Summary
- • Global fashion e-commerce sales are projected to reach $872 billion by 2023.
- • 31.2% of all retail e-commerce sales in the US are attributed to fashion and accessories.
- • Apparel and accessories is the largest product category in e-commerce, accounting for 29.5% of total sales.
- • The global online fashion market is expected to grow at a CAGR of 10.4% from 2021 to 2028.
- • More than 50% of global internet users have purchased fashion products online.
- • 57% of Gen Z and 55% of Millennials prefer to research and purchase clothing online.
- • 88% of people are less likely to return to a site after a bad user experience.
- • Over 50% of online fashion purchases are made on mobile devices.
- • 46% of online orders are made using a retailer’s app.
- • 31% of shoppers want retailers to provide more personalized recommendations.
- • The average global conversion rate for fashion e-commerce sites is 2.86%.
- • Return rates for online fashion purchases can be as high as 30%.
- • The top online fashion brands acquire up to 40% of their revenue from repeat customers.
- • The average order value for fashion e-commerce is $98.
- • 75% of shoppers expect fast delivery within two days.
Step aside catwalks and move over brick-and-mortar, because the world of fashion is strutting its stuff online with flair and finesse! With global fashion e-commerce sales set to skyrocket to a whopping $872 billion by 2023, its clear that the digital runway is the new frontier for style enthusiasts and savvy shoppers alike. From jaw-dropping stats like 31.2% of all US retail e-commerce sales being fashion-related to the fact that more than half of global internet users are now clicking to buy their favorite threads, this blog post delves deep into the glamorously dynamic world of online fashion. Get ready to dive into the virtual closet of trends, tech, and tantalizing stats that shape this booming industry where every click is a chance to shine brighter than a sequined gown under runway lights!
Global fashion e-commerce sales projections
- Global fashion e-commerce sales are projected to reach $872 billion by 2023.
- Global apparel and footwear e-commerce sales are expected to reach $726 billion by 2022.
- The average fashion e-commerce conversion rate is 1% to 2%.
- E-commerce accounted for 14.6% of global fashion retail sales in 2020.
- Online sales of clothing and footwear are projected to reach $38.4 billion in the UK by 2024.
- The online fashion industry accounts for 29.5% of the total e-commerce market share globally.
- Online fashion sales in the US are expected to exceed $100 billion by 2025.
- The fashion and apparel industry accounts for 50% of global cross-border e-commerce sales.
Interpretation
With global fashion e-commerce sales reaching astronomical figures like $872 billion by 2023, it seems like everyone is buying clothes from the comfort of their couches these days. And with an average conversion rate of 1% to 2%, it's like playing a game of fashion roulette – will you click 'buy' or keep scrolling? At 14.6% of global fashion retail sales being online, it’s clear that the future of fashion is digital. The UK is set to spend a hefty $38.4 billion on online clothing and shoes by 2024, while the US is gearing up to break the bank with over $100 billion in online fashion sales by 2025. It's official: in the world of e-commerce, fashion reigns supreme, accounting for almost 30% of the market share globally and lording over the realm of cross-border sales. Welcome to the runway of the future – online, immediate, and always open for business.
Global online fashion market growth
- The global online fashion market is expected to grow at a CAGR of 10.4% from 2021 to 2028.
- The average global conversion rate for fashion e-commerce sites is 2.86%.
- The global online resale market is estimated to reach $64 billion by 2024.
- By 2024, the global online fashion market is forecasted to reach a value of $765 billion.
- Luxury fashion e-commerce is expected to grow by 25% annually through 2025.
- Fashion brands that prioritise sustainability grow 5.6 times faster than those that don’t.
- The global online fashion market penetration stood at 25.9% in 2021.
- The online fashion market in China is expected to reach $355.8 billion by 2023.
- The global online fashion market is projected to grow at a CAGR of 9.5% from 2021 to 2028.
- The global online fashion market is estimated to be worth $759.5 billion in 2021.
- Digital sales accounted for 29.1% of global fashion retail sales in 2020.
