The world of e-commerce has taken over every aspect of our lives. No longer do we need to go out of our homes to buy the things we need. With the help of the internet, buying and selling anything has become a piece of cake. From buying groceries to processing large payments, the world is now shifting towards the online market, leaving behind the traditional ones. One of the biggest industries that are benefitting from e-commerce is the fashion industry. The fashion industry is growing at the speed of light with the help of e-commerce. For both buyers and sellers of fashion accessories and apparel, the use of e-commerce has made lives convenient and easy. Clothing is now available at your fingertips- all you need is a credit card, and you are ready to go!
Increase in the Interest in Fashion in customers
For many of us, going to a store to buy clothes may be an activity that requires spending a lot of time and effort. Traveling the long distance, and then spending endless hours in the trial rooms is, no doubt, tiring. This leads to a lot of people not paying much attention to fashion trends. However, with many fashion brands shifting from the physical store to the online world, customers are now rediscovering their lost taste in fashion. With the option of filters in price, color, size, and even ratings, customers can find the perfect outfit they need. To be sitting in the comfort of your room, and choosing the best outfit for yourself is now as delightful as sipping a cup of hot chocolate on a chilly morning. And you can shop while doing that too!
The Boost in Sales for Fashion Retailers
The world of e-commerce has opened up a ton of opportunities for fashion retailers to boost their sales. Thanks to the convenience of shopping through online websites, retailers are now not restricted to selling fashion apparel in a physical space. Since more people now prefer to buy online, the retailer’s revenue generated is much higher. Even when it comes to smaller fashion retailers in the fashion industry, having an online presence will give them a boost in the fashion market. As we know, promoting a brand online has a lot more reach than physical promotion. In addition, digital marketing is on the rise. As a result, smaller fashion brands have the opportunity to sell their fashion designs in a market that customers will appreciate.
The role of e-commerce in the pandemic
In a world where traveling was impossible, and the physical stores were not open anymore, many would think that the fashion industry would suffer revenue loss. However, on the contrary, it has been doing better than ever, thanks to the advancement of e-commerce. Many fashion retailers had no other choice but to resort to the online shopping mode because of the pandemic. As a result, using e-commerce is now a necessary tool for the fashion industry to flourish. Even before the pandemic, online shopping was as popular as ever. But, the crisis now forced people to resort to buying and selling online, thus contributing to the fashion industry’s success.
A look at the Statistics
An increasing number of potential buyers are now moving towards buying fashion online. In the span of one year (from 2019 to 2020), the number of online buyers in the US alone increased from 246 million to 256 million. That is almost a four percent increase in the number of people who now prefer buying fashion online. By 2026, the estimated number is likely to hit 300 million.
The e-commerce fashion industry is at an all-time high when it comes to revenue. In 2020, e-commerce in the fashion industry accounted for almost thirty percent of the total fashion revenue- a whopping 110.6 billion dollars. By 2024, the revenue is expected to reach 154 billion dollars.
E-commerce and fashion- the two sides of the same coin
It is almost impossible to imagine a world without e-commerce, especially in the fashion industry. With the increase in technology and advancement, e-commerce has played a massive role in the success of the rise in fashion in the world. Fashion is now accessible to people in any part of the world. Moreover, it is clear that e-commerce will continue to grow in the long run. At present, physical stores and e-commerce complement each other. But, it is only a matter of time before the World Wide Web completely incorporates the world of fashion. It may also remove the concept of having fashion retail stores altogether.