In the world of outdoor brands, growing your business is always top of mind. While selling directly to customers (DTC) has its perks, wholesale is coming back into the spotlight too!
Today more and more brands are realizing wholesale is important for a well-rounded market presence and sustainable revenue. Major players like Nike are already embracing wholesale, indicating its importance for a comprehensive market presence and enhanced revenue generation.
Nailing Wholesale:
After years of prioritizing DTC channels, Nike is now recognizing the importance of its wholesale partners in driving growth and connecting with consumers. This shift is not just about increasing sales; it’s about leveraging the strengths of both DTC and wholesale to create a seamless, omni-channel retail experience. As reported by Bloomberg, Nike has brought back retired executive Tom Peddie to mend retail relationships and enhance the company’s wholesale strategy.
Even though online shopping is huge, a lot of people still love going to stores, and based on a recent report, 85% of purchases are still being made in brick-and-mortar. But diving into wholesale can be daunting, how do you know if it’s working when you can’t track everything like with DTC?
That’s where platforms like ENDVR help — we make wholesale simpler, with tools to boost sales in physical stores. So, you may be wondering how brands optimize store performance to justify wholesale investment? Explore these three key strategies:
1. Leverage Analytics:
Understand the most effective way to deploy digital education, sales incentives, and retail operations with measurable ROI.
2. Talk Directly to Store Staff:
Connect directly with frontline staff to gauge the impact, ensuring sales contests and digital education contribute to improved sales and sell-through. Burton has successfully used ENDVR for North American digital education outreach, showcasing its contribution to improved sell-through.
3. Make Stores Shine:
With a staggering $104 billion revenue loss tied to poorly executed displays, brands embracing retail automation technologies alleviate this loss and witness the positive impact of their retail investment.
Empowering Frontline Teams for ROI Magic
The true catalyst for transformation lies in activating frontline sales teams. This critical engagement fosters emotional connections with customers, indispensable for nurturing brand loyalty, advocacy, and visibility in wholesale channels. Platforms like ENDVR empower brands to deliver consistent messages, drive internal digital education campaigns, and equip teams with comprehensive knowledge across wholesale channels and physical stores.
Studies reveal that sales associates, when educated through apps like ENDVR, exhibit a remarkable 97% increase in confidence in selling brand products, translating to a monumental shift in ROI from 2.9:1 to an astounding 35:1 with ENDVR.
Nike’s Wholesale Strategy: Reinvesting in Strategic Partnerships
Nike’s recent reinvestment in wholesale distribution signals a strategic omnichannel approach for the future. Having learned from its reset year in 2022, Nike now better understands where wholesale distribution is necessary and where it’s not. With this understanding, Nike can renew and renegotiate partnerships from a position of enhanced strength. Retailers like DSW and Macy’s are eager to reinstate their association with the footwear giant and rebuilding relationships with wholesale partners like DSW, Foot Locker, and Macy’s not only helps Nike clear excess inventory faster but also strengthens its market presence and enables it to capture a broader customer base across various channels.
Digital Transformation: Making Retail Work for You
If you’re eager to enhance your brand’s wholesale performance and boost your revenue, don’t miss out on the opportunity to explore what ENDVR can offer.
Join us for a webinar on “How To Maximize Your Brand’s Wholesale Channel in 2024: Key Action Items From Retail Store Staff Insights” and learn from industry experts how leading brands are leveraging ENDVR to revolutionize their wholesale strategies.
