Wholesale learnings from the year gone by
The festive season might have come to an end, but business needs to continue. Long before COVID-19 hit, the wholesale process for Indian designers was overdue for reexamination. The growth of DTC and the growing pains that designers were experiencing from doing business in India were surfacing necessary conversations over the need for a more simplified and sustainable wholesale model for the contemporary market. Read on to gather some insights from our learnings -
Relationship with the buyer
Reports still indicate that brands heavily rely on trade shows and showrooms to secure retail accounts. Most brands report having strong relationships with their retailers that have been forged over time. This good rapport that most brands have with their retailers means that the likelihood of a more collaborative and streamlined process can be accomplished. Asking the question around how satisfied you are with your relationship with retailers might spark a few ideas on securing good and successful partnerships.
Most brands report having seen a moderate amount of change in the wholesale process in the years they’ve been in the industry with younger, less experienced respondents saying that the biggest shifts they’ve seen have been the closer collaboration that brands and retailers are maintaining versus more experienced participants (11+ years) who cite the merging of retailers and shift to more immediate/in-season purchases (from pre-book) as the biggest shifts they have witnessed. This could be a huge opportunity for us to establish forward thinking approaches to wholesale. Future of wholesale
The brands that have a positive outlook for their business have an infrastructure that is supported by online tools that automate and streamline processes as well as provide more accurate reporting. The resistance and fear to change are what is hurting brands who don’t hold the same optimism for the future of their business. What this means for us is to adopt and embrace more digital solutions, offer faster and easier selling and a better customer experience.
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