Which Digital Marketplace is Right for My Business?
Recently, FashionGo had the opportunity to host a webinar and discuss the importance of Digital marketplaces and selecting the right one for wholesale brands with the Accessories Council, a recognized non-profit international trade organization focused on bringing awareness to the fashion accessory community. During the webinar, we were joined by FashionGo’s own Grace Ryu, Head of Business Development and Initiatives, Emelie Conroy, Founder & Creative Director of Everina, and Louis Guarin, CEO, Co-Creative Director & Co-Founder of Stivali New York.
After 3 years of unpredictable circumstances in worldwide retail and ecommerce, the industry has become well acquainted with the term ‘online marketplace.’ It is being adopted by businesses across all sectors and is expected to exceed $3 trillion in spending by 2023. As more marketplaces emerge, business leaders will need to ask themselves 3 key questions:
What is an online marketplace — what’s out there?
Which online marketplace is right for me?
What is the experience like as a brand?
What is a marketplace?
An online B2B marketplace is a platform focused on providing digital solutions to brands and retailers to easily connect and transact. Unlike an eCommerce store, marketplaces such as FashionGo allows styles to be searchable and streamline multiple orders, transactions, and communication from various brands into one checkout creating a frictionless B2B buying experience. Sales on B2B marketplaces increased 5.3 times from 2020 to 2022 and are projected to grow 7.2x faster than all B2B eCommerce” according to Digital Commerce 360,
The new way to sell in B2B
Traditional B2B retail procurement practices from tradeshows and in-person sales and showroom appointments create operational friction. Marketplaces enable brands to sell anytime and anywhere while using tools and solutions to maximize sell-through and increase business opportunities (new buyer acquisition)
Which online marketplace is right for me?
Marketplaces like FashionGo is an open marketplace, meaning that newly registered retailers will only need to submit business documentation once to have access to thousands of brands and millions of products. This approach greatly benefits retailers as it allows them to immediately discover new arrivals instantly and begin purchasing with ease. Other marketplaces however require documentation to be submitted for every brand to access their merchandise which can be a tedious process that creates friction in the retailer’s merchandising journey. Not only the ease for retailers to discover but tools and solutions in how they discover are important within a marketplace as well. Capabilities like FashionGo’s own Style Match+ use reverse image search to search for the exact or similar styles found on FashionGo. Using this feature greatly enhances the wholesale discovery process and matches retailers with the right brands.
What is The Experience as a Brand?
Emelie Conroy, Founder & Creative Director of Everina discusses how her D2C brand saw growth since selling wholesale on FashionGo during the pandemic in 2020. “As most retailers cannot attend national and regional tradeshows due to the costs associated with travel and setting up booths, FashionGo was our go-to choice to list and sell new arrivals immediately and connect with new retailers to grow our business”. Features like FashionGo — a live shopping experience for sellers to create a more engaging way to sell their new arrivals — also helped Emelie increase retention and conversion by engaging directly with both new and existing retailers. To Emelie, the type of boutique retailer Everina sells to is important as well. “We can connect with small and local boutique retailers that we wouldn’t have discovered if it weren’t for FashionGo. Not only do we look to create lasting relationships with boutiques that enjoy our products but also share our same values as a business.”
Louis Guarin, CEO of Stivali New York has also seen continued growth in their business since joining FashionGo. “FashionGo has supported us throughout our wholesale journey through their marketing tools and livestream selling capabilities.” An ongoing trend within the fashion wholesale space is the need to create and grow an online presence to find new business opportunities. In Stivali’s case, leveraging a marketplace like FashionGo was the solution they needed to take their wholesale business to the next level. “We were primarily wholesaling in-person through tradeshows and market weeks but through FashionGo, our online wholesale presence has grown substantially.” Being a footwear company, Stivali also values the in-person experience for retailers to see and feel the products themselves. “We were able to arrange appointments during tradeshows with retailers because they discovered us on FashionGo” says Louis which embodies what FashionGo is looking to achieve with the B2B fashion community, discover, connect, and create new business opportunities.
In today’s retail climate where efficiency remains top of mind for B2B decision-makers, leveraging an Online B2B Marketplace may be the right solution to expand their business as seen with brands like Everina and Stivali New York. For wholesale brands looking to find new opportunities for their business or new brands looking to break into wholesale, be sure to register on FashionGo today to shop smarter, sell more, and grow faster.
