The global fashion e-commerce industry is set to hit US$829.6 billion by the end of 2024
Leading brands have been turning to digital solutions to sustain and propel business models
Digital showrooms present new opportunities for companies to engage with consumers and consolidate brand identity
The fashion industry, by its nature, is quick to adapt to changing trends and tastes of consumers and society. Not only is staying ahead about creating clothes that people want to wear, it’s about creating an experience that makes them want to shop.
The most successful players here know they can’t stand still, and eagerly embrace new technologies and innovations that enable them to reach their customers. The most notable and widespread shift has come with the boom in e-commerce. The move online for retailers has been transformational; it now accounts for more than a quarter of global fashion sales, and was last year estimated to have hit US$520 billion in revenues, with predictions that it will reach US$829.6 billion by the end of 2024.
While the pandemic has brought significant upset to the fashion industry in the form of ruptured global supply chains, bricks-and-mortar closures, declining consumer purchasing power and changing habits, and a disjoint to the usual seasonal planning of lines – ingenuity has shone through regardless of the hurdles.