Discover the latest insights from JOOR, the digital wholesale platform, unveiling a surprising surge in wholesale vitality for 2024. Despite initial concerns during the pandemic, wholesale transactions on JOOR, totaling nearly $20 billion annually, showcase notable growth for brands on the platform.
Key findings reveal that 67% of over 14,000 brands report sales volumes matching or surpassing the previous year. In a revealing survey, 74% of brands emphasize that wholesale contributes significantly, constituting over 50% of their sales and displaying an upward trajectory. Intriguingly, a third of brands are strategically shifting focus from Direct-to-Consumer (DTC) strategies, underscoring the enduring importance of the wholesale channel.
A prevailing trend is the growing risk aversion among retailers, leading to a conservative approach to purchasing. JOOR notes a substantial rise in reorders, now comprising 34% of total orders. This trend is particularly evident in department stores, where nearly half of all orders are reorders, compared to 30% for Small and Medium-sized Businesses (SMBs).
Strategic investments in key assets play a pivotal role in driving sales. Transaction data reveals that styles featuring video experiences witness a doubling of conversion rates, while products with more than three images experience a remarkable 63% increase in average quantities purchased.
Artificial Intelligence (AI) emerges as a transformative force, with expectations of accelerated impact across various operational aspects of the fashion industry. From enhancing customer support through advanced chatbots to automating content creation for sales and marketing, AI is set to reshape industry dynamics.
In a forward-looking prediction, JOOR highlights the crucial role of integrated technology. Brands and retailers are anticipated to embrace integrated digital systems in 2024, fostering a cohesive and efficient operational framework that maximizes the benefits of digitization.
Explore the evolving landscape of wholesale in 2024 with JOOR’s comprehensive insights, navigating a path of growth amidst cautious yet strategic retail dynamics.
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