Wholesale Fashion Industry Sees Strong Momentum in Digital Commerce for the Second Consecutive Year
End of year statistics from JOOR illustrate that online B2B shopping is the new normal; highlight the importance of small business and increasing APAC adoption
JOOR, the world’s leading digital wholesale platform, today released its end of year figures for 2021. These data points confirm the continued acceleration of digital adoption among brands and retailers, and that even with the return of in-person markets and events, electronic B2B commerce continues to play an important and ever increasing role in the fashion ecosystem.
In light of evolving supply chain uncertainty, the real-time insights delivered by the JOOR platform proved especially critical to both brands and retailers in 2021. The volume of wholesale transactions (GMV) passing through the JOOR platform increased 60% from 2020, averaging over $1.5bn per month. The number of orders placed on the platform increased 35% year over year, and the average order value (AOV) increased 59% over the prior year.
“We continue to see significant momentum in our business because we prioritize innovations that meaningfully impact the businesses of our brands and retailers,” explained Kristin Savilia, CEO of JOOR. “In 2022, we will look to build out successful offerings including a new and improved JOOR Marketplace to facilitate enhanced product discovery and our electronic payment and financing capabilities.”
Despite a spike in virtual buying and selling at the onset of the pandemic in early 2020, brand and retailer engagement on JOOR increased even further in 2021. 400,000 new connections between brands and retailers have been completed this year to date. Rich content served to enhance the connection experience, with brands uploading almost 85% more images to JOOR than they did in 2020.
Retailers were more active than ever on JOOR, particularly as it pertains to small and medium-sized businesses. As the pandemic recovery has progressed, consumers globally have increasingly chosen to shop local, as reported by Deloitte and others. JOOR’s retail accounts grew by 100,000—a 37% increase from 2020 to 2021, almost exclusively driven by boutique establishments joining the platform.
Ongoing uncertainty concerning public health combined with resolve to increase sustainability have led the industry to rethink the way it travels. Fashion weeks and market shows, once exclusively in-person, have evolved to hybrid events. Through its JOOR Passport platform, JOOR powered 36 events attracting more than 150,000 retail visitors from 150 countries. Over 2,400 brands participated in a JOOR Passport event and sold 215,000 products. All of these figures represent the upward trend from 2020 and provide clear validation for the hybrid model approach.
Following the announcement of its Shanghai office earlier this year, JOOR saw notable growth in China and Asia-Pacific. Brands based in this region of the globe accepted almost 50% more orders and sold over 80% more items in 2021 than in 2020. The Shanghai office bolstered JOOR’s footprint in the region to three offices total, including Tokyo and Melbourne. The ability to receive 24/7 customer support in local languages will allow Chinese brands and retailers to further accelerate their digital transformation in 2022.