In the dynamic realm of retail, brands are rediscovering the critical importance of wholesale channels. Recent studies indicate that the wholesale sector is poised for a 7% growth rate in 2024, outpacing other retail channels. Insights from ENDVR suggest that adopting advanced strategies could enhance sales and improve sell-through rates by 41% in wholesale, revolutionizing revenue generation for brands in physical stores.
Why Wholesale Now?
The shift towards wholesale is a strategic response to evolving consumer behaviors and market dynamics. Industry giants like Nike have been addressing their DTC strategy as their Q3 revenue was not what was expected. Their CEO John Donahoe said the sportswear brand “is not performing at our potential” and needs to lean back into wholesale and product innovation.
In 2023 alone, Nike reported a 15% increase in wholesale revenue, underscoring the channel’s potential. This strategic emphasis on wholesale underlines a broader industry trend: multi-brand retail environments are vital for capturing consumer attention and fostering innovation. This trend is echoed widely, with industry reports highlighting a 20% increase in consumer spending within multi-brand settings, emphasizing the necessity for a presence at various consumer touchpoints.
The Future of Wholesale Success for Brands
According to ENDVR’s analysis, the path to wholesale success is founded on a robust strategy that includes product education, relationship building, and technological leverage.
Key elements of this strategy are:
- Boosting Sales & Engagement Through Expert Product Education: Utilizing digital retail sales enablement platforms keeps product knowledge up-to-date. Well-informed staff can significantly boost sales by effectively communicating product value and features.
- Cultivating Retail Advocates: Strengthening connections with retail sales teams transforms them into brand champions. These partnerships drive sales, as enthusiastic staff are more likely to recommend your products.
- Leveraging Retail Sales Enablement Technology: In today’s wholesale strategies, technology plays a crucial role. Platforms like ENDVR offer brands a competitive advantage by streamlining sales processes and providing insights to optimize performance.
Advantages of ENDVR Retail Sales Enablement Platforms
ENDVR is at the forefront of wholesale innovation, enhancing brand sales and sell-through with its platform. Success stories from ENDVR clients—such as Burton, Vuori, Mountain Hardware, and OTIS Eyewear — highlight the platform’s significant impact. These brands have leveraged ENDVR to educate and motivate retail staff, gaining valuable insights into consumer behavior and product trends, thus charting a technologically advanced path to enhancing wholesale sales and sell-through rates. The evolution of the wholesale channel presents an opportunity for brands to redefine their sales strategies for remarkable growth. By investing in expert product education, nurturing retail advocates, and utilizing platforms like ENDVR, brands are strategically positioned for success in 2024 and beyond.
What's Next?
Elevate your wholesale strategy with insights from industry leaders. Watch the ENDVR demo today and learn how to amplify your sales and sell-through rates cost-effectively:
Yes, in the time it takes to enjoy a coffee, you could reshape your wholesale strategy: discover how you can maximize every dollar, boosting your sales and sell-through in your wholesale channels. Don’t wait—explore the possibilities, have some fun, and discuss solutions today!
