The last year has been challenging for retailers. They’ve had to deal with supply chain and inventory issues, a proliferation of digital platforms, and the struggle to find ways to connect with brands when the opportunity to interact has largely gone digital.
And yet, despite all this turmoil, 83% of the retailers we surveyed grew over the past year as a result of supportive brand partners and a widening consumer base.
As retailers work on maintaining this upward trajectory, brands should take note of retailer pain points and work to alleviate those difficulties. It’s clear that despite continuing COVID-19 challenges, specialty retail is growing. But, retailers will gravitate towards brands that understand how to overcome their challenges, deliver compelling experiences inside their B2B platform, and field supportive reps. This article delivers a brief overview of the challenges faced by retailers, but the full report can be downloaded here.
Challenge #1:
Replenishment of product and visibility to future availability
With the current issues in manufacturing and shipping, getting products on the shelf can be problematic. The supply chain is certainly an issue, but what’s really causing retailers to struggle is their lack of visibility into accurate inventory. 45% of retailers can’t see what their brands have in stock.
Delivering information on inventory in real-time is the most effective way for brands to support their retailers. And, we found that most of those retailers want to see that inventory inside of a B2B platform.
Download the report for more on the top three problems retailers face when dealing with replenishment and future availability.
Challenge #2:
Building a genuine, new-brand opportunity, primarily through digital platforms with a secondary in-person experience
Trade show attendance has sagged over the last year, decreasing the relevance and reliability of a once-known commodity. These shows have largely been replaced by digital interaction. But, our research found that retailers aren’t completely on board with this solution yet.
Despite that, there are brands out there that have managed to deliver compelling digital experiences. 30% of the retailers surveyed had successful line showings over video conference. In these cases, efficiency and a tightly focused experience won the day.
Still, most brands have a little work to do if they want to deliver engaging experiences with video conferencing. A well-trained team of reps, combined with digital experiences that make the best use of the medium are a good first step in delivering focused experiences to retailers.
Get the research now and learn more on how to tackle retailers' challenges during online interactions.
Challenge #3:
Platform proliferation has resulted in a fragmented and complex online experience for retailers
A slew of new platforms and experiences were rolled out over the last year, forcing retailers to manage a multitude of digital platforms (on top of all the brand-owned B2B platforms they already dip into daily). Our research shows that retailers are working across more than 25 B2B platforms on a weekly basis.
Retailers are spread across too many digital platforms. What’s more, they’re stuck having to keep assets organized on their own, resorting to less than stellar methods like bookmark folders and spreadsheets. Brands need to take this burden off their retailers’ shoulders, so they can focus on selling products — not managing digital assets. It’s essential that brands deliver marketing materials, educational experiences, and selling tools in one place.
Download the report for more insights on the organizational challenges retailers face.
These are very real challenges. However, there is a bright spot in all of this when we remember that 83% of retailers we surveyed experienced growth in 2021.
Specialty retail is clearly finding success amid turbulent times. Imagine how much more effective retailers could be at championing your brand if you supported them with the tools to overcome these issues? Brands have the opportunity to pump up that success with real-time visibility into inventory, more compelling digital experiences, and a single destination for all interactions. All of this can easily be handled inside a platform like Envoy B2B. Download the 2022 Retailer’s Challenge Report for more data, breakdowns, and stories from retailers in their own words.
