Consumer repetitiveness towards online fashion retail
Thanks to online shopping, you may find your favorite shoes or clothes on a shopping app in an instant or minutes instead of waiting days for them at your local store. It demonstrates how rapidly both technology and people have advanced over time. It has given its consumers a break from the crowds and made it more convenient and relaxing to place an order with a simple finger tap.
The retail market has noticed revolutionary shifts and opportunities for marketers and consumers. As the pandemic wreaked havoc worldwide, people began to delve deeper into online shopping. Online purchasing is a growing trend in the dot-com era. The world of internet shopping has arisen as an excellent platform to draw customers from all over the world.
The fashion industry has made a massive shift to online shopping, making its products more accessible to many people. Numerous opportunities fueling this growth include expanding international trade, increasing smartphone penetration, and utilizing the reach of celebrity and influencer culture.
Fashion Brands That Have Thrived On Online Platforms
From Doodlage to aastey, many brands and newly opened brands opt for online shopping as it is the most convenient way of shopping for sellers and buyers. During the pandemic, the demand for athleisure wear increased as more people wanted to look good during home workouts. 'aastey', an online brand, emerged and provided its consumers with feel-good athleisure. Other brands such as Urban Suburban, Nori, Basque, etc., popped up too in the fashion industry. These brands have given a fresh breath of air to their consumers and have given competition to high-end fashion brands.
Impact on Local Shops
Since the popularity of online fashion brands has increased, it has affected the sales of local shops. People prefer online shopping because it's stress-free, cheaper, better for hygiene, and has more options. Due to COVID, people are trying to avoid human contact. Many local shops have also switched to online shopping, improving their sales and brand awareness.
The Impact of COVID
The coronavirus outbreak entirely wrecked the last few years' fashion e-commerce predictions. In March 2020, with lockdowns implemented internationally, 27 percent of US shoppers stated they intended to spend ‘slightly’ or ‘a lot’ less on luxury and fashion items than they had budgeted. However, a 32-34 percent increase in gross merchandise value (GMV) was recorded by companies like Zalando during the second quarter of 2020. Shein, a fast-fashion brand, had its value doubled to $30 billion, making it the biggest online-only apparel retailer in the world.
Athleisure is one segment of fashion retail that has flourished. The market for athletic wear was estimated to be worth $155.2 billion in 2018 and is only expected to grow. Athleisure is expected to grow at a CAGR of 6.7 percent from 2019 to 2026 and reach $257.1 billion. Similar growth signals will be witnessed in the loungewear and sleepwear market, which is anticipated to rise by $19.5 billion from 2020 to 2024. Athleisure-focused fashion companies with an online presence, like Nike and Lululemon, have experienced phenomenal development throughout the pandemic.
The Beginning of Something More
Online shopping has created a network of consumers and sellers where people worldwide can purchase products. It has become an effective way of boosting the economy by increasing demand, expanding consumption, and promoting employment.
An Environmental Pathway to D2C
Direct-to-consumer, or D2C, is a fast-track retail model wherein brands sell merchandise directly to consumers through an online storefront without involving intermediaries such as wholesalers or distributors. As per recent reports, 800 D2C brands are operational in India, and the overall market size is expected to be around $44.6 billion in 2021. And the number is expected to grow past the $100 billion mark by 2025. Today, the environmental cost of a brand’s production and supply chain processes is at the top of the mind of every D2C brand.
With consumers becoming more conscious of their consumption, direct-to-consumer brands are quickly looking to adopt green alternatives and contribute to making the planet more livable. Brands such as aastey, No Nasties, InSom, etc., have been creating a more significant impact in the fashion industry by producing sustainable products. Therefore, consumers who use environmentally friendly products often buy them online because of a broader selection.
The Fallout of Cloud Shopping
The term ‘cloud e-commerce’ refers to outsourcing to a remote network of servers hosted on the Internet to use application services and store and process data. Cloud-based e-commerce can be distinguished from software installed on a local server. Cloud shopping is not without its issues. If you consider moving your business into the cloud, you should be aware of these. Many have reported problems with their bank details being out on the internet, problems with hackers, excess payments or default payments, etc. Therefore, this restricts or even scares people from using online platforms. Solutions to these problems could be to use UPIs as a mode of payment instead of credit or debit cards, shop with legitimate sites only, and outsmart email scammers with free coupons, gifts, or emails that require any kind of payment. Brands such as InSom, aastey, Urbanic, etc., accept the ease of online payments as a legitimate website. With all these fallouts, people still use the more straightforward method of making online payments, as they find it more convenient and safer than handing out cash.
As the fashion industry grows more significant, there will be more use of online platforms, creating many cons or pros in the consumers' buying habits, even for those who aren’t willing to shift from the traditional ways. This encourages fashion businesses to move online and make their collections wider as it will attract consumers worldwide. Local companies with their outlets will also have websites, creating a more comprehensive range of potential buyers. People have become more sluggish ever since the pandemic to go around their locality in search of even their necessities. Online shopping has made these habits even worse.
In conclusion, nothing can change the consistent habits of consumers for them to shift to the traditional methods of shopping as the majority have happily and satisfyingly adapted to the practice of online shopping.