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The Merchant Life Newsletter

Recapping My Time at Enterprise Ireland NYC

By October 2, 2024October 9th, 2024No Comments

Last week, I spent a few days with Enterprise Ireland and some fantastic Irish brands in NYC.

The brands were in town to study the US market and find opportunities for growth. We also went on retail safaris, checked out Coterie and the latest insights from the Accessories Council.

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My job was to teach them how to get market ready, determine what stores were the right fit, and getting those retailers to say yes.

In my workshops with the brands, we identified together that the biggest roadblock brands face is getting in front of the buyer.

There are thousands of brands in the market selling similar products. Being prepared before you go to market becomes table stakes and many brands don’t know where to start or what to prepare.

So, here is what brands must do to get “Retail Ready.”

It’s a combination of being “Market Ready” plus “Buyer Ready.”

Market Ready: Before going to market, identify what retailers are in the market, what is in their product mix and where they distribute.

1. WHO: Determine your ideal retailers are and if their customers align with your assortment. Macy’s, Target or Nordstrom may not be your ideal retailer and a smaller boutique could be a better fit. Also, be aware of any specific requirements of your desired retailer and be sure to be prepared to meet them.

2. WHAT: Review their current product assortment and mix of brands. Are products always on markdown or out of stock? Does the retailer have too much  inventory? What does leadership say on earnings calls regarding product strategy?

3. WHERE: How many physical stores does the retailer have and do they have an online marketplace? Do they require new brands to dropship? Visit the stores and shop online.

Buyer Ready: Preparing for the buyer. Not to “sell” them but rather enable them to buy.

1. Line Sheets: This is a basic requirement in getting buyer ready. From costs and MSRP to minimums and terms, everything the buyer needs to place the buy should be in the line sheets.

2. Extra Credit: Having website-ready copy, celebrity endorsements (if any) and your ideal adjacencies removes barriers for the buyer. Have your assortment segments prepared should the buyer prefer that you curate the product mix.

3. Brand POV: The retailer should have clarity on what your brand POV and DNA are. What sets you apart from other “like” brands is what could convince the retail buyer to spend their OTB on you. The lookbook, website, trade show booth, stores and brand representatives should be immersed in the brand DNA.

Lastly, know why the retailer wants to buy. A relevant product mix, repeat sales, high sell through and full-price sales are top priorities for retail buyers.

And, of course, you are trying to establish a partnership where both of you have skin in the game.

Let’s face it, if the product is a dud in store then no one wins.

Knowing where you fit into these themes is a difference maker in your efforts.