NuORDER by Lightspeed Reveals Results of 2023 Holiday Outlook Brand Survey
Lightspeed Commerce Inc. has released the findings of the 2023 Holiday Outlook Brand Survey conducted by NuORDER by Lightspeed. The survey aimed to understand how brands are adapting their holiday strategies in light of the current macroeconomic environment. Over 100 brands from various sectors participated, providing insights into their expectations regarding consumer behavior during the holiday season.
Concerns and Opportunities
While the majority of brands (51.89%) are not worried about the impact of store closures on holiday sales, 74.53% expressed concerns about sales being negatively affected by current economic factors. However, the survey also revealed that brands are exploring opportunities to navigate these challenges.
Adjusting Sales Strategies
According to the survey, 40.57% of brands are focusing on selling more through high-performing retailers instead of pulling back on wholesale due to store closures. Additionally, 29.25% of brands are implementing a strong off-price strategy to manage excess inventory resulting from closures. Only 6.6% of brands reported reducing the number of retailers they sell into, while 35.85% are maintaining their current sales strategy without making any adjustments.
Emphasis on Data Sharing and Collaboration
The survey also highlighted a growing emphasis on data sharing and collaboration between brands and retailers. Brands and retailers are seeking a more integrated wholesale ecosystem where they can easily share sales data, check inventory levels, and make informed production plans and buying decisions.
In conclusion, the results of the 2023 Holiday Outlook Brand Survey shed light on the concerns and opportunities faced by brands during the holiday season. By adapting sales strategies and embracing data-driven collaboration, brands can navigate the current economic landscape and optimize their performance during this crucial period.
Impact of 2023 Holiday Outlook Brand Survey Results on New Businesses
The 2023 Holiday Outlook Brand Survey conducted by NuORDER by Lightspeed offers valuable insights that could significantly impact new businesses. The survey reveals how brands are adapting their strategies in response to the current macroeconomic environment, which could serve as a roadmap for new businesses navigating similar challenges.
Understanding Market Concerns and Opportunities
The survey highlights that while most brands are not concerned about store closures affecting holiday sales, a significant number are worried about the negative impact of economic factors. This suggests that new businesses need to be cognizant of the broader economic landscape and develop strategies to mitigate potential risks.
Adapting Sales Strategies
The survey also provides insights into how brands are adjusting their sales strategies. For instance, many are focusing on selling more through high-performing retailers and implementing strong off-price strategies. These strategies could be particularly relevant for new businesses looking to establish themselves in the market.
Embracing Data Sharing and Collaboration
Finally, the emphasis on data sharing and collaboration between brands and retailers underscores the importance of integrated ecosystems in today's business landscape. This could prompt new businesses to invest in data-driven technologies and collaborative partnerships to optimize their performance.