The Latest Ecommerce Fashion Industry Statistics Explained
As of 2020, the worldwide apparel e-commerce reached $527.7 billion in revenue.
The statistic indicates that in the year 2020, the global apparel e-commerce industry generated a total revenue of $527.7 billion from online sales of clothing, footwear, and accessories. This substantial figure reflects the increasing consumer shift towards online shopping in the fashion industry, driven by factors such as convenience, accessibility, and the rise of digital marketing and e-commerce platforms. The growth in revenue highlights the significant opportunity and market potential within the apparel e-commerce sector, suggesting a trend towards further expansion and innovation in online retailing for fashion products on a global scale.
Approximately 63% of online businesses in the fashion industry plan to introduce a mobile app by 2024.
The statistic reveals that a significant majority, around 63%, of online businesses operating within the fashion industry have intentions to develop and launch a mobile application by the year 2024. This suggests a strong trend towards leveraging mobile technology to enhance their online presence and offer a more convenient and engaging user experience to their customers. The move towards mobile apps indicates a recognition of the growing importance of mobile devices in e-commerce and the desire to stay competitive in a rapidly evolving digital landscape. The statistic highlights the strategic focus of these fashion businesses on adapting to changing consumer preferences and technological advancements to drive growth and success in the online retail sector.
Trends in online return rates show that about 30% of online purchases in fashion are returned.
The statistic stating that about 30% of online purchases in fashion are returned highlights a significant trend in the industry. This high return rate suggests that customers may face challenges when it comes to selecting the right sizes or styles when shopping for clothing online. Factors such as fit and quality might contribute to this high return rate, impacting both customers’ shopping experiences and retailers’ operational costs. As a result, it underscores the importance for fashion retailers to invest in strategies to minimize returns, such as providing detailed product information, size guides, and improving overall customer satisfaction to reduce the prevalence of returns and enhance their bottom line.
In 2021, women’s fashion represented 49% of the total fashion e-commerce market.
The statistic states that in 2021, women’s fashion accounted for 49% of the entire fashion e-commerce market. This percentage represents the proportion of sales, revenue, or market share attributed to women’s fashion products within the broader category of fashion e-commerce. The statistic indicates that women’s fashion is a significant segment within the online fashion industry, highlighting the popularity and demand for women’s clothing, accessories, and related products among online shoppers. This information can be valuable for industry stakeholders, marketers, and retailers looking to understand consumer preferences and trends within the e-commerce fashion market, potentially influencing business strategies, product offerings, and marketing campaigns targeted towards women consumers.
The United States is predicted to have the largest online apparel and footwear market share by 2022, with China following close second.
This statistic suggests that by the year 2022, the United States is projected to dominate the online apparel and footwear market, holding the largest market share globally. This prediction indicates that the U.S. is expected to have a significant impact on the e-commerce sector, particularly in the fashion industry. Furthermore, China is forecasted to closely follow the U.S. in market share, showcasing its growing influence and presence in the online retail space for apparel and footwear. This anticipated trend underscores the importance of these two countries in driving the future growth and development of the global online fashion market.
An estimated 45% of consumers intend to buy their clothes online post- Covid-19.
The statistic indicates that approximately 45% of consumers are planning to shift their shopping habits towards purchasing clothes online after the Covid-19 pandemic. This suggests a notable increase in the preference for online shopping among consumers, likely driven by the changes in behavior and attitudes brought about by the pandemic. The shift towards online clothing purchases may be attributed to factors such as convenience, safety concerns related to in-person shopping, and the growing popularity of e-commerce platforms. As a result, retailers and brands in the apparel industry may need to adapt to this trend by enhancing their online presence, optimizing their digital shopping experience, and offering incentives to attract and retain customers who are increasingly turning to online channels for their clothing shopping needs.
The average order value of an online apparel order is $103.
