Heath Wells, Co-Founder and CEO, NuORDER, Speaks About the Retail Transformation: How Brands and Retailers Are Responding to an Evolving Landscape
In the latest retail landscape report published by NuOrder, it is revealed how B2B brands will start to focus more on emerging business models such as subscription services, personal shopping, and daily deals. The report finds that 22% of brands said they are planning to focus on specialty retailers; 33% of brand sales managers are planning to shift the mix of retail partners in 2018.
The data provides insight into the modern retail infrastructure, and how technology can be implemented to improve sales and marketing strategies.
To further elaborate on the report and the state of retail commerce landscape in 2018, we spoke to Heath Wells, co-founder and CEO, NuORDER.
Shifting Focus to Measure the Evolving Retailer Relationships
What is the objective of publishing your Retail Transformation Report?
Retail has undoubtedly undergone a transformation in the last few years in response to changing consumer shopping preferences. The goal of creating this survey, “Retail Transformation: How Brands and retailers are Responding to an Evolving Landscape,” is to help understand the retail transformation from the brand’s perspective, and how their wholesale business strategies should adapt to.
We surveyed more than 400 brand representatives who sell through wholesale, in order to answer critical questions related to the evolving relationship between the brand and retailer and explore retail’s transformation from their point of view.
Who is your audience and how does it benefit them to read this report?
The survey was designed to identify trends and themes across many aspects of the retail landscape, including the brand/retailer relationship, B2B eCommerce, brick-and-mortar and small-format stores, specialty retail, and other trends. Our goal was to gather data and turn it into actionable insights to benefit brands with significant wholesale channels. The data provides insight into the modern retail infrastructure, and how technology can be implemented to improve sales and marketing strategies.
Brands Should Consider Investing in a Technology Partner that Can Serve as a Liaison
What are the key takeaways from this report that could benefit any marketing and sales team?
A few of the most interesting themes from this survey center around the brand/retailer relationship, and how technology complements it. In our survey, we found that 58 percent of all brand sales managers are planning to increase spending on technology for ordering tools, mobile and digital catalogs. We also found that 46 percent of brands are sharing real-time sales data with retail partners, offering insight into high performing products and sales trends over time and enabling retailers to make smarter purchases.
Brand sales and marketing teams can leverage tools like visual merchandising to show retail buyers how products work together and allow them to plan out cohesive displays and collections. They can also use ecommerce platforms for streamlined communication and transactions with retail buyers. These tools enable brands to provide insights that retailers wouldn’t otherwise have, including real-time data analytics, customizable digital line sheets, ordering reminders and more.
Is Amazon really beatable today!
Amazon is the obvious threat in today’s retail landscape, but we need to stop thinking of all other retailers as ‘competitors’ to Amazon. Based on the survey findings, brands are placing greater focus on specialty retailers like activewear shops within studios, subscription services, and more. These retailers are embracing their niche focus, rather than attempting to be a one-stop [online] shop like Amazon.
For example, when seeking out a one-of-a-kind necklace to gift to a friend, a shopper is more likely to visit a jewelry store that features local artists than log onto Amazon. This store and many others are not attempting to ‘beat’ Amazon, but rather identify with a specific type of consumer and shopping experience.
Thank you, Heath, for chatting at length with us on the state of retail commerce and more…
Keys to Success in 2018: Deliver Speed, Ease, and Personalization of Shopping Experiences
Most CMOs would agree that retail has undergone a massive transformation in the last few years, largely due to the deeper proliferation of marketing and sales technology, amplified further by the rise of social media advertising, AI, and email marketing. Today, the brand-customer relationship revolves around the pillars of speed, ease, and personalization of shopping experiences. It is a foreseeable transformation in the retail landscape that demands brands to reach consumers through big-box stores, specialty outlets, online retail, and mobile commerce hubs. Let’s see how marketing attribution in retail commerce further disrupts the industry for better ROMI.