Data Indicates Fashion Retail Upswing: NuORDER and Informa Markets Fashion Release Digital Event Opening Metrics
Informa Markets Fashion's digital marketplaces show impressive results as wholesale business connections and retailer engagement signals a restart with the B2B fashion industry
LOS ANGELES, Oct. 8, 2020 /PRNewswire/ -- NuORDER and Informa Markets Fashion, who collectively launched several digital marketplaces under Informa Markets Fashions' hero brands in early September, announced today outstanding data from their digital event's initial activity. The data shows a consecutive uptrend in attendance, high volume of retail to brand connections, and deep engagement, signaling thriving community connectivity as well as indicators of acceleration in fashion commerce. Despite challenges faced by COVID's economic slowdown, Informa Markets Fashion's digital marketplaces, powered by innovative virtual showroom technology from the NuORDER platform, have re-engaged the fashion trade community and are driving the regrowth of commerce during a critical buying season.
Within the first 30 days of Informa Markets Fashion's digital trade event, which launched on September 1st, 55,000 new connections between brands and retailers were made, indicative of the industry's eagerness to jumpstart business following decline stimulated by the pandemic months earlier. The digital marketplaces of MAGIC, COTERIE, PROJECT, MICAM Americas, and CHILDREN'S CLUB collectively showcased 1,100 brands across 1,350 digital showrooms and opened with 15,000 registered qualified retailers. At current print date, the event now hosts close to 20,000 retailers from over 78 countries, demonstrating a steady and healthy uptick in new registration since event launch.
"The rapid adoption of the platform signals that the industry has welcomed the paradigm shift and are embracing digital tools to conduct their businesses more collaboratively, efficiently and effectively," says Heath Wells, Co-founder and Co-CEO of NuORDER. "We have always looked at technology as a driving force and solution for the advancement of wholesale commerce. With COVID-19, demand for digital market tools and more robust technology accelerated the need, however early show metric indicators from Informa Markets Fashion digital events show how digital adoption is quickly answering immediate needs as well as how the fashion B2B landscape can be better augmented in the future," adds Olivia Skuza Co-founder and Co-CEO of NuORDER.
With an average thirty-three minutes of time spent in-platform per user, retail buyers are demonstrating deep engagement with the platform's tools and capabilities, like NuORDER's Virtual Showroom. This key feature allows participating brands to showcase and sell products to buyers in a completely customized, immersive, 360-degree experience. In addition to NuORDER's intuitive platform technology, Informa Markets Fashion's digital event showcases over 68 editorial content articles featuring over 304 unique brands and over 30 educational programming videos and guides across all five marketplaces to date. Combined, these elements offer a truly unique and distinguished trade marketplace driving a more engaged audience – retailers are discovering unique products, carefully exploring brands showroom pages, and interacting with product in a dynamic way, while also showing an increased propensity to seek out new products and valuable commercial resources through the events' marketplace curations.
"The power of NuORDER's B2B ecommerce technology, combined with the strength of Informa Markets Fashion's retailer and brand communities and expertise in targeted marketing and content has made for a fruitful partnership. We have delivered a first-of-its-kind digital B2B event that is solving an immediate industry need and the engagement we're seeing on the platform is telling us that what we have delivered is really resonating with the industry," says Nancy Walsh, President of Informa Markets Fashion. "Most importantly, the positive preliminary data is showing that our brands and retailers are continuing commerce this season, which signals that the industry is likely on the road to recovery."
Given high adoption of the new event environment, Informa Markets Fashion is discovering that a more data-driven approach is a beneficial way forward for both buyers and sellers to connect and conduct business. This coupled with product curation, increased discoverability of new brands, and timely educational programming, as shown by initial data, has created a differentiated and valuable digital marketplace that is resonating with the industry. The data shows that the fashion wholesale sector is adapting, reforming, and recovering as we move into the end of 2020 and into 2021. The advanced technology, content expertise, and extensive database found in the digital trade event is proving to be a necessary catalyst forward for the wholesale fashion industry. To learn more about the event, click here.
ABOUT NuORDER:
NuORDER is the leading wholesale eCommerce platform. Brands use NuORDER to deliver a seamless, more collaborative wholesale process, where buyers can browse products, plan assortments and make smarter buys in real-time. The NuORDER platform was engineered with flexibility and scale in mind processing over $36B in GMV. It empowers businesses of all sizes with enterprise-level technology. Headquartered in Los Angeles, California with offices globally; NuORDER connects more than 3,000 premium brands and 500,000 retailers, helping them grow and win together. www.nuorder.com
ABOUT INFORMA MARKETS:
Informa Markets creates platforms for industries and specialist markets to trade, innovate and grow. Our portfolio is comprised of more than 450 international B2B events and brands in markets including Healthcare & Pharmaceuticals, Infrastructure, Construction & Real Estate, Fashion & Apparel, Hospitality, Food & Beverage, and Health & Nutrition, among others. We provide customers and partners around the globe with opportunities to engage, experience and do business through face-to-face exhibitions, specialist digital content and actionable data solutions. As the world's leading exhibitions organizer, we bring a diverse range of specialist markets to life, unlocking opportunities and helping them to thrive 365 days of the year. For more information, please visit www.informamarkets.com
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SOURCE NuORDER