As e-commerce takes off in the apparel industry, traditional wholesale stores are finding out the hard way that the Internet is not just the wave of the future, it is very much the present. Sales are getting competitive due to more and more people browsing shopping websites through their tablets and computers, and downloading shopping apps into their mobile phones.
Investment banking firm Goldman Sachs predicts that consumer spending in mobile shopping will more than double in 2018 to $173 Billion, while sales from tablet shopping will triple to $453 Billion. It leaves brick-and-mortar stores rushing to adjust their business models, or otherwise be swept away by shopping sites and smartphone apps. Below are the Top 3 ways that traditional wholesalers are catching up.
Ride the e-Commerce wave — Consumers save time and gas money when they do their shopping online and in the comfort of their homes. As compared to driving out to shopping districts, Internet shopping is just more convenient. Brick-and-mortar stores are launching their own shopping sites and building their presence in the online world. VolumeApparel, for example, just redesigned their website to facilitate online shopping, and so did Made-in-the USA wholesale Eagle Trade Group.
Focus on staple products and strategic purchases — A small inventory allows wholesalers to have a manageable supply chain. Wholesalers tend to buy more of their hottest products with proven ROI, and avoid speculative purchases that may or may not sell. Consequently, wholesale orders get smaller, and re-orders of hot products increase. This strategic purchasing allows wholesalers and retailers alike to stay competitive.
Partner with discount channels and B2C — Deals sites, business-to-consumer trade platforms, and discount stores offer a whole new revenue stream for wholesalers. With their own unique audience of savvy shoppers, deals stores and B2C trading sites offer wholesalers an otherwise untapped consumer base. The relationship clicks, as bargain hunters in deals sites find what they are looking in member-wholesalers. These sites link shoppers and wholesalers in a platform where one complements the other.
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