HONG KONG, April 3, 2019 /PRNewswire/ -- TradeBeyond, the world's fastest-growing retail private label sourcing app, connecting retailers and brands with suppliers and factories, today has announced the signing of several customer partnerships with retail organizations ranging from $300 million to over a billion dollars in revenue, including one of the world's largest DIY retailers.
In the past 10 years, the global retail private label has been gaining momentum. This trend is explained by the buying habits of the millennial generation, who often make purchase decisions based on quality and price over brand name. A recent IRI report (Private Label 2018) revealed that 92 percent of millennials are turning to private brands to save money, compared to 86 percent of Generation Xers, 81 percent of baby boomers and 77 percent of seniors. However, retailers face enormous challenges. On one side, they are dealing with improving the consumer shopping experience by honing in on lifestyles and preferences while keeping up with innovations in the market. On the other, retailers are putting a serious amount of effort into streamlining communication within a growing supplier base, by improving private label line/range planning, product development and sourcing.
"It's obvious that there is a certain need for change in private label management. Increased consumer demands for product innovation and speed to market – are driving retailers not only to work faster, but also work smarter. We came up with the TradeBeyond app which will provide the simplest way to create, share, collaborate and source products for every season. It facilitates communication with top management, buying, product management, sourcing teams and allows for deeper collaborating and communication with the global supplier community," said Michael Hung, Chief Innovation Officer at TradeBeyond.
TradeBeyond is not another finished goods online marketplace; but rather, it is the exclusive network in which retailers, brands, validated suppliers and factories, can connect, source, extend innovation and bring private label products to market faster. TradeBeyond allows members to work "virtually," in real time, side-by-side, and seamlessly. It will ultimately revolutionize how the retail industry manages product development and product sourcing for own brands.
It is proven that retailers can flourish when they can bring unique products to market ahead of the competition at a price point today's consumers are demanding; however, few have mastered the ability to execute on this vision because the amount of redundant activity, lost time, lost data and failed communications impedes the opportunity for success.
Collaborative retail sourcing adds value to the retail industry through a variety of ways including speed, automation and scale by drastically reducing the management of information for range/line/theme planning, quotes, samples and sourcing. TradeBeyond helps to easily fill products into ranges/lines and fuels confidence when making informed decisions for product development and category planning. TradeBeyond also eliminates the back-and-forth emails containing spreadsheets, product images, compliance documentation and other attachments and is a simple app that allows retail private label teams to transform from an organization built to serve to an organization built to scale.
"TradeBeyond has the ability to increase the speed and accuracy of product development, sourcing and supplier validation whilst improving the collaboration amongst product teams and their vendors," said Steve Feniger, CEO, 55 Brand Management Consultants.
TradeBeyond allows retailers, brands, suppliers and factories to introduce, source and match products with retail mood boards, ranges and themes, in a digital showroom. TradeBeyond is home to thousands of validated suppliers and is designed to extend innovation, source and bring products to market faster. TradeBeyond is the ultimate sourcing app that not only makes connections but provides an entire industry the tools to win. For more information visit www.tradebeyond.com.