3 Keys to Luck within the Toy Trade’s Virtual Retail Transformation
The toy industry experienced an unprecedented boom last year with 16.7 percent growth, according to research firm The NPD Group. Not surprisingly, e-commerce continues to be a key driver of the industry’s growth.
But, it’s no secret that failing to adapt to the digital landscape can be catastrophic. Toy giants like K.B. Toys, FAO Schwartz and ToysRUs represent just a few notable examples.
How can toy suppliers partner with retailers to accelerate digital retail transformation? Here are three strategies from our team of experts.
1. Stay ahead of what consumers want
If you’re in the toy industry, staying on top of shifting trends is a perpetual struggle. And the pandemic has made this even more challenging.
Having access to timely sales and inventory data can help. Here are some types of data that can be useful in your digital retail transformation:
- Reports on sell-through and inventory performance by location
- Trend reports that provide week-by-week performance, year-over-year
- Product performance details, such as SKU-level sales data
Armed with this information, you can build a more informed forecast, help retail customers plan ahead and capitalize on sales opportunities.
2. Provide the product details consumers expect
E-commerce has become the “front door” to the retail store. That’s why product descriptions are so critical, whether a consumer buys online or at a store location. Make sure your product description, photos, videos and customer testimonials are compelling. Detailed product information will make consumers more likely to buy from you.
If your product information is accurate, you will also build trust and loyalty. Consumers will also be more inclined to recommend your product to their friends, and write positive reviews.
3. Align order fulfillment with digital retail transformation
Managing orders across channels can be daunting, particularly during the holiday shopping season.
Many suppliers use an EDI system for managing wholesale replenishment items. Then they switch to another process to fulfill online orders from their e-commerce platform. They might have yet another process for marketplace orders, as well as for phone or email orders.
Using multiple systems and manual processes takes up valuable resources and increases the chance of error. Fortunately, there is a better way. Using a single, automated system for processing orders across channels can give you a competitive advantage. You’ll save time, reduce costs and meet consumer expectations for fast, accurate order fulfillment.