One of the biggest conferences in the direct selling industry concluded last week and Transpay was excited to be apart of it.
The Annual DSA Meeting is a conference that joins businesses like Amway, Forever Living, Pampered Chef, and Youngevity to bring forth ideas and stories of the direct selling industry to the outside world. Our Business Development team experienced a fun-filled three-day swing that included not only educational insight but inspirational content as well. Our team went to the spectacular coast of San Diego to brainstorm with coworkers and strengthen relationships with attendees.
Here are our team’s key takeaways on the conference:
Trends in the Direct Selling Industry
- Revolutionary Ideas and Strategies Have Disrupted the Direct Selling World
Over the past 10 years, revolutionary ideas and strategies have dramatically impacted the direct selling industry. Relationships are built through social networking and sales processes have been taken over by mobile apps and artificial intelligence. Jeremy Gutsche, CEO of Trendhunter.com and New York Times Best-Selling Author of “Better and Faster” spoke of transforming ideas and strategies for refining a culture of innovation, action, transformation, inspiration, and reinvention. TrendHunter, the world’s top trend firm, leverages big data, human researchers and artificial intelligence to recognize consumer insights and dive deep into opportunities for the world's most innovative companies.
- The Industry is Struggling with the Growth of Online Marketplaces
The growth of online marketplaces poses as a threat to the direct selling industry. Not only are sales no longer face-to-face, but the need and want for online selling is increasing tremendously. Online marketplaces disrupt the traditional sales model by replacing it with a more easier relationship between the buyer and seller. Aside from consumers interchanging their purchases online, technology has also allowed brands and sellers to offer more tailored services. This was a key advantage previously owned by direct sellers.
- Networking is Key
The Annual DSA Meeting was unique in that it is very much focused around old faces, personal relationships, and business referrals, where all attendees seem to know one another. The event includes a very close-knit group of attendees who understand that networking is vital to the success of a direct selling business and members interact with those they have come to trust over time.
Implications for Payouts
- One Payout Option is Not Enough
PayPal’s acquisition of Hyperwallet was the talk of the town at the Annual DSA Meeting. Our team received some great insight from past Hyperwallet customers, including Forever Living, Immunotec, Mannatech, and Arbonne. Companies are beginning to understand the need for having more than one payout option for recipients. For example, a business that currently sends payouts through bank wires and e-wallets may want to consider offering local bank transfers. Giving payout recipients more options, and treating them right by paying them how they want to get paid, is a great way to strengthen business relationships.
- Slow Adoption in Innovation
When new innovations are brought to light, some may not be as quick to adopt these changes. One example is the local bank transfer method, which is often compared to other payout methods like e-wallets, wire transfers, and prepaid cards. Because local bank transfers have only started to become widely known over the past decade, some companies may not be aware that this method can often be more cost-effective for their business and deliver a better experience for their payout recipients.
Overall, the 2018 Annual DSA Meeting was a great opportunity to connect with potential clients, as well as innovators and industry leaders who are helping to shape the future of payments.
Transpay looks forward to seeing you next year at the Annual DSA Meeting!
Transpay is a global payments service that provides businesses of all sizes with a scalable, secure, and fully compliant cross-border mass payout solution, making it easy to send funds directly to the local bank accounts of vendors, business partners, freelancers or others in over 200 countries.
Over the last 30 years, we’ve built a global payout partner network consisting of direct relationships with hundreds of banks and financial institutions, enabling us to securely, quickly and efficiently make local bank transfers to billions of consumer and business bank accounts.