eCommerce Fashion the industry of eCommerce is among the top industries in the world, and accounts an enormous portion of the world economy. It is clear that eCommerce has been growing at a rapid rate following the pandemic. Everyday, more businesses are going digital , and market competition for niche markets is growing too.
The rapid growth of fashion sector is a shock however, it is a source of joy for many. With the rise of eCommerce, the fashion industry has seen a dramatic expansion and increase in sales. The growing retail companies are interested in analyzing trends to increase revenue and ways to increase leads.
Rising globalization, digital innovation and shifts in consumer behavior have sent fashion into the middle of seismic shifts. To find out where we stand and where we’re headed with this article, we take a thorough look at the stats, impact shaping the fashion industry through e-commerce in 2022 and into the future.
Importance of e-commerce the fashion industry
Fashion eCommerce refers to purchases and sales of fashion and apparel products online specifically through eCommerce platforms.
The growth of the fashion industry eCommerce has brought a living for a lot of people and has made it one of the more sought-after jobs for sellers, fashion designers, manufacturers, and retailers.Read more fashionisers.com At website Articles
E-Commerce has increased in popularity and has an immense impact on retailers and consumers due to its advantages for buyers and sellers. This is especially true in the current situation of the pandemic era when there are nationwide lockdowns.
Let’s examine some of the stats to know how e-commerce is affecting the fashion industry
- With a value that is $759.5 billion, the world of fashion isn’t just massive; it’s one of the biggest ever!
- According to Statista the market is expected to expand even more by 9.1 percent annually and reach a total market size of US$1.164,7 billion by 2025.
- In the words of Myntra, Fashion eCommerce in India is expected to reach $30 billion in during the course of the next five years. This means that more than a third percent of the fashion industry in India over the next 5 years would be sold via digital platforms or online. For the majority of fashion companies today the role of eCommerce will be between 10-12%..
- The Indian garment and textile industry is estimated to be $190 Billion in 2025-26. This would mean a growth of over 150% of the value of the market that is about $75 Billion.
- Resales and fashion platforms on the Internet will rise to $30.63 billion in 2025, growing at around 24% CAGR . They will account for 10% of all ecommerce apparel or accessories sold.
- Flipkart has been able to establish an edge in world of fashion. Snapdeal, another fashion and lifestyle ecommerce platform, is focusing towards rural buyers.
- The revenue is expected to hit US$0.99tn at the end of 2022 in the Fashion segment.
When we look at other segments of fashion, apparel tends to dominate the merchandise that people purchase online while accessories and footwear still make up a significant percentage of online retail’s income worldwide.
The earnings of the accessories segment that is part of the worldwide ecommerce fashion market increased by over 75 billion U.S. dollars to around 261.5 billion dollars in 2021. If we focus on the footwear market, then it has generated a revenue close to 122 trillion dollars.
In February 2022 shein.com – a fast-fashion e-commerce website – was ranked as the top site of the apparel and fashion apparel category across the globe, accounting for 2.86 percent of the traffic on desktops. The online site for Nike ranked second, with 1.85 percentage of the visits.
Current Fashion eCommerce Trends
Fashion eCommerce is continually evolving to serve the needs of the next-gen shoppers and we’ve identified a few trends in fashion eCommerce trends that are to be considered for styling your eCommerce shop around in 2022. Explore below for some of new trends in eCommerce to inform your long-term strategy for fashion sales.
Social Commerce
The world over social media plays an integral role in the marketing strategies of many fashion companies and has established a significant benchmark in the shopping scene.
From Facebook to Instagram From Instagram to Facebook, more and better social media outlets are offering online shopping options. Brands such as H&M, ZARA, and many more fashion-related brands have started offering shoppable content on Instagram as well as Facebook.
AR and VR
A survey conducted in 2018 by Gartner surveyrevealed that by 2020 46percent of the retailers have said they’re planning to use AR or VR solutions in order to meet the requirements of customers in their sales. AR and VR solutions can help to provide a thrilling shopping experience to customers.
eCommerce Fashion company ASOS and ZARA discovered a way to connect online and offline gaps by launching an AR app. They marked their first step towards Augmented Reality experiences by introducing their AR applications.
