In our webinar, Solving the Merchandising, Storytelling and Inventory Equation, brands hear from Nordstrom and Bloomingdale's buyers to learn how to run better market appointments, enhance brand storytelling, and help retailers improve merchandising. Now, we break down obstacles of selling this holiday season and capture a brief recap of the webinar to help you be successful this season and beyond.
Want to skip ahead to the webinar? Watch on-demand below.
Obstacles This Holiday Season
We are entering one of the year's busiest seasons, and inventory glut is still a significant issue brands and retailers are trying to solve. In a study titled, Post-Peak Excess Stock: Why It’s a Major Issue and What You Should Do About It, conducted by Inventory Planner, research reveals that approximately 44% of U.S. fashion retailers are grappling with excess inventory worth an average of $74,000.
As we approach selling this holiday quarter, it's crucial to consider the implications of these findings. Deloitte's 2023 annual holiday retail forecast shares that holiday retail sales are likely to increase between 3.5% and 4.6%, a decrease from last year’s prediction of 4% and 6%. Experts share that consumer spending is cooling down due to inflation and upcoming student debt repayment. With this complex season, brands must learn best practices to support retailers in driving sell-through. Below, are fundamentals shared by Nordstrom and Bloomingdale's buyers on the panel.
Preparing for Market Appointments
Following a market appointment, buyers seek to execute their purchase promptly. One point stressed by the panelists is for brands to have accurate data and information ready and available to buyers to avoid delays and errors. In the webinar, Nordstrom buyers share the specific data points they need and what they expect to see in linesheets.
Communicating your Brand Identity to the End Customer
According to the 2021 Edelman Trust Barometer, 88% of consumers surveyed said “trust” is critical when deciding which brands to buy or use. Considering that factors like student debt repayment and inflation are shying consumers away from more spending, it’s important for brands to build loyalty with their customers through impactful storytelling. In the webinar, buyers stressed the need to leverage B2B tools for smart merchandise collaboration.
Building Successful retail Partnerships
In our ever-evolving landscape, brand and retail partnerships have gained importance over time. In a Coresight Research report, respondents said collaborating improves customer service and operations. It also creates stronger promotion strategies and more advantageous pricing. With ongoing industry challenges, brand and buyer teams may continually evolve in response; therefore, flexibility and adaptability are key. For example, In the 2021 TrustRadius report, 87 percent of buyers said they wanted self-serve as part of their buying experience. On NuORDER, we saw self-service orders increase annually from 2019 through 2021. Buyers on the panel shared that these are the types of pivots they hope brands are willing to adjust to for a successful partnership down the line.
Wrap Up
This holiday season, headwinds like ongoing inventory challenges and decreasing consumer shopping have the potential to deter sales success. However accurate data, smart merchandising, and brand and retailer collaboration increase the chances for sell-through. For a deeper dive into expert buyer tips and expectations on market appointments, brand storytelling, and consumer demand, watch the webinar on-demand here or click below.
