eCommerce Fashion sector is among the biggest industries in the world. It is responsible for a large portion of the world economy. It is clear that eCommerce is growing fast after the pandemic. Every day , more businesses are turning to online and the competition in the niche markets is growing as well.
The enormous growth of fashion industry is a surprise but also brings joy for many. With the rise of eCommerce the fashion industry has experienced a massive rise in sales and an increase in growth. The flourishing retail businesses are keen to study trends that can increase sales and methods to acquire leads.
Digital innovation, globalization and changes in consumers’ spending habits have catapulted the fashion industry into the midst seismic shifts. To find out where we stand and where we’re heading in the future, this article provides thorough look at the trends, statistics, and importance that will define the fashion industry via ecommerce in 2022 and the next.
Importance of e-commerce the fashion industry
Fashion eCommerce refers trade and purchase of apparel and fashion-related products online particularly through eCommerce platforms.
With this increase in the fashion industry, eCommerce has helped to provide a steady income for many and has made this one of most popular careers for fashion designers, manufacturers, and retailers.Join Us cheap essay writers online website
E-Commerce is growing and has immense importance for retailers as well as customers because of all the advantages it offers to shoppers and sellers. It is particularly important in the present context of the pandemic as there are nationwide lockdowns.
Let’s explore some of the statistics to understand the importance of e-commerce the fashion industry
- The global market for fashion has a value around $759.5 billion, it’s clear that the business of fashion is more than significant; it’s the most that’s big!
- As per Statista, the market is predicted to expand even more at 9.1 percent per year, and increase to a total size of US$1.164,7 billion in 2025.
- In the words of Myntra, Fashion eCommerce in India will hit $30 billion over the coming five years. This means that a third the fashion market in India within the next 5 years will be available on the internet or via digital platforms. For the majority of fashion companies today online, the percentage of eCommerce is around 10-12%.
- The Indian garment and textile industry is expected to grow to $190 Billion in 2025-26. This means a growth of approximately 150% of the market value present, which is around $75 billion.
- Fashion online resale platforms to surpass $30.63 billion by 2025, a growth rate of approximately 24% CAGR and representing 10% of all ecommerce clothing and other accessories.
- Flipkart is creating its own competitive edge in the market for fashion, and Snapdeal, another fashion and lifestyle online platform is heightening its focus at rural consumers.
- The forecast for revenue growth is US$0.99tn by 2022, in the Fashion segment.
When it comes to other fashion categories, apparel tends to represent the majority of what people buy online However, accessories and shoes still account for significant amounts of online fashion’s revenues worldwide.
The income of the accessories sector of the global e-commerce 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, it has generated a revenue in the range of 122 billion USD.
In February 2022, shein.com is the fast-fashion e-commerce website , was the most frequently visited in the fashion and clothing category across the globe, accounting for 2.86 percent of the traffic on desktops. The site of Nike was second in the rankings, with 1.85 percent of all visits.
The Latest Fashion Trends in eCommerce
Fashion eCommerce is constantly evolving to meet the demands from the next generation of buyers and we’ve highlighted a few most fashionable eCommerce trends that are worth bringing your eCommerce store around in 2022. Explore below for some of the most recent trends in ecommerce for your long-term fashion-oriented sales strategy.
All over the world social media is playing a significant role in promotion strategy of many of the ecommerce fashion brands and has created a huge benchmark on the market.
From Facebook to Instagram There are more and more social media platforms are now offering the online shopping option. Brands such as H&M, ZARA, and many more fashion-related brands have started offering shoppable content on Instagram and Facebook.
AR & VR
A survey conducted in 2018 by Gartner surveyfound that by 2020 46percent of the retailers have said they’re planning to use AR or VR solutions for meeting customer satisfaction requirements for their sales. AR and VR solutions help to provide an enjoyable shopping experience to customers.
eCommerce fashion large ASOS and ZARA came up with a method to bridge the gap between offline and online through the launch of their AR application. They made their first foray on the path to Augmented Reality experiences by introducing their AR applications.
