Rise in globalization & digital innovation and changes in consumer behavior have catapulted the fashion eCommerce industry amidst dynamic shifts. As a result, fashion is constantly evolving, and so are the different ways fashion eCommerce brands operate.
We have cultivated a list of the top 5 fashion eCommerce trends all retailers need to know about in 2023:
1) The fashion eCommerce industry expected to grow to $1 Trillion by 2025
With a whopping global market value of $760 billion in 2021, the fashion business is growing to be the biggest of the big. According to recent research reports, fashion eCommerce is expected to grow at an unprecedented compounded for the next five years, propelling the industry’s revenue to the one-trillion mark.
Two major factors are fueling this growth:
- Penetration rates, as defined by the active paying customers’ share<l/i>
- Online retail share
According to the same report, an overall increase in eCommerce penetration from 47% this year to 60% by 2024 is predicted by analysts. In addition, the will rise from 21% in 2020 to 24% by 2023.
2) Personalization is great and now inevitable
Modern fashion consumers actively look for personalized experiences. Being a fashion eCommerce store owner, it is imperative to leverage the typical personalization techniques such as delivering product recommendations based on a customer’s purchase history or including the customer’s name in your emails.
Furthermore, hyper-personalization includes studying customer behavior, preference, and purchase history, to deliver the utmost value to the customers. Stitch Fix is the perfect example of this trend. The DTC startup has grown exponentially in value, amounting to almost $3 billion, recorded in June 2020. Stitch Fix identifies the exact products to deliver to its respective customers on a subscription basis by leveraging AI, machine learning, and .
Fashion eCommerce businesses can take hyper-personalization a step further with the help of onsite tools like Nosto. Based on the user’s engagement history, Nosto helps you deliver dynamic onsite content to them. This goes for page copy, product recommendations, and more.
3) Multichannel marketing through social media platforms
Multichannel marketing today has become a necessity, especially for growing retailers. Multichannel marketing requires fashion eCommerce businesses to establish a seamless, buying-friendly experience for the customers.
For case in point, let us look at the famous active-lifestyle brand - Fabletics. Recently, the activewear brand launched a sales campaign with Kevin Hart. It started by running a chain of ads primarily through Kevin’s Instagram, leading to a custom landing page and ending in a six-part quiz. At the same time, Fabletics released organic and paid content on its own social media handle, also featuring Kevin along with competitive messaging. The results were phenomenal. Their sales have shot up considerably.
4) Omnichannel retail is creating wonders in the fashion eCommerce space
While multichannel unifies digital experiences, an bridges the online-to-offline gap through a single view of customers (data) with three points of purchase:
- Owned retail locations
- eCommerce store
- Wholesale partnerships or marketplaces
Many eCommerce fashion brands, such as Happy Socks, Untuckit, and Rhone, have already proven their mettle in the owned retail space.
In addition to designing a cohesive customer journey, an omnichannel strategy allows fashion eCommerce brands to offer a great customer experience. It helps you answer many important business questions such as:
- What do customers currently own and love?
- Which products do friends or family own and discuss?
- How do you improve in-person and in-store interactions?
5) Visual Commerce and live shopping
Visual representation of products is of utmost importance in fashion eCommerce. If the photographs of the products are not attractive and appealing, there are high chances that customers would not want to purchase them. Therefore, visual commerce and live shopping involve the creation of captivating imagery to market a product and drive shoppers' attention towards it with the sole goal of making conversions.
According to Coresight Research, the US live streaming market is expected to reach $11 billion this year and the mark by 2023. Retailers understand the power of live shopping and visual commerce and actively leverage its potency to interest customers and drive sales.
today if you want help growing your fashion eCommerce business.
