According to retail veteran Jim Gold, “... the only thing we can count on right now, is change.” But in his recent discussion with JOOR CEO Kristin Savilia, the former Neiman Marcus Group President and Chief Merchandising Officer expressed confidence our industry can solve for this challenge. He urged brands and retailers to stay positive and, drawing on his 30 years in retail, he offered best practices to stay on top of the current continuous flux.
These days, ‘consumer-led’ goes well beyond keeping pace with streetwear hybrids and the latest in Zoom couture. Acknowledging societal impact as KPI predates our current chapter, but 2020 consumers have definitively moved that needle from stakeholder discussions to existential stakes. In this highly-charged reality, prospective consumers expect companies they buy from to reflect their values, and they shop the change they want to see.
Customers who shop with independent retailers love to discover. When they walk through your boutique doors or navigate your online store, they are buying more than your merchandise--they are buying into your unique fashion point of view. Although studies predict consumers will spend 30% less on apparel and footwear this year, they will still purchase--just much more selectively.
Ahead of Liberty Fairs’ new initiative around taking tradeshows virtual, we asked co-owner and founder, Sharifa Murdock to share the significance of change in the men’s fashion and trade show circuit. In light of recent events and movements towards COVID-19, diversity and inclusion, we bring you an insight into how the powerhouse brand is conveying necessary change and leadership plus an introduction to the new Vice President, Edwina Kulego.
The pandemic’s ‘digital first’ imperative has forced our industry to make big changes, fast. The new applications of virtual showroom technology not only differ from the pre-COVID norm--but in many ways make business better than before.
As economies begin to open and we stop and start our way into the ‘new normal,’ the on-the-ground reality looks much more ‘new’ than a return to anything that came before. Digital first is here to stay: consumers, brands, and buyers who have experienced the convenience and cost reduction of doing business online won’t dial that back anytime soon.
Lately I've found myself spending extra time reading up on current events, trying to make sense of them using context from the past. We are all looking to understand what the future world will look like.
Wholesale has an inventory problem. And yes we know, that’s not exactly news. Even prior to COVID-19, UBS noted inventory growth for apparel, footwear and accessories had outpaced sales growth for four quarters running -- with many companies bringing in inventory sooner than usual to get ahead of expected tariff increases. Not to mention, demand forecast in general has perplexed the industry for quite some time. Add to this the delayed deliveries and mass order cancellations of Coronavirus Spring, and a perennially smoldering issue just became a five-alarm fire.
Now is the time to take wholesale business online. Here’s your 4-point checklist for choosing the right digital platform.
As more and more in-person gatherings across the retail industry have been canceled or postponed due to COVID-19, tradeshows and events are forced to rethink the way they reach customers and provide a seamless experience for the brand's buyers in this new way of working. For many businesses, not having access to these gatherings for the opportunity to promote their brand seems like an unmanageable challenge. But the show must go on. Many shows have already turned to digital alternatives to continue wholesale business in this new landscape.