Fashion eCommerce Statistics Every E-Retailer Should KnowReading Time: 7 minutes
“Style is permanent and the trend is current.” says eCommerce business consultant, Vatsal Shah.
And, I so agree with his point.
But, fashion is the only thing that never remains stagnant. Some things are in style always and some things go trending.
And, when it comes to fashion, we are reminded of large online platforms from where we buy our fashion products every now and then.
But, why are we discussing only the fashion in the eCommerce industry?
Okay, let’s have a few stats that invokes the need to discuss the fashion digital commerce industry.
- Almost 2959 retail apparel stores have announced to be closed down in the year 2018 and it is still counting- source by WWD. And, the number in 2017 was 1875+.
- Also, among the above number, Journal-News reports that 10 well-known retailers like J.C. Penny, Macy’s, Gap, etc. are closing down their shops across various cities in the world.
Why are we seeing more and more fashion retailers closing down so often? Possibly, there could be the following reasons:
- Customers have changing fashion needs more often
- Customers are now more inclined to online shopping
- More and more fashion eCommerce stores have now become omnichannel
And hence, we are going to discuss how the fashion segment is changing its place and pace in the eCommerce business industry.
47 eCommerce Statistics Exclusively for Fashion Industry
Let’s talk fashion eCommerce-
- Conversion Ratio-wise
- Return Rate-wise
So, we are going to talk about all the fashion eCommerce statistics based on the above 9 sections.
Let’s get started.
1. A report by Ecommerce Foundation, 37% of the share is of the Fashion segment within the eCommerce sector.
2. Fashion segment has the highest growth rate in the entire eCommerce industry compared to any other, reports Ecommerce Foundation.
3. 13.8% growth is expected in the fashion eCommerce industry by the year 2021, by Statista Digital Market Outlook.
4. Fashion is the 2nd highest segment in the eCommerce industry by the Statista Digital Market Outlook.
5. In the fashion eCommerce industry, 52% share is of the omnichannel eCommerce business model while the remaining 48% of fashion companies are pure players.
6. China leads when it comes to revenue generated in the fashion eCommerce industry till now in the year 2018 as per a report by Statista.
7. In the year 2016, Netherlands has the highest share- 41%in the fashion eCommerce industry, by Ecommerce Foundation.
8. 17.8% of the increase is expected in China’s revenue by the year 2021 becoming the top country to have the highest revenue forecast, says a report by Statista Digital Market Outlook.
9. The apparel market size in the US will reach 100 billion U.S. dollars by 2020, Statista
10. Revenue in the fashion eCommerce industry is expected to reach US$ 480,912 millions in the year 2018, a report by Statista.
11. By 2022, the revenue of the global fashion eCommerce industry is expected to reach US$ 712.5 billion by Statista.
12. 34% of Statista survey respondents say it is very extremely important to have technology or innovation that impacts their sports footwear purchase decisions
13. The fashion e-retailers who focus on publishing stronger content see 21% lower bounce rates than those with lower-focused content in 2016 reports CX Score.
14. Fashion eCommerce websites have the lowest bounce rate compared to any other segment in the eCommerce industry by the Ecommerce Foundation.
15. An omnichannel fashion eCommerce player has the lowest bounce rate compared to pureplayer via the Ecommerce Foundation.
16. In 2016, men’s and women’s fashion had lower abandonment basket rate compared to shoe eCommerce industry by the Ecommerce Foundation
17. 5:02 minutes was the average time on site for the top 5 content providers fashion eCommerce brands in 2016 by CX Score.
18. In 2016, almost 3 minutes were more spent on the unisex fashion eCommerce brands compared to women-only brands, reports CX Score.
19. Fashion eCommerce industry did 346.625 social media activity in the year 2016-2017 as per the report by XORLabs.
20. Fashion eCommerce industry was on the top list in the year 2016 when it comes to average engagement per brand by XORLabs.
21. Fashion & Lifestyle eCommerce leads when it comes to receiving applause through engagement by XORLabs.
22. Fashion & Lifestyle category in the eCommerce industry saw an average increase of 2.067 million engagements per brand by 2017, reports XORLabs.
23. Fashion & Lifestyle online commerce category sees 17.71% of tweets containing keywords like, “discounts & offers” by XORLabs.
24. 16.04% of Fashion & Lifestyle brands use “brand recalling” keywords in their tweets by XORLabs.
25. China leads when it comes to strategizing end-to-end customer journeys to improve the purchase experience compared to the entire global eCommerce industry by PWC.
26. 29% of Chinese customers use social media to see what products, KOLs, and celebrities are endorsing, says PWC.
27. In 2021, the global sportswear and outdoor apparel eCommerce industry are expected to generate 230.6 billion U.S. dollars in the sales by Statista.
28. By 2021, China expects to reach 3 times the size of the U.S. market in the online fashion sales by Statista Digital Market Outlook.
29. In 2017, fashion eCommerce retail sales grew 12.2% compared to 2016 by Statista.
30. Fashion shoppers on mobile has 5% more transaction completion ratio compared to desktops, reports CX Score.
31. 36% of adults available online are now mobile shoppers, in a report by CX Score.
32. Fashion & lifestyle segment was on the top among other segments in eCommerce for completing the mobile transactions since 2014.
33. In a survey by Criteo in 2016, 68% of times people research the new clothes on their smartphones.
34. Also, 67% of people available in the showroom check the products’ prices on their smartphones in 2016.
35. 51% respondents in the same survey in 2016 said that they prefer their smartphones to make a fashion purchase.
36. 80% of respondents were happy to see the improvements in the mobile retail websites.
37. 37% of mobile fashion buyers are more likely to share their purchased products on social media as compared to 20% of desktop buyers.
38. 139% more fashion purchases were made by the heavy Snapchat users on mobile in 2016, says a report by Criteo.
39. 113% more fashion purchases were made by the heavy Instagram users on mobile in 2016, by Criteo.
40. 83% more fashion purchases were made by the heavy Pinterest users on mobile in 2016, by Criteo.
41. Rebecca Minkoff has been able to grow its sales 6-7X just after 6 months of building an omnichannel eCommerce solution along with mobile-integrated dressing rooms, from a report by Shopify.
42. Merchology was able to achieve 40% more mobile conversions after the mobile relaunch, reports Shopify.
43. As per the same report by CX Score, customers browsing fashion eCommerce websites with affordable rates have 14% lower bounce rate compared to the luxury brands.
44. Also, the fashion shoppers are 16% more likely to complete an order on the eCommerce websites with affordable rates.
45. In 2015, fashion eCommerce segment saw the 2nd lowest conversion ratio compared to other segments, reports by Ecommerce Foundation.
46. In the same survey, fashion eCommerce has the highest sales and conversion rate at the beginning of the financial year, i.e. in the Q1 of every year.
47. Fashion eCommerce stood 2nd to have the highest percentage of return rate in the entire eCommerce industry, reports Ecommerce Foundation.
It’s All About Fashion
From all the above fashion eCommerce statistics, one thing is for sure- the fashion & lifestyle segment has changed a lot from then to now and it seems it is the fastest growing segment in the eCommerce industry.
From UI/UX, planning, marketing to sales- everything matters to see the success of your fashion eCommerce store. Learn from these stats and make a foolproof strategy for your online fashion store.