- Online fashion purchases made by male consumers increased by 25% in 2020.
- The global online fashion market is expected to grow by 12.5% annually through 2025.
- The global market for second-hand fashion is projected to reach $64 billion by 2024.
- The global online fashion market is predicted to grow at a CAGR of 9.5% from 2021 to 2028.
- The online fashion sector is expected to reach a market volume of $100.4 billion in Europe by 2022.
- The global resale market for fashion is projected to grow to $64 billion by 2024.
- The global online fashion market is estimated to grow at a CAGR of 10.4% from 2021 to 2028.
- China's online fashion industry is expected to reach $355.8 billion by 2023.
- The global online apparel market is predicted to reach $286.86 billion by 2022.
Interpretation
The fashion industry is embracing the digital age with open arms, as statistics reveal a landscape characterized by robust growth, shifting consumer behaviors, and increasing focus on sustainability. With a projected CAGR of 10.4% from 2021 to 2028, the global online fashion market is poised for substantial expansion, bolstered by a 2.86% conversion rate and the estimated $64 billion global resale market. Luxury fashion e-commerce is set to soar by 25% annually, while sustainability-minded brands are outpacing their peers, growing 5.6 times faster. As the global market gears up to hit a value of $765 billion by 2024, it's clear that digital sales and the second-hand fashion sector are becoming pivotal players. With male consumers showing a marked 25% increase in online fashion purchases in 2020, and Europe poised to reach a market volume of $100.4 billion by 2022, the industry's trajectory is indeed on a stylish upward trend.
Influence of the internet on fashion sales
- More than 50% of global internet users have purchased fashion products online.
- 57% of Gen Z and 55% of Millennials prefer to research and purchase clothing online.
- 88% of people are less likely to return to a site after a bad user experience.
- Over 50% of online fashion purchases are made on mobile devices.
- 46% of online orders are made using a retailer’s app.
- 31% of shoppers want retailers to provide more personalized recommendations.
- Return rates for online fashion purchases can be as high as 30%.
- The top online fashion brands acquire up to 40% of their revenue from repeat customers.
- 63% of consumers prefer to buy from companies that offer live chat support.
- Nearly 70% of online fashion shoppers abandon their carts before completing a purchase.
- 43% of online fashion shoppers are more likely to purchase products with user-generated content.
- 68% of online shoppers are willing to pay more for environmentally friendly products.
- 39% of fashion shoppers say that having a personalized experience is important to their loyalty.
- The average online fashion shopper spends 5.4 minutes browsing a website before making a purchase.
- 70% of shoppers say they would rather buy from a brand that supports charitable causes.
- 91% of businesses with over 11 employees operate an e-commerce site or app.
- 64% of consumers say they've made a purchase online after viewing a brand's video.
- Over 80% of Gen Z and Millennials have made a purchase after seeing an influencer's post.
- 53% of consumers prefer to interact with brands through live chat for support.
- 38% of online fashion shoppers are more likely to purchase from a brand that offers a loyalty program.
- 27% of fashion e-commerce shoppers prefer to use voice search for browsing products.
- 66% of global consumers have purchased fashion or beauty products online.
- Social media influences the purchases of 51% of online fashion shoppers.
- 81% of consumers research fashion products online before making a purchase.
- 45% of online fashion shoppers are more inclined to make a purchase if the brand is sustainable.
- 87% of fashion retailers believe that personalization is critical to their success.
- 41% of shoppers prefer to buy from brands that offer a seamless shopping experience across different channels.
- 28% of online fashion shoppers are more likely to purchase from a brand that provides easy returns.
- 74% of online shoppers consider product visuals to be very influential in their purchasing decisions.
- 35% of fashion e-commerce customers prefer brands that offer click-and-collect services.
- 54% of online shoppers expect personalized recommendations from fashion brands.
- 62% of consumers prefer to buy from brands that have a clear commitment to diversity and inclusion.
- 58% of online shoppers say that discounts and promotions influence their purchase decisions in fashion e-commerce.
