The eCommerce Fashion Industry
eCommerce businesses, in general, have experienced incredibly rapid growth in recent years because of the limitations of the COVID-19 lockdowns brought, but the eCommerce fashion industry has experienced some of the most rapid growth it has seen in the past decade. In the US alone, the accessory and apparel industries accounted for nearly 30% of all eCommerce sales in 2021. In Europe, some industry analysts predict that each consumer will spend roughly $1,000 on fashion-related items over the course of a year.
With all of this in mind, many industry professionals believe that now is a better time than ever to get into the eCommerce fashion industry. Unfortunately, a lot of people have recognized this opportunity and have taken advantage of it. Meaning there is a great deal of competition for new players to deal with when they decide to enter the eCommerce fashion industry. Wedding dress shopping is all about finding the perfect dress to match your personal style and the latest fashion trends. In order to successfully differentiate yourself from the competition, you’ll need to be on top of new trends and have a plan for growing your retail. Here are some of the most recent trends to keep in mind for your digital apparel business and some ideas on how to continue growing it.
How Can An eCommerce Business Keep Up
1. ReCommerce
ReCommerce is the process of renting, reselling, or thrifting apparel that was previously owned through an online store. Welsh clothing brands are making a splash in the eCommerce fashion industry with their sustainable and stylish designs. This fashion trend has pre-pandemic origins but has exploded in recent years. ReCommerce businesses were worth roughly $7 billion in 2019 but are expected to experience a 39% annual growth rate that will make them worth $36 billion by 2024.
The fashion industry, in general, is beginning to transition to a more sustainable model because of consumer demands. Fast fashion has fallen out of the limelight because of the terrible impact it has on the environment and its ethical issues. This made it easy for reCommerce to position itself as a harm-free, sustainable method of repurposing old clothing and keeping up with fashion from home.
2. Athleisure
Athletic leisurewear, or athleisure clothing, has begun to transition to a more mainstream position in fashion, especially in America and the United Kingdom. It has continued to enjoy its 7% annual growth rate, making it an incredibly consistent trend over the past year or two. Some industry analysts even believe that the global athleisure market will continue this growth and outpace the total clothing and footwear market after 2023.
Comfort has always been the driving force behind athleisure wear, but it is even more powerful a factor in a post-pandemic world where more people are working from home than ever before. In fact, a recent survey has revealed that roughly 20% of US consumers purchase athleisure wear, but mostly for casual purposes instead of athletic activities.
3. Artificial Intelligence
Artificial intelligence is revolutionizing almost every eCommerce industry in more ways than one. Firstly, artificial intelligence has made it easier to give every customer a personalized experience. Customer information such as age, location, and previous purchasing habits can all be used by artificial intelligence to improve the user experience and cater to the individual consumer. Style Women’s T-shirts in the latest fashion trends by layering them over dresses, skirts, or jeans, or by tucking them in and adding a belt.
A perfect example of artificial intelligence in eCommerce is the recommended products tool. When a consumer adds a product to the cart, AI can recommend other products that are typically purchased alongside that product. This makes the shopping experience more convenient for the customer and increases the likelihood that they will return.
Chatbots are another powerful use of artificial intelligence in the eCommerce industry. In fact, a recent HubSpot survey found that 35% of consumers would be happy to see more companies using chatbots on their websites. This is because chatbots can make it easier to perform certain tasks that would typically require a person. Some of these tasks include resolving a complaint or issue, getting detailed information, making a reservation, or even paying a bill.
4. Delayed Payment Methods
Modern fashion’s focus on luxury products has introduced new opportunities for the eCommerce fashion industry, but it has also brought new difficulties. The primary difficulty of dealing with luxury goods is the price associated with them. This is where delayed payment methods can make a huge difference. The reasoning here is fairly simple, a few smaller payments that are due over a period of time are easier to make than one large payment upfront. For example, a $140 pair of shoes might be difficult to sell, but four monthly payments of $35 sound much more affordable.
Grow Your Retail
One of the most vital aspects of a successful eCommerce fashion business is a simple and convenient way to purchase products. The best way to ensure that your checkout process is intuitive and convenient is to anticipate your customers’ needs. For example, many of your consumers may have questions about the best shipping methods and prices you offer. Including a USPS shipping calculator can make it easy for the customer to find this information, and by extension make your checkout process more intuitive. Anticipating your customers’ needs will also improve their user experience, which will make it more likely that they revisit your website.
