Embracing Change To Succeed In Retail’s New Era
Investing in innovative technology, prioritizing personalization, focusing on sustainability, doubling down on the customer experience and convenience....These are just some of the ways that retailers are finding their footing in an uncertain environment. Hear how a group of industry leaders are looking to the future and positioning themselves for success in the new era of retail.
Grab some breakfast treats, a cup of coffee and meet with fellow eTailers
The resale category has been around for over 100 years – starting with the Salvation Army and Goodwill, adding stores like Buffalo Exchange and Arizona Trading Co., and eventually coming online – first with eBay, then marketplaces like Poshmark and The Real Real. Now, every brand is looking to own their resale experience in-house.
This clear and present boom in resale is being bolstered by several factors. To start, inflation’s up by 5% and there’s the threat of a looming recession. With Americans feeling the weight of the current economy, an uncertain future has caused shoppers to sharply alter their behaviors to protect their purse strings. As a result, shoppers care more than ever before about how they spend their dollars – backing brands whose values align with their own. In fact, a Harris Poll survey found that 82% of U.S. consumers want to shop from a brand that aligns with their values.
With Gen Z making up 40% of the consumer population, reaching a spending power of $360 billion, their shopping habits are propelling brands to address the issues they care most about: driving the circular economy and confronting the retail industry’s impact on a looming climate crisis. More consumers are recognizing the negative impacts of buying all new clothes from fast fashion retailers, ushering in a spike in desire for more second hand and sustainable shopping options.
In 2022 alone we saw brands of all kinds – ranging from luxury like Gucci, Burberry and Balenciaga to fast fashion like Shien – quickly move into the resale space, indicating a pivotal moment in the industry that should be examined among retailers as we enter 2023 - when the resale industry is projected to reach $53 billion - and beyond.
In this fireside chat, GoodwillFinds CRO will address how brands can evolve to stay relevant and align their values and business practices with their target demographic, as well as discuss the importance of transparency surrounding brands’ sustainability efforts as shoppers become more selective about where they spend their dollars.
The direct-to-consumer market is becoming more and more challenging to navigate. Along with the increase in the number of D2C brands in the market, customer expectations are also at an all-time high, so competition amongst those brands is fierce. During this panel, a group of executives from several powerhouse D2C brands will discuss how they are approaching their plans for 2023, how they intend to scale, tackling physical retail space and more. Expect to hear discussion around: