charts, and an easy to follow design.
- Keep your linesheets clean and up to date for reps, with click-through links from the homepage.
- From your linesheets, buyers can also place orders from a narrowed down selection, so make sure to concisely organize your products to make the most of their buying experience.
- Target your linesheets towards a segmented audience, this may be including only products like best sellers or discounted group linesheets.
- Keep in mind limited budgets, walk buyers through a visual walkthrough of their potential orders with custom lists that demonstrate what the buy might look like in stores.
With the rapidly changing state of fashion today, there is no clear answer to what the industry will look like in a few month's time. However, the use of an online wholesale platform is a significant tool that bridges the gap between buyers and sellers during these times of uncertainty and distance.
A few takeaways:
Communicate your brand's story and why they should be a compelling buy. Show them you care and want to work with them by creating custom linesheets that appeal to their needs and budgets. Walk them through what their purchase might look like in stores and what might be missing stylistically.
There’s no one fix to any of the events that are going on, but hopefully with a few of these strategies and digital tools in mind, working together to find mutually beneficial solutions will be a little bit easier for everyone involved.