NuOrder by Lightspeed has analyzed the top wholesale retail trends for 2024, highlighting everything from ethical supply chains to more transparent communications between retailers and brands.
The survey comprises feedback from 65 brands and retailers who discussed everything from technology to collaboration.
Among the key themes are a rise of private label offerings and more flexible terms between retailers and brands.
To learn more, Global Cosmetic Industry reached out to Tom Groves, director of account management for online wholesale platform NuOrder by Lightspeed.
"As retailers introduce more private label offerings, brands can adapt by ensuring their product lineup aligns with consumer demand and has unique features that make the brands stand out," he explains. "For example, highlighting eco-conscious production or materials in products could make a brand’s products more appealing to consumers than a conventionally produced private-label brand that touts no environmental claims."
Groves continues, "Brands will also need to focus on telling their consumer a meaningful and relatable brand story, something private labels inherently cannot do. Consumers are eager to shop brands that they feel like they can connect with on a level beyond the store transaction."
He concludes, "Telling a founder story, linking the brand to a cause, or with a third-party spokesperson that has significant meaning to the target consumer are just a few ways brands can develop a story that will help differentiate themselves."
Groves also discusses the impact of more flexible terms with retailers.
"If retailers trend toward more flexible terms such as shorter contract durations or flexible return policies brands can adapt and take steps to protect their bottom lines by enhancing marketing campaigns to drive sell-through and consumer demand," he explains.
"For example," he adds, "offering testers and samples for free—generally based on hitting certain order volumes—can help drive sales for the brand without adding costs for the retailer."
He concludes, "Brands can also provide visibility on inventory levels and integrate technologies that make the ordering, reordering, and return process easier for retailers. If a brand is performing as well as or just below a competitor in the same category, when a retail buyer is reviewing results and planning reorders the brand that is easier to work with and has a streamlined process in place could earn positive consideration."
