NuORDER by Lightspeed has good news. Today, we’ve announced that our successful partnership with Saks Fifth Avenue—the iconic luxury retailer—is going to be renewed for four more years.
This collaboration means Saks can continue to digitize its buying and merchandising processes through NuORDER.
The Saks Partnership and NuORDER
By adopting NuORDER by Lightspeed, Saks has revolutionized how it connects with brands and buyers. The platform has streamlined previously manual processes, slashing time spent on order creation by 50% and reducing time spent on purchase orders and item creation by a remarkable 90%. This dramatically increases assortment visibility and empowers merchants by giving them more time to curate their buys.
The Saks partnership has meant just as much to NuORDER. Through this partnership, NuORDER by Lightspeed has been able to build on successes with other leading retail brands like Bloomingdale’s and The Bay. Throughout this time, NuORDER has built up a reputation as a top B2B platform for major retailers. That’s a distinction that wouldn’t be possible without the partnership with Saks.
What’s the Current Industry Temperature?
Perhaps one reason Saks is renewing the partnership is where the fashion industry is headed. According to some statistics, retail sales in the world of fashion could grow to three trillion dollars by 2030. That would nearly double it from its state in 2022 when global sales were just past $1.5 trillion. 100% growth within a decade is going to create major needs for fashion brands to improve the buyer experience.
But it’s not just the size of the fashion industry that plays a part in the Saks and NuORDER by Lightspeed partnership. As McKinsey reports, fashion has had a strong rebound in the years after COVID-19. And that’s a trend that will continue especially in the luxury space. Noted McKinsey: “In aggregate, McKinsey expects global fashion sales growth of 5 percent to 10 percent for luxury, and negative 2 percent to positive 3 percent for the rest of the industry in 2023.”
How Saks Leveraged Assortments with NuORDER
It isn’t as simple as using any B2B buyer platform. Saks has used virtual assortment and merchandising tools with NuORDER by Lightspeed to streamline its buying and selling processes, resulting in a “virtual showroom” experience that fits the luxury brand while making it easier for every party to buy and sell the products they want.
It’s a partnership that’s paid dividends for both Saks and NuORDER—and with the recent news, it’s clear that it’s a partnership that will have legs for years to come. Maybe that’s why more than 3,000 brands have used NuORDER to streamline their assortments and embrace the future of B2B buying in the world of fashion.