Fashion & Apparel Industry Market Share is 46.0% of eCommerce Market

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Fashion & Apparel Industry Market Share is 46.0% of eCommerce Market

The eCommerce industry has changed like never before. With the rise of globalization and digitization, the latest innovations and the change in consumer habits has a huge impact on the eCommerce market. Lately, the Coronavirus pandemic has turned the industry completely.

The fashion industry continues to evolve from time to time. According to Statista, the total revenue of the global apparel market was $1.46 trillion in 2020. In the US alone, the fashion industry had the 29% of the total market share in eCommerce global revenue.

This fashion sales growth has many opportunities, such as expanding global markets, increasing online access, enhancing users’ experience with the latest technologies, and many more. However, it has some drawbacks, too. For example, reduced brand loyalty increased return rates, and constant consumer pressure for a sustainable manufacturing material.

Due to the Coronavirus pandemic, the fashion industry had completely turned over. Many brands had to shut down their stores completely, meanwhile many brands reported some significant growth. However, many businesses are yet to finalize their strategies after the pandemic. Once they figure it out, they’ll add their share in the total eCommerce market share.

If we see this statistically, in 2020, the total sales growth was 21.8%, an increase from 14.6 in 2019. And in 2021, it is expected to reach up to 42% in the USA.

The fashion industry has started to improve its personalization by tracking user behavior to provide them with a seamless shopping experience. The majority of them are starting with product recommendations, best sellers, and product suggestions based on their previous purchases. This way, the fashion industry is marking its way in the global market.

One of the reasons why the clothing industry is booming is that it is leveraging social media in its marketing strategy. And it is no secret that social media has a huge impact on eCommerce and has numerous benefits.

As we know, with the increased popularity, the majority of businesses have launched their online clothing stores. However, Amazon, Walmart, and Target hold a giant share combined. In 2020, these three brands were responsible for 42% of the total apparel revenue in the USA. In which Amazon contributed 37.6%, Target 2.40% and Walmart contributed 1.90%. According to the report from business.com, the US ranks second in the top 10 largest eCommerce markets, with a revenue of $340 billion.

To sum it up, we can say that the eCommerce industry is expanding vigorously and will be in the long run. Even due to the effects of the pandemic, the fashion industry managed to stay afloat, with the online stores changing the strategies or brick-and-mortar businesses opting for eCommerce. Whatever the future has stored for fashion eCommerce, we can definitely say it is brighter.

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