The first businesses that saw the success with online were probably the books, music, video and ticketing segments. These are businesses where the touch and feel purchase factor are not as great. Now it looks as though apparel purchasing online has become fashionable (bad pun, I know). A new report has come out that shows us how the online fashion is growing.
• Fashion and accessories retail ecommerce are anticipated to hit $41 billion this year, a 20% jump from last year
• By 2014, apparel and accessories sales online a thought to reach over $56 billion and make up nearly 20% of total retail ecommerce dollars
• In 2016, fashion ecommerce is projected to reach $73 billion and make up over 20% of all ecommerce sales
What Does This Mean To You?
The growth of fashion ecommerce is great news to small businesses. Through effective SEO, social and mobile strategies, everything from boutiques to vintage stores can now compete on the same playing field with larger competitors. While the bigger names may have more top of mind awareness, smaller businesses have the ability to be more customer service oriented and responsive to shopper needs. Adding things like free shipping, live chat assistance and social opportunities could give you a competitive advantage. For more information on strategies to help small and medium businesses,
Source: emarketer; Department of Commerce