Online Fashion Revenues Help Struggling Market Segment Avoid Disaster
01 June 2020 - 15:55 by Graham Miller
Although fashion has been one of the hardest hit areas of the retail market because of the impact of coronavirus, the good news is that sales were actually up in the e-commerce market when global trends are taken into account.
A study from Nosto found that in spite of March proving to be a tough month for fashion brands and retailers, April saw much more positive activity, and there was actually a 21 per cent year-on-year increase in spending via safe shopping online.
Websites catering specifically to those seeking fashion bargains saw visitor numbers rise by almost a tenth on average, with the volumes of orders being placed also increasing by a healthy amount. There were even appealing signs associated with conversion rates, with a 12 per cent boost in this respect helping to show that there is still plenty of demand for garments and accessories.
The nadir for the fashion industry in its online guise came on the 20th of March this year, with revenues falling by 32 per cent compared with the same period in 2019. The fact that recovery seems to be picking up pace and giving retailers a silver lining to the persistent grey cloud of the pandemic is good news for all involved.
These positive statistics are tempered slightly by the revelation that although sales are up, the average fashion buyer is spending around three per cent less on each order worldwide. This rises to seven per cent when the UK is considered independently, suggesting that there is even more caution amongst consumers here.
With the reopening of high street stores on the horizon, it will be very interesting to see whether the uptick in online spending seen over the past few weeks will be sustained.