The statistic ‘The average order value of an online apparel order is $103’ means that when looking at a dataset of online apparel orders, the average amount spent per order is $103. This provides insight into the typical spending behavior of customers purchasing apparel online, suggesting that most orders fall around this amount. Knowing the average order value can help businesses understand customer preferences, forecast revenue, and make strategic decisions related to pricing, promotions, and inventory management to maximize profitability. Additionally, it can also be used as a benchmark to track changes in consumer behavior over time.
The apparel e-commerce penetration rate is predicted to reach 36.8% by 2024.
This statistic indicates the projected increase in the percentage of apparel purchases made online compared to total apparel sales. It forecasts that by the year 2024, online sales are expected to account for approximately 36.8% of the overall apparel market. This prediction suggests a significant growth in the e-commerce sector within the apparel industry, reflecting changing consumer behavior towards online shopping platforms. Factors such as convenience, a wider range of options, and competitive pricing may contribute to this anticipated shift towards e-commerce in the apparel market over the coming years.
The global e-commerce fashion market is expected to reach $765 billion by 2022.
The statistic states that the global e-commerce fashion market is projected to achieve a total value of $765 billion by the year 2022. This estimation indicates significant growth in the online retail sector specifically within the fashion industry. The rise of e-commerce platforms, advancements in technology, and increased internet penetration have all contributed to the expansion of online shopping for fashion products. This statistic suggests a large and lucrative market opportunity for fashion retailers and emphasizes the importance of adapting to or investing in online sales channels to capitalize on this growing trend.
The online share of total retail sales of apparel and footwear in the US was 34.4% in 2021.
This statistic indicates that online sales accounted for 34.4% of total retail sales of apparel and footwear in the United States in 2021. This shows a significant shift towards online shopping for clothing and footwear products, highlighting the increasing importance of e-commerce in the retail industry. The rise in online sales could be attributed to factors such as the convenience of shopping from home, a wider variety of options available online, and the impact of the COVID-19 pandemic, which accelerated the adoption of online shopping. This data is crucial for retailers and marketers to understand consumer behavior and adapt their strategies to cater to the growing trend of online shopping in the apparel and footwear sector.
The cart abandonment rate in the fashion industry is about 68%.
The statistic that the cart abandonment rate in the fashion industry is about 68% refers to the percentage of online shoppers who add items to their virtual shopping carts but do not complete the purchase transaction. This high rate indicates a significant problem for fashion retailers in converting potential customers into actual buyers. There could be various reasons for cart abandonment, such as unexpected costs at checkout, complicated checkout process, or simply a change of mind by the consumer. To address this issue, fashion retailers may need to optimize their online shopping experience, simplify the checkout process, offer incentives, and improve customer service to reduce the abandonment rate and increase conversion rates.
Mobile commerce accounts for more than half, or 53.9%, of all e-commerce sales.
The statistic “Mobile commerce accounts for more than half, or 53.9%, of all e-commerce sales” indicates that a significant portion of electronic commerce transactions are conducted via mobile devices like smartphones and tablets. With 53.9% of all e-commerce sales happening through mobile platforms, it underlines the growing trend of consumers choosing the convenience and accessibility of shopping on their mobile devices. This shift towards mobile commerce signifies the importance for businesses to optimize their websites and online platforms for mobile users to capitalize on this increasing trend and cater to the needs and preferences of their customers.
Approximately 74% of consumers look for clothes online on mobile devices.
The statistic stating that approximately 74% of consumers look for clothes online on mobile devices reflects a significant shift towards mobile shopping behavior in the retail industry. With the widespread adoption of smartphones and the convenience they offer, more and more consumers are opting to browse and purchase clothing items using their mobile devices. This trend highlights the importance for clothing retailers to have a mobile-friendly online presence and optimize their websites for seamless and user-friendly mobile shopping experiences. By understanding and adapting to this consumer behavior, businesses can better cater to the preferences and shopping habits of their target audience, ultimately driving sales and improving customer satisfaction.
The fashion segment held the largest share in online B2C e-commerce sales with 19% of market share.
