Footwear Insight - Business Report Quarterly

22 Footwear Insight Business Report Quarterly ~ Q1 April 8 2024 footwearinsight.com N uORDER by Lightspeed, a global B2B commerce platform that helps brands deliver a seamless, more collaborative wholesale process, recently conducted a survey of 65 brands and retailers to better understand business concerns that included how technology is projected to disrupt the landscape; how brands and retailers are improving their collaborations; and how they are adapting in an atmosphere of constant change. e company found four trends that will shape the industry over the next five years, beyond AI and emerging technologies that experts believe will disrupt every aspect of business from inventory management and supply chain to greater customer personalization. eCommerce: Growth in both D2C and B2B online ordering. Sustainability : Demand for better business practices and ethical sourcing. Inventory Management: Experimentation and investments in new tools. Data & Analytics: Desire for more actionable data to drive decision-making. AI & Emerging Technology: Strong interest in more AI applications in wholesale. Safeguarding supply chain and manufacturing, aer years of operational vulnerabilities, will be an ongoing focus and pursuit of brands and retailers this year as they deal with the key challenges of rising business costs, supply chain disruptions, labor shortages, data & analytics, inventory management, and AI & Emerging Technology. Companies are adapting to rapid changes in business with seven key priorities, ranging from more investments in training and collaborations w i t h t e c h n o l o g y e x p e r t s t o p r i o r i t i z i n g cybersecurity and adopting a more customer- centric approach. Most importantly, some 92 percent of survey respondents said it is either 'very important' or 'extremely important' for brands and retailers to construct transparent communication and collaboration channels if they want to be successful. is is accomplished in several ways, including the adoption of joint problem solving and greater transparency in decision making. Some 77 percent of survey respondents told NuOrder that digitization will influence wholesale changes "a lot" or "great deal" this year. Currently, most businesses are providing regular training for their employees and teaming with tech experts to help ensure a smooth transition. "As new digital tools are adopted, it's crucial to ensure that employees are trained and comfortable using them," the report says. "is not only ensures smooth operations but also reduces resistance to change." e study found that more large retailers are developing their own private label brands that will increasingly compete with third-party brands, and that more retailers will demand that brands adhere to certain standards related to sustainability and ethical practices. n TOP WHOLESALE TRENDS IN 2024 INDUSTRY TRENDS: SHAPING THE INDUSTRY Companies are adapting to rapid changes in business, ranging from more investments in training and collaborations with technology experts to prioritizing cybersecurity and adopting a more customer-centric approach.

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