Fashion is a topic that has dominated newsstands, television, retail, runways, and conversations for decades and now E-Commerce and the Future of the Fashion Industry is the new shift in focus. The fashion business never rests when it comes to staying at the forefront of what is expected to be the newest trends both with clothing and with online shopping, retail marketing and sales strategies.
Although the last several years have seen industry trends pushing towards the future of retail being far more based in eCommerce, the Coronavirus Pandemic and associated worldwide shutdowns have solidified this shift in the fashion industry and beyond.
Why exactly is eCommerce quickly becoming the gold standard in the fashion business?
E-Commerce and the Future of the Fashion Industry are evolving and if you look at market trends across the globe, multiple eCommerce-based fashion companies have experienced exponential growth in sales and revenue.
Much of this is attributed to changes in consumer behaviours, as a large portion of the population and especially Millennials, report to now prefer shopping online versus in-person. This consistent growth is giving investors confidence to direct money into such retailers with high hopes for excellent ROI.
Another reason that the future of retail in the fashion world is eCommerce is due to an increase in technology that personalizes the shopping experience.
Although virtual fitting technology is still being refined and developed, many retailers are starting to implement such components to an interactive shopping experience. Customers enjoy being able to achieve more accurate sizing without having to leave the comfort of their homes.
We can’t neglect the fact that eCommerce lends itself to the trend of a shared economy. The Millennial generation is a huge proponent of “disownership” meaning they like to borrow and rent, not always buy as the Guardian discusses in their article – the rise of fashion rental.
Fashion rental sites are thriving and allowing more everyday consumers than ever access to what were once exclusive designs that only the wealthy could afford. The benefit to the fashion industry in this is a high rate of brand exposure and the ability to develop customer relationships in a far greater circle.
E-Commerce and the Future of the Fashion Industry are ever-evolving and e-commerce is beginning to morph into V-commerce.
V-commerce is the virtual commerce experience where shoppers can buy directly from the retailers online without venturing through other platforms. Forget the mall, v-commerce shops are the digitally native stores that are born to reign online. This is a natural progression of online shopping in a more targeted way. At Fashion Foresight, we are exploring the potential of V-commerce and how it will revolutionize the consumer experience.
Here at Fashion Foresight, we are excited about the prospects that eCommerce and V-commerce hold for the evolution of the fashion industry. You can trust us to keep you up to date with all the latest fashion news and industry trends to keep you one step ahead of the fashion game – get in touch with us to find out more.