Online fashion sales to double in five years, says UK researcher
Online fashion sales in the UK are likely to grow by almost 80 per cent in the next four years according to a report by MediaWorks.
Meanwhile, brick-and-mortar retailers are experiencing a drop in sales of around 50 per cent, adds the report. Globally, the fashion industry is said to be worth around $2.4 trillion, and the most successful businesses are the ones which have been able to integrate digital systems into their operations, according to MediaWorks. The white paper, Digital Forecast 2018, adds: “In 2017, the UK's online fashion spend jumped to a huge £16.2 billion, with experts predicting it will increase by a further 79 per cent by 2022.” “Coupled with the 50 per cent drop in high street store sales in October 2017, it's clear why achieving digital success should be a priority for clothing, footwear and accessories brands.” A different report cited by Smart Insights says the overall percentage of e-commerce retail sales in the UK is 17 per cent, and in the US it is 9 per cent. This probably sounds small to those who mainly shop online, but brick-and-mortar stores do still exist. But the question is, how many of them will continue to exist in the next five to 10 years? With the growing use of mobile devices for online shopping, e-commerce sales are expected to increase more than 20 per cent when final figures are analysed for 2017. A research company called eMarketer estimates that total retail sales will reach almost $23 trillion worldwide and the number of digital buyers will continue to grow as brick-and-mortar sales decline. Retail ecommerce sales will increase to $4 trillion in 2020, making up 14.6 per cent of total retail spending, says eMarketer.