With the development of technological advancements, the way of shopping has transformed on the daily basis. The rise of online shopping and online store has ushered in a new way of shopping, where customers have a shopping experience unlike any other. The numerous benefits of shopping online are the main reason behind the increasing popularity of online shopping, and the same holds when it comes to online clothing shopping. When shopping online shoppers can browse an array of clothing which are in keeping with the latest trends in fashion.
The concept of “shopping in the online world” is quite popular because a growing number of consumers prefer shopping online over traditional methods where they have to physically go to the store to purchase the products they want. The trend is gradually taking over the conventional method of shopping. Certain reports have suggested that in the near future, shopping online will become the most preferred shopping method.
The popularity of online shopping is in large part because the majority of consumers conduct research online.
Since most purchase-related information is online, it is possible to visit the website. Additionally, it’s easy to compare products on the internet than in a mall or at multiple physical stores.
The rise of globalisation, digital innovation, and alterations in consumer purchasing habits have pushed the fashion industry through a period of profound change. However, as a result of the coronavirus-accelerated retail apocalypse, the fashion industry is more volatile than ever.
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Advantages of Online Shopping :
Products Availability :
There’s no doubt that shopping online can be extremely convenient for busy shoppers. It is possible to shop online from the convenience at home or in your office or any other location that has Internet connectivity and an internet-connected device, such as a tablet or smartphone. It is possible to browse and buy anywhere and anytime of the day or at night. This is much more efficient rather than having to make the time during your time during the day or in the evening to visit local stores during business hours.
Prices Variations :
The modern technology of search engines allows users to compare and examine prices in just only a couple of clicks. It’s easy to compare prices between various online shopping sites. This lets you determine which retailer has the most affordable price for the product you want to buy.
The convenience of online shopping:
Customers can shop in the comfort of their workplaces or homes. Internet shopping makes shopping more convenient and more practical for the buyer. Furthermore, it is easy to end transactions. It helps save effort and time. It’s easy to shop in the comfort of your home. There are a variety of kinds of products that are available. Great discounts or reduced prices. Find out more details regarding the item.
Online shopping saves time :
Customers don’t wish to stand for long periods at cash counters to pay for the items they’ve purchased. Customers can also look up items they require by typing in keywords or using search engines on their laptop, computer tablet or smartphone that have Internet connectivity from their homes or office without needing to go travelling.
Ecommerce Fashion Statistics
According to Statista, The average annual rate of growth (CAGR) for the e-commerce fashion industry is expected to rise to 14.2 percent in the period between 2017 and 2025 The industry’s worth is $672.71 billion by 2023.
In 2021, clothing shoes, apparel, and accessories sales soared to $180,5 billion in the United States alone. This year, it’s predicted that people are expected to invest $204.9 billion on clothing online, a 13percent increase over last year’s.
Five important opportunities that drive this growth are:
- Markets for international development outside of the West
- Access to the internet is increasing and the use of smartphones
- Middle classes emerging in the global market with discretionary income
- Utilizing the power of celebrities and influencer culture
The biggest threats for established brands are:
- The loss of brand loyalty is the result of market saturation
- Consumer pressure to make use of ethically produced and eco-friendly manufacturing materials
- Technological advancements in the virtual world include NFTs and The metaverse
The next time we will discuss ways to address these problems. Let’s see how these massive amounts manifest in the sub-verticals of the industry at present.
The COVID impact
The coronavirus outbreak has had a devastating impact on fashion forecasts for the last few years. In March 2020, the month when global lockdowns were put in place and 27 percent of US customers said that they were planning to invest.
McKinsey called it”the “perfect storm for fashion markets” however, it isn’t. In the 2nd quarter in the year 2020, Zalando and other brands had a gross value (GMV) rise of 32 percent to 34 percent. The market value of Shein doubled to $30 billion which makes it the biggest online-only clothing retailer in the world.
Athleisure is a segment of retail fashion which has grown in popularity. As of 2018, the for athleisure was $155.2 billion which is predicted to only increase.
The market for athletic wear is expected to grow to $257.1 billion in 2026, and an estimated CAGR of 6.7 percent from 2019 and 2026. Casualwear is still the most popular item on Amazon. Its loungewear and sleepwear markets are predicted to grow to $19.5 million between the years 2020 and 2024. The market is also showing similar patterns of growth.
What’s the result? In the aftermath of the pandemic, fashion brands that have e-commerce stores that have a stronghold in athleisure such as Nike and Lululemon have experienced massive growth.
