Why is Fashion Ecommerce is Taking Over?
In recent years, fashion ecommerce has exploded in popularity. A study by Global Data found that the global fashion ecommerce market is expected to grow from $481 billion in 2019 to $712 billion by 2025. This rapid growth is being driven by a number of factors, including the increasing popularity of online shopping, the growing purchasing power of millennials, and the rise of social media. Let's take a closer look at each of these factors.
The Increasing Popularity of Online Shopping
One of the primary drivers of the growth of fashion ecommerce is the increasing popularity of online shopping. A study by Statista found that the number of online shoppers worldwide is expected to grow from 1.32 billion in 2014 to 2.14 billion by 2021. This dramatic increase is being driven by a number of factors, including the increasing availability of high-speed internet and the growing use of mobile devices.
The Growing Purchasing Power of Millennials
Another driver of the growth of fashion ecommerce is the growing purchasing power of millennials. According to a report by Business Insider, millennials are now the biggest spending demographic in the United States, with an annual spending power of $1.4 trillion. This demographic is also more likely than any other to shop online; a study by Essence found that 61% of millennials prefer to shop online rather than in store.
The Rise Of Social Media
The final factor driving the growth of fashion ecommerce is the rise of social media. Social media platforms like Instagram and Pinterest have made it easier than ever for brands to reach their target audiences with visually appealing content. In addition, social media influencers have become powerful marketing tools, with many young people turning to them for product recommendations.
Conclusion:
There are a number of factors driving the growth of fashion ecommerce, including the increasing popularity of online shopping, the growing purchasing power of millennials, and the rise of social media. This rapid growth is expected to continue in the coming years, making fashion ecommerce an increasingly important part of the retail landscape.