Joor shares wholesale trends that “will shape” 2023

Wholesale platform Joor is predicting that the ongoing economic instability and immersive digital experiences will lead the wholesale trends in 2023 as the fashion industry looks to diversify its distribution strategy.

Joor expects next year “to reward digital investments that enhance flexibility above all” by embracing hybrid retail and leveraging digital buying and selling, offering a more personalised online experience and a fluid and flexible buying window.

In recent years, the retail industry has evolved, with the pandemic and current economic climate forcing buyers and sellers to adapt to market pressures and this has led to a resurgence of wholesale. In 2022, Joor processed nearly 20 billion US dollars in wholesale transactions, and its platform is used by more than 13,900 brands and 400,000 curated fashion retailers in over 150 countries.

2023 wholesale trends from Joor

Digitalisation to combat ongoing economic instability

Navigating economic inflation and the ramifications of the current economic climate will be a key trend in wholesale next year, explains Joor. It recommends that brands and retailers digitalise their wholesale buying and selling process to increase efficiency and leverage real-time analytics to inform business decisions.

DTC companies opting for wholesale

In 2022, Joor saw a surge of direct-to-consumer (DTC) companies adopting wholesale, in part to fend off the impact of rising inflation rates and increasing customer acquisition costs. It expects this trend to continue in 2023 as brands and retailers look to diversify their distribution strategies, adding wholesale and third-party marketplaces, alongside DTC.

Brands known for their DTC approach have been quoted citing the need to develop a more expansive omnichannel strategy. Joey Zwillinger co-founder and co-chief executive at Allbirds, stated in the report: “We view third-party [retail] as a highly effective way to build awareness and drive credibility, while accelerating top and bottom-line growth.”

Luxury brands have also been reaping the benefits of the wholesale boom. In the first half of 2022 alone, Joor client Lanvin reported 117 percent global sales growth, with wholesale up 260 percent.

Hybrid is the new normal

While the economic backdrop is changing, the hybrid retail approach utilised during the pandemic isn't going anywhere. Joor states that its clients are continuing to leverage both its desktop and mobile technology to support enhanced physical and virtual selling experiences. With the percentage of brands and buyers opting for a combination of virtual and physical selling experiences steadily increasing season after season, a trend it expects to continue in the coming year.

In its ‘Fall 2022 Market Survey,’ it reveals that 91 percent of Joor brands are using hybrid selling, while 77 percent of its retailers are using hybrid buying.

Immersive digital experiences

In 2023, brands and retailers should look to invest in high-quality virtual experiences, utilising AI and computer imaging as part of their strategy to enhance their digital presence into “something identifiable and intentional”. The immersive digital experience will drive business across both virtual and in-person shopping.

Joor adds in the report: “If we’ve learned anything from the last year, it’s that digital and physical interactions with consumers are not exclusive of each other—in fact, when they work together to complement each other, they make a highly compelling experience for the customer.”

Longer selling windows

What was once a very rigid calendar where brands and retailers would process orders within a narrowly defined market week has now become “a much more fluid and flexible process,” explains Joor, as brands and buyers look to optimise their businesses.

Joor reveals that 53 percent of wholesale buyers extended their buying window later into the season, with the shift most pronounced in North America, where 55 percent of buyers are planning to buy later. They are also seeing the trend grow across the EMEA and APAC as well.

Brands are also lengthening their selling window, with 39 percent accepting orders closer to delivery, an increase from 33 percent in 2021.