New research from Joor, the data management platform, reveals some key trends that will shape the wholesale market this year, which includes the lasting impact of COVID-19 on retail and business.
In the company’s “A New Blueprint for Wholesale” trends report, Joor researchers crunched their own data and augmented it with insights from McKinsey & Co. One standout was the growth of companies using its platform; Joor said “brands and retailers continue to engage, even without in-person contact” and said for 2020, there were 1.8 million new connections made on its platform between merchants and brands.
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The report also found that at a country level, “it’s no surprise that digital adoption is stronger in some regions versus others, given that Asia Pacific and Europe experienced shutdowns earlier in the year.”
Joor said gross merchandise value from European orders on its platform “increased 28 percent over last year, despite several months of closure due to pandemic.” Joor also noted that while its platform is relatively new to Asia Pacific, “the region shows the strongest growth rate across the globe at 160 percent.”
“In a year characterized by constant disruption, much has been written about the need for [b-to-b] fashion commerce to evolve in transparency, flexibility and digital sophistication,” the authors of the report said, adding that market has been challenging. Joor said “the circumstances that brought us to this point are far from ideal, there is reason for optimism. The fact remains that our industry was badly in need of a reboot, and the time is now upon us.”
Other notable trends revealed in the report include the importance small- to medium- sized local retailers in the market. Citing research from Red Egg Marketing, the report said 83 percent of consumers “say that they would prefer to support a local business over a large corporation.”
“Without a doubt, the devastating impacts of the pandemic have made consumers conscious of supporting retailers in their respective communities,” Joor said.