Top 10 Wholesale Trends

to Follow in 2024
We want to better prepare you for the year ahead by providing you
with one-of-a-kind insight on how your industry peers are taking
steps to succeed with their top wholesale strategizing tactics.

We sent a survey to 65 brands and retailers and asked open-

ended questions to better understand primary business concerns
surrounding how technology is expected to disrupt the landscape;
how brands and retailers are improving their collaboration; and how
they are adapting in the face of constant change. Read on to see
what wholesale trends you can expect in 2024.
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Top business & technology trends shaping

the industry over the next 5 years
While we’re seeing the same areas of interest crop up year-over-year, such as a continued push for
more sustainable practices and investment in eCommerce, there are newer trends coming to surface.
Not surprinsingly, there is a greater focus on AI and emerging tech with experts predicting that it will
disrupt every aspect of the industry from inventory management, to supply chain, to deeper customer
personalization.

Sustainability
Demand for better
eCommerce business practices and
ethical sourcing
Growth in online
ordering, both D2C
and B2B
Personalization
Unique in-store
Inventory experiences and
Management localized product
Experimentation and offering
investment in new
tools
Data & Analytics
Desire for more
actionable data to drive AI & Emerging Tech
decision making Strong interest in more
applications of AI in
wholesale

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Primary challenges brands & retailers face

Rising business costs Data & analytics

Supply chain disruptions Labor shortages

AI & emerging tech Inventory management

After years of facing operational vulnerabilities, businesses are still trying to find ways to
safeguard their supply chain and manufacturing. This will be a continued pursuit through 2024.

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How digitization will influence changes

in wholesale
A little 3%
A moderate amount 18%

A lot 42%
77%
A great deal 35%

Our industry is acutely aware of the changes that digitization is constantly creating in wholesale, and the
best news is that most businesses have practices in place that help mitigate these learning curves. The
more salient points being that most businesses are providing consistent training to their employees and
partnering with technology experts that can ensure a smooth transition.

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How the brand-retailer relationship will

evolve in the wholesale ecosystem
Brands and retailers share the desire to have more data fluency throughout distribution and sales. This will most
likely be accomplished through better integrations of eCommerce platforms and point-of-sale systems.

Data sharing and collaboration

“With advancements in technology, there’s a growing emphasis on data-driven decision-making.

Brands and retailers will likely collaborate more closely, sharing sales data, customer insights,
and inventory levels to optimize production, distribution, and sales strategies. This collaborative
approach can lead to better demand forecasting, reduced stockouts, and more tailored product
offerings.”

Private label growth

“Retailers, especially large ones, have been increasingly investing in developing their own private
label brands. This trend might continue, leading to a dynamic where retailers not only sell third-
party brands, but also compete with them through their own branded products.”

Sustainability and ethical practices

“As consumers become more conscious of sustainability and ethical production, retailers will
demand that brands adhere to certain standards. This can lead to a more collaborative approach
to sustainable sourcing, production, and distribution. Brands that prioritize sustainability might find
themselves in a favorable position with both retailers and end consumers.”

Flexible terms and conditions

“Given the uncertainties in the global market, such as supply chain disruptions and changing
consumer behaviors, retailers might seek more flexible terms from brands. This could include
shorter contract durations, flexible return policies, or consignment-based arrangements.”

Technology integration

“As both brands and retailers adopt new technologies, there will be a need for seamless integration.
Whether it’s integrating eCommerce platforms, point-of-sale systems, or augmented reality tools,
ensuring that brand and retailer technologies work harmoniously will be crucial.”
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How companies are adapting effectively to

whirlwind change
Invest in training

As new digital tools are adopted, it’s crucial to ensure that employees are trained and comfortable
using them. This not only ensures smooth operations but also reduces resistance to change.

Phased implementation

Instead of a complete digital overhaul, companies can adopt a phased approach, integrating one
digital solution at a time. This allows for learning, adaptation, and minimizes disruptions.

Collaborate with tech experts

Partnering with technology providers or hiring in-house tech experts can guide the digital
transformation journey, ensuring that the chosen solutions align with the company’s needs.

Prioritize cybersecurity

With increased digitization comes the risk of cyber threats. Investing in robust cybersecurity
measures is essential to protect data, operations, and customer trust.

Stay updated

The digital landscape is ever-evolving. Companies should stay updated with the latest trends, tools,
and technologies to remain competitive and efficient.

Customer-centric approach

While adopting digital tools, companies should prioritize the needs and preferences of their
customers. This might involve seeking feedback, conducting user testing, or tailoring digital
experiences based on customer insights.

Data analytics

Investing in data analytics can provide valuable insights into operations, customer behavior, and
market trends. This data-driven approach can guide decision-making and strategy formulation.
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Building transparent communication &

collaboration between brands & retailers
for success
Not important 3%
Somewhat important 5%

Very important 43%

92%
Extremely important 49%

Almost all respondents reported strong collaboration and communication in wholesale partnerships
as extremely important to the success of their business. The approach that most brands and retailers
are taking is creating shared goals, having regular check-ins, and maintaining an open channel of
communication.