Omnichannel strategies aim to establish an online presence of a brand on multiple platforms containing visuals, consistent messages, and more. Fashion retailers employ omnichannel methods including direct-to-consumer, click and collect concepts to provide seamless and personalised shopping experiences to their customers.
The term “sustainable” in e-commerce, particularly in the fashion industry, most commonly refers to the environmental impacts when making, wearing, caring for, and removal of clothing. The research of Statista shows that 42% of customers worldwide buy sustainable and environmentally friendly products.
Patagonia is an apparel company with sustainability rooted in its values. Shoppers are encouraged to buy and sell used items instead of purchasing new ones. This is done through Patagonia’s Worn Wear Program by this brand.
What does an online shopping store benefit for the design industry?
The benefits of e-commerce are numerous. Let’s look in details at some advantages that online ecommerce stores give fashion stores:
Reach Wider Audience:
Ecommerce also makes it more convenient for sellers to reach new prospective customers from across the globe. A eCommerce website doesn’t have to be dependent on a specific geographical region, it’s accessible and open to any and all customers who come online.
Furthermore, with the added advantages of email marketing, social media advertising and SEO, companies have the potential to reach an audience of a larger size who are in a buy-now approach.
Lower operating costs:
E-commerce stores can open stores without any operating expenses, and without the need to have a location and staff to staff it. If you run a dropshipping business could even cut down on initial investment costs.
In the event that sales increase, brands have the ability to increase their operations without hiring a large team or making large property investments . This means greater margins overall.
Utilizing automation tactics and rich customer profiles, online merchants can create highly customized online experiences for their shoppers on their ecommerce. Displaying relevant products based on purchasing history, and browsing behavior, can bring more sales as well as higher average order value (AOV) and create a feeling for the buyer that they are valued and respected. the needs of your customers.
Faster purchasing process:
Ecommerce allows shoppers to shop from any location and at any time. That means customers can get the items they need without having to adhere to the operating hours that a brick-andmortar store has.
The retailers also get profits from new customers more quickly selling their products for creating brand awareness in various locations without having retail stores at each location.
Allows access New Technologies:
When it comes to innovation sellers could be restricted by the physical store alone. However, as ecommerce continues to grow, and improve your offline and online business will have access to modern technology to boost your business and improve business processes.
With a range of apps as well as integrations and integrations, retailers will be in a position better implement their marketing strategy, improve business workflows and enhance the whole shopping experience.
Mode Ecommerce for Small Businesses and entrepreneurs:
E-commerce in the fashion sector provides many benefits to retailers seeking to expand their client base by expanding beyond their existing markets. Online shopping is a viable alternative to traditional physical stores. It helps to cut down on cost of inventory, reduce costs and strengthen brand loyalty.
Even though the implementation of e-commerce could be viewed as a risky choice for smaller enterprises that may are not able to afford the amount of resources available to international firms, they could nevertheless consider implementing web-based platforms within their business models on a less scale. This allows them to profit from the benefits of e-commerce and help them differentiate themselves from other companies.
E-commerce in the fashion industry is evolving faster than ever before.
One of the best ways to develop a fashionable enterprise online is through the creation of the website. With a stunningly beautiful and user-friendly website, you can convey your brand’s message in the world of the internet and draw potential customers to your offline merchandise!
Having a website is crucial for a fashion business because it provides your brand with its own voice, offers greater selling opportunities, gives the user a continuous runway which can help you save money. It’s the same process we did for RuffleButts A US-based apparel company to know how we have developed a new website completely from scratch, including all their requirements from the existing website to custom modules as according to current trends. Read the full case report to learn more.
Nowadays, customers buying their goods via online stores instead of shopping in physical stores. So if a business fails to establish a solid online presence , they will certainly lose a large chunk of its customers and allows the competition gain.
Do you require a fully functional eCommerce website for your fashion company? Contact us today, we are here to help! Explore our work for online fashion stores.