Shifting to the Age of New Innovation and Technology in the Direct Selling Markets
Shifting to the Age of New Innovation and Technology in the Direct Selling Markets
FinancialBuzz.com News Commentary
NEW YORK, March 28, 2018 /PRNewswire/ -- Direct selling refers to products or services which are sold directly to consumers by independent sales representatives and with the goal of avoiding middlemen like wholesalers and retailers. According to Euromonitor International, the global direct selling market was worth US$134.2 billion in 2016, a 2.8% increase from the previous year. Euromonitor also indicates that health, beauty and personal care remained the largest categories within direct selling in 2017, with their combined share likely to grow in the forecast period. The World Federation of Direct Selling Associations (WFDSA) indicates that the US is the largest direct selling market, which was valued US$35.5 billion in 2016, with China at second place at US$33.9 billion. Sharing Services, Inc. (OTC: SHRV), Tupperware Brands Corporation (NYSE: TUP), VF Corporation (NYSE: VFC), Herbalife Ltd. (NYSE: HLF), LifeVantage Corporation (NASDAQ: LFVN)
Coresight Research explained in a report that even though direct selling is growing globally, direct selling companies are facing digital-age challenges similar to those faced by traditional store-based retailers. "Consumers are shifting more of their purchases online and technological innovations have enabled brands and retailers to provide more personalized services over the Internet. Furthermore, direct selling companies are also facing the challenge of recruiting sales representatives, as technology and the sharing economy have brought about alternative ways to earn supplemental income... Despite these challenges, some direct selling companies have enjoyed unparalleled growth in recent years, as they have leveraged digital tools to increase operational efficiency and to broaden their reach to potential customers," Coresight Research reported.
Sharing Services, Inc. (OTC: SHRV) earlier this week the company announced breaking news that, "revenues for the quarter of $960,000, representing a corporate milestone. "Only three months after bringing our products to market, we are pleased to report the achievement of revenues of approximately a million dollars," stated CEO John "JT" Thatch. "We attribute this landmark achievement to the execution of our team members and their determined commitment to delivering a proper mix of products and services to the marketplace."
Sharing Services, Inc., continues to gain traction in the direct selling industry, where the Company owns, operates or controls an interest in several companies that offer products and services ranging from health and wellness, energy, technology, insurance services, training, media and travel benefits.
In recent months the Company has implemented several actions to support its pursuit of international expansion, including a new corporate headquarters to accommodate growth and a joint-venture agreement to market its Elepreneur Brand and products in Asia. Moving forward, the Company anticipates continued momentum and brand building on a global scale."
Robert Oblon, Chairman of Sharing Services, added, "We look forward to continued growth and increased revenues as Sharing Services, Inc., progresses in offering innovative products and services through direct-selling distribution channels. Our next goal, which we anticipate achieving this year, is to create a presence in the global markets.""
Tupperware Brands Corporation (NYSE: TUP) is the leading global marketer of innovative, premium products across multiple brands utilizing a relationship-based selling method through an independent sales force of 2.9 million. Product brands and categories include design-centric preparation, storage and serving solutions for the kitchen and home through the Tupperware brand and beauty and personal care products through the Avroy Shlain, Fuller Cosmetics, NaturCare, Nutrimetics, and Nuvo brands. Relationship-based selling is an important part of its heritage and originated as a way to exchange goods and services. This method offers consumers a personal and convenient way to purchase products that they may not have access to otherwise. All cultures ancient and modern have been involved in selling on a one-to-one basis. Relationship-based selling is defined as the sale of a consumer product or service through a home party, through product catalogs on a one-to-one basis and has grown to include television and online shopping. The sales force usually consists of independent contractors who market products directly to consumers.
VF Corporation (NYSE: VFC) is one of the world's largest apparel, footwear and accessories companies with socially and environmentally responsible operations spanning numerous geographies, product categories and distribution channels. The company sets ambitious growth targets for the direct-to-consumer platform through its retail, outlet and e-commerce stores as the company aims to achieve $4.4 billion in revenue through this platform by 2017. E-commerce is its fastest growing direct-to-consumer channel. The company continues to expand its e-commerce initiatives by rolling out additional brand sites in Europe and Asia, and enhancing each brand's site to deliver a consistently superior consumer experience. Recently, the company announced that it has entered into a definitive agreement to sell the Nautica® brand business to Authentic Brands Group (ABG), LLC.
Herbalife Ltd. (NYSE: HLF), is a global nutrition company whose purpose is to make the world healthier and happier. Herbalife offers high-quality, science-backed products, most of which are produced in Company-operated facilities, one-on-one coaching with an Herbalife independent distributor, and a supportive community approach that inspires customers to embrace a healthier, more active lifestyle. Herbalife's targeted nutrition, weight-management, energy and fitness and personal care products are available exclusively to and through dedicated Herbalife distributors in more than 90 countries. Recently, the company hosted more than 2,500 top independent Herbalife distributor leaders, from around the world, for several days of education and training in Los Angeles, where the Company was founded in 1980.
LifeVantage Corporation (NASDAQ: LFVN) is a proud member of the Direct Selling Association. The company is engaged in the identification, research, development and distribution of advanced nutraceutical dietary supplements and skin care products, including Protandim®, a line of scientifically-validated dietary supplements; TrueScience®, a line of Nrf2 infused skin care products; Petandim(TM) for Dogs, a companion pet supplement formulated to combat oxidative stress in dogs; Axio® Smart Energy Drink mixes; PhysIQ(TM), a Smart Weight Management System; and Omega+, a 3-in-1 fish oil supplement. The Company recently introduced a new customer acquisition program that will provide a better experience for customers and a potential additional source of revenue for distributors. Currently, LifeVantage sells products exclusively through its network of independent distributors. Beginning in March, new customers in the U.S. will be able to purchase products at LifeVantage's corporate website and will be auto-assigned to distributors who are new to the company and active in their business following the initial purchase, opening up a new pool of potential customers.
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