The fashion industry comprises women’s wear, men’s wear, children’s wear, luxury items, footwear, and so much more. This is the sole reason why the fashion industry is a booming destination for entrepreneurs with a non-fashion background.
With more and more organized small businesses establishing large fashion retail chains and online market places, the online fashion industry is expected to rise above 3.3 Trillion U.S. dollars by 2030.
The internet is full of the most popular fashion brands reviews and what makes each brand unique and profitable in the fashion e-commerce industry; see for yourself to better help you understand the online fashion industry’s pros and cons.
The key is in the quality, perfection, and setting trends – and if you are confused on what fashion brands to invest in, Shein UK has some of the best top quality apparel brands to put your money on.
So if you have decided to build a business in the fashion industry, and you’re wondering if investing in an online fashion business is a wise choice, there are a few things you need to know to help you arrive at a good and definitive decision.
Why the Fashion E-Commerce Industry?
During a market survey in 2019, fashion executives were asked to name the fashion industry’s biggest challenge in 2019. 13% of respondents claimed that online and Omni-channel competition was among the industry’s biggest challenges.
If not anything else, online sales are a rapidly growing element for many businesses and big brands. Many big brands are pushing forward into online trading and demanding more and more, but how much does the fashion industry need e-commerce?
Most consumers prefer to purchase products from online retailers, including their fashion purchase – this means an online presence will be a big bonus to businesses who have decided to harness the online market opportunities.
Statistics have continuously suggested that eCommerce is here to stay as an essential tool for the fashion industry; in 2019, the industry generated worldwide revenue of $545 billion and is projected to rise further to $713 billion by 2022. The number of consumers was projected to increase by 1.2 billion in 2020, with most of those new buyers being aged between 16-35 years.
With the continuous increase in social media presence and online marketing, the fashion e-commerce industry is sure to experience more sales – the reason why getting the right social media presence is vital for apparel sellers.
Instagram is the most influential platform, with fashion brands like ASOS and Adidas averaging 13.71 interactions per 1,000 followers, thanks to its simplistic design, which draws users’ attention to pictures and all kinds of visual content. This is far higher than other social media platforms like LinkedIn at 1.12 interactions per 1,000 and Pinterest at 0.49. According to the experts, fashion houses’ three key platforms are Instagram, Facebook, and Twitter.
In today’s society, online and mobile platforms are becoming increasingly important in the fashion industry. It worked for Burberry; the fashion retailer has amassed nearly 40 million followers across 2o different social media platforms and openly admits that online marketing has become a fast-growing channel.
Although the company is evasive about the exact breakdown of online versus shop sales, it confirms that most traffic to its website now comes from mobile.
That leaves us with the final puzzle; the question is no longer about if brands should embrace the digital opportunity (it works, so they should) but how they should go about it.