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The ways brands & retailers are creating

stronger partnerships

Regular check-ins and reviews Open communication channels

Establishing routine meetings, whether monthly, Ensuring that there are always open lines of
quarterly, or annually, to address concerns, communication where concerns, feedback, or
review performance, and plan for the future. updates can be shared without hesitation.

Joint problem solving Training and workshops

When issues arise, both parties should come Organizing joint training sessions or workshops
together to collaboratively address and solve ensures both parties understand each other’s
them, rather than placing blame. processes, tools, and expectations, fostering
mutual understanding and collaboration.

Transparency in decision-making Shared goals and objectives

Whenever significant decisions that might Both brands and retailers should align on
impact the partnership are made, they should shared goals and objectives for the partnership,
be communicated transparently, explaining the ensuring that they are working toward common
rationale and potential implications. outcomes.

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Essential metrics to track for evaluating

wholesale success

Sell-through Gross margin Order frequency

Reorder rate Average order value Total sales

Access to the right data and sustainable and ethical business initiatives bleed into one another as
the industry is making more informed decisions on product and distribution. Brands and retailers
are becoming more savvy when it comes to understanding their product life cycle and customer
journey.

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How wholesale strategies are adapting to

more sustainable and ethical values

Product lifecycle Wholesalers might conduct or demand lifecycle analysis of products to

analyisis understand their environmental impact from production to disposal. This can
guide decisions about which products to stock and promote.

Education and Wholesalers will invest in educating their staff and partners about sustainability
training and ethical practices. This ensures that the entire organization is aligned with
these values.

Collaborative Wholesalers might collaborate with NGOs, industry groups, or other

initiatives organizations to promote sustainability and ethical practices. This could involve
participating in industry-wide sustainability initiatives or supporting community
projects.

Consumer and Wholesalers will engage with retailers and, indirectly, consumers to promote
retailer engagement the benefits of sustainable and ethically-produced products. This can involve
marketing campaigns, certifications, or labeling that highlights these values.

Adoption of Wholesalers might seek certifications like Fair Trade, Organic, or Rainforest
certifications Alliance to validate their commitment to sustainability and ethical practices.

Feedback Wholesalers will establish mechanisms to gather feedback from stakeholders,

mechinisms including retailers, consumers, and employees, about their sustainability
initiatives. This feedback can guide improvements and adaptations.

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Wholesale’s role in promoting responsible

practices

Sustainable sourcing Wholesalers will prioritize suppliers and manufacturers that adhere to
sustainable practices. This could involve sourcing raw materials that are
renewable, organic, or have a lower environmental impact.

Eco-friendly Traditional packaging materials might be replaced with biodegradable,

packaging recyclable, or reusable alternatives. There will also be a push toward reducing
unnecessary packaging to minimize waste.

Supply chain Wholesalers will invest in tools and technologies that provide visibility into their
transparency supply chains. This ensures that products are sourced, manufactured, and
transported in ways that are environmentally friendly and socially responsible.

Energy efficiency Warehouses, transportation, and other operational facets will be optimized for
energy efficiency. This might involve using renewable energy sources, upgrading
facilities to be more energy-efficient, or adopting transportation means that
reduce carbon footprints.

Ethical labor Wholesalers will ensure that their partners adhere to fair labor practices. This
practices includes ensuring fair wages, safe working conditions, and no use of child or
forced labor.

Waste reduction Strategies will be implemented to reduce waste in operations. This could involve
better inventory management to reduce overstock and obsolescence, recycling
initiatives, or programs to repurpose or donate unsold goods.

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C O N C LU S I O N

Wholesale has undergone a massive upheaval over the past 5 years, and
brands and retailers alike have adapted to these changes by creating
more sustainable practices. In the next year, we can expect that digital-
first initiatives will continue to pave the path for business
strategy. The reliance on outdated modes of operating,
such as relying on manual tasks and the lack of cross-
departmental product and sales data, will be a thing of
the past. Businesses understand that strong wholesale
partnerships and onboarding tech vendors that act
as consultants will be table stakes for brands and retailers that want to
compete in the future. Now with AI in the picture, the need to adapt has
never been more crucial.

Adapt and grow with confidence.

Book a free consultation to learn
how NuORDER can help your entire
wholesale process work more
efficiently—no commitment required.
Schedule a chat

NuORDER by Lightspeed is a leading, global B2B commerce platform helping brands deliver a
seamless, more collaborative wholesale process where buyers can browse products, plan assortments
and make smarter buys. NuORDER has powerful integrations with over 120 ERP, PLM, PIM, POS and
accounting systems that automate manual tasks and enable better selling.

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