In 2019, consumers worldwide spent a staggering $3.46 trillion online – which is a lot of customer clicking and a heck of a lot of collecting for e-commerce brands. From funky fashion to top tech, more and more people last year chose the convenience – and cost savings – of online shopping.
You ain’t seen nothing yet
The 2019 figure for online sales was a massive increase from 2018’s $2.8 trillion, showing that the number of people clicking, tapping and swiping is on a sharp incline. This was, of course, before COVID-19 showed up and slammed the door on our bricks and mortar stores for several months. Although nobody has a crystal ball, forecasts are showing that the figure for 2020 e-commerce sales is likely to be around the $4.2 trillion mark.
As the Coronavirus pandemic brought our world to a standstill, consumers across the globe took to the internet to purchase everything from essential groceries to games and books to keep them entertained during lockdown. This included demographics such as senior citizens who were venturing online for the first time through necessity. This, in essence, means that, going forward, there will be a whole new trench of online consumers adding to the e-commerce figures.
Dressed to impress
As tills closed until further notice in March, the fashion industry understandably began to panic – if nobody was going to the office, the pub or the festivals then why would they be buying new clothes?
In fact, to the industry’s relief, the pandemic turned out not to be the disaster expected. In fact, many fashion e-commerce stores saw an increase in sales. Whilst, overall, the industry has seen a growth rate of -8.9%, we saw increased sales of:
Tops in particular were the biggest surprise and, this was largely due to the fact that many people were investing in shirts, blouses and ‘nice tops’ to wear during Zoom meetings.
Historically, the fashion industry has always been resilient and, whilst we’ve seen the demise of many stores and restaurant chains during the pandemic, very few of these have been fashion retailers; largely due to online sales of the above mentioned items.
As we move into the new normal and start getting out and about again, many consumers are celebrating by treating themselves to ‘going out out’ outfits and, as such, we’re likely to see a surge in sales for August and September – particularly with the UK Government’s ‘Eat Out To Help Out’ scheme.
Rise and Shine
Despite the turbulent waters of 2020, the general thinking is that e-commerce – and particularly the fashion industry – will continue to thrive; in fact, many forecast that ecommerce sales will have doubled from 2017 to 2023.
All of this shows us that, while some e-commerce stores may have taken a hit in 2020, recovery is likely to be fast and furious with a huge increase in sales in the next year or so – which is great news for e-commerce brands………and for the economy.
image courtesy of elle.com