Omnichannel Strategies
Omnichannel strategy is the process of creating an online presence for your brand on multiple platforms , with images, uniform messaging, and other. Fashion retailers use omnichannel strategies that include direct-to-consumer strategies, click and collect models to provide seamless and personalized purchasing experiences for their customers.
Sustainability
Sustainability in ecommerce, specifically in the fashion sector, principally concerns the environmental impacts from the manufacturing, wearing caring for, and the getting rid of clothes. The Statista research indicates that 42% of customers worldwide purchase eco-friendly and sustainable items.
Patagonia is an apparel label with sustainability as a cornerstone of its core values. Shoppers are encouraged to purchase or sell used products instead of purchasing new ones with their Worn Wear Program by this brand.
How does an online eCommerce store help Fashion industry?
Ecommerce can provide a wide range of benefits. Let’s take a look depth at some of top perks online ecommerce stores provide to fashion shops:
Reach Wider Audience:
Ecommerce also makes it easier for sellers to find new international customers. An eCommerce website isn’t dependent on a specific geographical location — it’s accessible and open to any and any buyers who browse online.
Alongside the advantages of email marketing, social media advertising and SEO, companies are able to broad audiences who are in a buying thinking.
Lower operating costs:
Online stores can be launched with minimal costs for operating, with no need for a retail storefront, or employees to run it. One who runs a dropshipping company can also reduce upfront cost of investment.
As sales grow, companies can easily increase their operations without hiring an enormous number of employees or making major property investments . This translates to more profit margins.
Personalized experiences
Through the use of automation strategies and rich consumer profiles, retailers are able to deliver highly personalized online experiences for their customers on their e-commerce. Displaying relevant products based on your purchase history and browsing habits, could bring more sales as well as more money in the average value of orders (AOV) and ensure that the buyer feels that you truly understand and care about their requirements.
Faster buying process:
Ecommerce allows shoppers to shop anytime and from any time. This means that customers can purchase the products they want easily without being restricted by the hours of operation that a brick-andmortar store has.
So retailers can earn revenue from having more customers, quicker product selling, and establishing brand recognition across several locations, and without having physical stores at every location.
Acces to New Technologies:
In terms of innovation sellers could be limited to a physical shop only. But, as e-commerce continues to grow and improve both offline and online, your company will be able to access the latest technology to enhance the business of your company and improve your business processes.
With a variety of apps and integrations at your fingertips retail stores will be able better execute their sales strategy, improve business workflows as well as improve their quality of their shopping.
Fashion Ecommerce for Small Businesses and entrepreneurs:
e-commerce within the fashion sector can provide numerous benefits to retailers that want to expand their customer base through expansion into new markets. E-commerce is a viable alternative to physical stores. It helps to cut down on cost of inventory, reduce costs as well as build brand loyalty.
Even though the implementation of e-commerce may be seen as a risky venture for smaller enterprises that may possess the exact amount of resources as the larger international brands, smaller companies can still think about implementing websites into their business models on a smaller size. This allows them to gain the advantages that ecommerce brings and help them differentiate themselves from other companies.
E-commerce in the fashion industry is evolving more quickly than ever before.
One of the best methods of growing a fashion business online is to create a website. With a visually stunning and easy-to-use website allows you to convey your brand’s message in the digital world and attract clients to the offline items!
Having a website is crucial for any fashion company because it provides your brand with the ability to speak with authority, provides greater selling opportunities, gives the user a continuous runway and helps you save money. Similar to what we did for RuffleButts, a US-based apparel business to see how we have developed a new website completely from scratch, including all their requirements from their current website to custom modules as in line with current trends. Read the full case report to know more.
Today, more customers prefer purchasing products via online shops rather than shopping in physical stores. Therefore, if a business does not to have a reliable web presence, it’s bound to lose substantial portions of its market share and let the competition gain.
Do you need a fully functional and functional website for your fashion company? Contact us today, we are here to help! Find out about our work on online fashion stores.