The fashion industry is no stranger to innovation - it is gradually moving into online business. Although this trend has already been happening for years, the effects of Covid 19 has accelerated its full online switch, setting it as a breakthrough for future marketing.
Changes in consumption habits, rising globalization, and digital innovation have propelled the fashion world into the midst of bold shifts. Fashion is online, and there are no signs that this is going to change in the foreseeable future.
The Impact of Covid 19 Pandemic
The Covid19 pandemic has caused considerable distortions in the e-commerce predictions of fashion products. Statistics say that 27% of US consumers expressed that they planned to spend significantly less on fashion and luxury than they used to prior to the pandemic.
Despite the uncertainty and fears of consumers, various brands found this as a perfect storm for fashion commerce, leveraging their online merchandise. Online brands like Shein doubled their valuation to $30 billion, positioning themselves as the world's largest online-only fashion store. Zalando is also one of the many stores that experienced growth, increasing up to 34% in their gross merchandise value (GMV).
One particular fashion branch that has skyrocketed is athleisure, valued at $155.2 billion in 2018. This growth is also comparable to the sleepwear and loungewear market, which will increase by about $19.5 billion between 2020 to 2024.
To put it simply, online businesses of fashion products have generally reported tremendous growth throughout the coronavirus pandemic.
Opportunities In The E-commerce
The fashion market's compound annual growth rate is peaked at 14.2% between the years 2017 and 2025, according to Statista. By 2023, fashion is projected to hit a whopping $672.61 billion valuation.
Sales in the US alone are tipped to increase by more than 10% in 2022, and consumers are set to disburse at least $200 billion on fashion products online.
Below are some of the most evident opportunities driving growth to this trend.
Driving this growth are some evident opportunities:
- The increase of smartphones entering the market
- The increase of online access
- The expansion of global markets, including markets outside the West
- The harnessing of influencer and celebrity culture
Shoe Industry
The shoe segment experienced similar trends in the marketplace and is expected to increase from $365.5 billion in 2022 to $530.3 billion in 2027. Another growing sector is athletic footwear, which peaked to reach $63.5 billion in 2023—a 23% growth from the $51.4 billion global market size in 2020.
Shoezero Helps Consumers Catch The Wave
In this situation, most fashion brands and fashion retail companies are gradually moving to e-commerce. Shoezero is here to catch the wave for you to enjoy the optimal opportunities that these trends bring. It offers professional resources to help you create and design custom shoes like a pro and initiate a shoe line from scratch for your customers.
Shoezero allows you to design custom shoes online very conveniently and creatively. You, the designers, can focus on designing and doing business through e-commerce while Shoezero seamlessly makes backstage happen.