This statistic indicates that in the online business-to-consumer (B2C) e-commerce sector, the fashion segment accounts for the largest proportion of sales, capturing a 19% share of the market. This suggests that consumers are particularly inclined to purchase clothing, accessories, and related products through online platforms compared to other industry segments such as electronics, beauty, or home goods. The dominance of the fashion segment underscores the popularity and profitability of selling apparel online, highlighting the significance of this sector in the e-commerce landscape and the purchasing preferences of online shoppers.
Nearly 41% of consumers have bought more clothes online in 2020 than they did in 2019.
The statistic indicates that a significant portion of consumers, specifically close to 41%, increased their online clothing purchases in the year 2020 as compared to the previous year, 2019. This suggests a growing trend towards online shopping for clothing among consumers. The increase in online clothing purchases could be attributed to various factors such as the convenience of shopping from home, wider variety and availability of products online, or the impact of the COVID-19 pandemic leading to a shift towards e-commerce. Understanding this statistic can be valuable for businesses in the retail and e-commerce sector in adapting their strategies to cater to the increasing demand for online clothing purchases.
The youth demographic between 15-25 years spends 40% more time shopping online than their older counterparts.
The statistic suggests that individuals aged between 15 and 25 years spend 40% more time shopping online compared to older age groups. This implies that younger individuals are more actively engaged in online shopping activities, indicating a stronger preference for e-commerce platforms. This trend may be attributed to various factors, such as greater comfort with technology, increased exposure to online marketing, or different purchasing habits among demographics. Understanding these differences in online shopping behavior can provide valuable insights for businesses targeting the youth market segment and inform their strategies to effectively reach and engage with this demographic online.
Customer retention rate is only 36% in the fashion industry.
The statistic stating that the customer retention rate is only 36% in the fashion industry indicates that a relatively low percentage of customers in this sector continue to patronize the same brands or stores over time. This implies that the majority of customers are not remaining loyal to specific fashion brands or retailers, leading to a high level of customer churn. A low customer retention rate could be indicative of various issues such as intense competition, lack of customer satisfaction, ineffective marketing strategies, or failure to keep up with changing consumer trends. Companies in the fashion industry may need to reevaluate their customer engagement tactics and service offerings in order to enhance retention rates and foster long-term customer relationships.
The global annual growth rate of B2C e-commerce sales in the fashion industry is 20.4%
The statistic regarding the global annual growth rate of B2C e-commerce sales in the fashion industry being 20.4% indicates a significant increase in online retail sales of fashion products over the course of a year. This growth rate suggests that consumers are increasingly turning to online platforms to purchase clothing, footwear, and accessories. The double-digit percentage growth highlights the rapid expansion and adoption of e-commerce within the fashion sector, demonstrating the industry’s resilience and ability to adapt to changing consumer preferences and shopping behaviors. This statistic signifies a thriving digital marketplace for fashion retailers and underscores the importance of an online presence in today’s competitive retail landscape.
80% of online searches in the fashion industry are non-branded.
The statistic ‘80% of online searches in the fashion industry are non-branded’ indicates that the majority of internet searches related to fashion do not include specific brand names. This suggests that consumers are more interested in general fashion trends, styles, or products rather than seeking out particular brands. Non-branded searches could include terms like ‘red dress’, ‘summer sandals’, or ‘winter coat’, indicating a broader interest in fashion categories rather than brand loyalty. This statistic implies that companies in the fashion industry may need to focus on optimizing their products and content to align with these general fashion searches in order to attract and engage potential customers effectively.
Social media influences 55% of online shoppers, which is especially relevant for the fashion industry.
The statistic that social media influences 55% of online shoppers is significant, particularly within the fashion industry. This finding highlights the considerable impact that social media platforms have on consumer behavior, specifically in relation to online shopping habits. With a majority of online shoppers being influenced by social media, it is crucial for businesses in the fashion industry to effectively utilize these platforms for marketing and engagement strategies. By understanding and leveraging the power of social media, fashion brands can effectively reach and connect with their target audience, ultimately driving sales and brand loyalty in an increasingly digital marketplace.
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