- The average conversion rate in the fashion e-commerce industry ranges from 1% to 2%.
- 52% of consumers prefer to interact with brands through messaging apps for support in fashion e-commerce.
- 76% of fashion e-commerce shoppers expect free shipping for their purchases.
- The average cart abandonment rate in fashion e-commerce is 70%.
- 32% of fashion e-commerce shoppers say they would pay more for products that are environmentally sustainable.
- 60% of customers abandon their carts due to unexpected costs in the fashion e-commerce sector.
- 57% of online fashion shoppers expect to have same-day delivery options.
- 76% of luxury fashion sales are influenced by online interactions, according to McKinsey.
- 42% of fashion e-commerce customers prefer brands that offer loyalty programs.
Interpretation
In the ever-evolving world of e-commerce fashion, the numbers tell a fascinating tale of shifting consumer behaviors and preferences. With more than half of internet users worldwide opting to purchase their fashion fix online, it's clear that digital shopping is no passing trend. Gen Z and Millennials are leading the charge, showing a strong inclination towards online research and buying, while the crucial need for a seamless user experience cannot be overstated, given that a bad encounter could deter nearly 9 out of 10 potential customers from returning. Mobile devices are the weapon of choice for over half of online fashion buyers, with retailers' apps playing a significant role in the purchasing process. Personalization is key, as shoppers crave tailored recommendations and experiences, yet the volatile nature of online shopping is highlighted by high return rates and cart abandonment figures. Nevertheless, the power of repeat customers cannot be ignored, with top brands raking in a substantial portion of their revenue from loyal fans. From the influence of live chat support and user-generated content to the sway of sustainable practices and charitable initiatives, fashion e-commerce is a complex ecosystem that requires brands to navigate with finesse. In this digital age where every click counts, the success of online retailers hinges on their ability to adapt, engage, and capture the hearts (and wallets) of their tech-savvy audience.
Largest product category in fashion e-commerce
- 31.2% of all retail e-commerce sales in the US are attributed to fashion and accessories.
- Apparel and accessories is the largest product category in e-commerce, accounting for 29.5% of total sales.
- The average order value for fashion e-commerce is $98.
- Mobile commerce accounts for 72.9% of all fashion e-commerce sales in 2021.
- Clothing and footwear were the most purchased goods online globally in 2021.
Interpretation
In the bustling world of online shopping, fashion reigns supreme with a glittering tiara made of digits and pixels. With a sassy sash proclaiming "Largest Product Category" and an impressive 31.2% share of the retail e-commerce kingdom, fashion and accessories strut their virtual stuff. Not to be outshone, the average order value of $98 whispers tales of fashionable outings and stylish splurges. But wait, the real runway star of 2021 is mobile commerce, flaunting a jaw-dropping 72.9% share of all fashion e-commerce sales – turns out, those tiny screens pack a powerful punch. As the global style saga unfolds, it's clear that clothing and footwear are the reigning champs of the online shopping realm, proving that in the digital age, fashion knows no bounds.
Retail e-commerce sales in the US
- 75% of shoppers expect fast delivery within two days.
- The average online fashion shopper makes 5.9 purchases per year.
- Online fashion transactions are expected to reach a value of $142 billion in the US by 2023.
- Online clothing sales in the US are projected to surpass $100 billion by 2025.
- Black Friday and Cyber Monday see a 56% increase in e-commerce fashion sales compared to ordinary days.
Interpretation
The numbers don't lie: the fashion e-commerce industry is both soaring and sprinting. With shoppers curating their wardrobes online at a dizzying rate, expectations for lightning-fast delivery are at an all-time high, quicker than the time it takes to decide between boots or sneakers. The future holds a runway of even more stunning figures, with transactions projected to skyrocket and Black Friday and Cyber Monday turning into virtual shopping catwalks. It's clear that in this fast-paced world of clicks and purchases, staying ahead of the fashion curve means keeping up not just with trends, but with the need for swift delivery and effortless transactions.
