Fashion App Commerce Trends
The fashion commerce app has shown incredible changes in our day to day life.
The global fashion e-commerce market is expected to grow from $549.55 billion in 2020 to $668.1 billion in 2021 at a compound annual growth rate (CAGR) of 21.6%.
At present, India is the world’s fifth-largest global destination in retail space. The Indian retail market is estimated to be reaching around Rs 1,08,58,000 crore i.e US $1,672 billion by 2027.
With the easy accessibility to smartphones and internet, the upcoming generation focuses more on exploring. It has helped the Indian customer to easily reach international brands through fashion E-commerce apps like Myntra, Amazon, Flipkart and Ajio.
The options of cash on delivery, return and exchange, try and buy, exciting discount and sales offer and big billion days have encouraged the customers to purchase more.
According to Google, every third query and FAQs on Google is related to Fashion trends and this increases at 65% annually.
Myntra has partnered with over 3000 leading fashion and lifestyle brands in the country such as Nike, ONLY, Vero Moda, H&M, forever 21, adidas, Puma, Levis, Wrangler, Arrow, Jealous 21, Diesel, CAT, Harley Davidson, Ferrari, Timberland, US Polo, FabIndia, Biba and many more international brands to offer a wide range in latest branded fashion and lifestyle wear.
In 2020, Myntra’s End of Reason Sale registered its biggest ever opening with over 3.3 million products sold on Day 1 with new 200,000 customers installing Myntra app just before the day of End of Reason sale.
According to The Economic Times, the Bengaluru-based company had sold merchandise worth Rs 90 crore during its ‘End of Reason Sale’ last year.
Interestingly, the owner of Myntra is Flipkart and Flipkart makes a one-day record of Rs 1.4000 crore in sales. Reportedly, Flipkart revenue in 2018 has been Rs 30931 crore. Flipkart has also delivered more than 10 million orders in the first five days of “The Big Billion Days”.
Flipkart also said, In the fashion category, it sold over 16 million products from across 40,000 brands.
Big companies have also started promoting and advertising their fashion products on social media platforms like Instagram and Facebook. One can always find product templates sponsored on social media platforms. This marketing increases awareness and sales tremendously.
Fashion E-commerce industry can be regarded as the main reason for boosting the revenue of the country.
The Rise Of Fashion Industry in E-commerce apps
The report suggests that there has been a 129% increase in the number of orders placed online in the US and Canada alone and a 146% growth in all online retail orders.
There is a huge increase of 70% in mobile usage during the pandemic. This has promoted people surfing more on the internet for personal and professional purposes.
During the pandemic, Many discount policies have been brought into and the summer-spring collection is available off season. As pandemic has restricted our moves, customers are entirely dependent on online shopping which has made fashion E-commerce apps the heart and soul of frequent shoppers.
According to google research, In the United States, Shopify stores have seen a sharp increase of 41% in their revenue in just two months ( February 2020 – April 2020).
Various Benefits of Fashion Mobile App Stores to Customers
Every Fashion E-commerce prefers mobile apps for convenience because more than 64 percent of mobile shoppers consult their mobile phones for shopping suggestions before venturing out to stores to make an actual purchase.
According to the sources, more than 50% of shoppers choose to use a mobile app instead of a link or website to access online stores.
- Convenience to the customer:Shoppers can browse millions of brands without stepping out of the door. It has become that simple for them, to just download the app, search their desired product, select their size and colour and next moment it is delivered to your doorstep. With convenience, it is also reliable and provides a great ease to the customer.
- Discounts & offers:Fashion Apps start advertising about their upcoming sales beforehand. They make their customers aware through social media advertisements, keep sending Emails and push notifications. Discount is a healthy way to attract a lot of customers and increase sales.
- Regular reminders:The companies also send a frequent reminder in the form of message, e-mail or notifications to their customers about updates in new collections, winter collection, spring collection and launch of a renowned brand. This makes their customer aware and regulates a frequency in shopping.
- Useful filters:These are very helpful for a customer while they want to jump directly into a kind of product they want. These filters generally include size, colors, brand, shape and price range. It actually helps in saving time during online shopping.
- Fashion consultant:This feature is a love for shopping freaks. Myntra had recently added a fashion consultant feature with the top leading actress, models and fashion influencers. It adds a value to the brands sold on the site. Millions of customers go through this feature before purchasing it for their big day, events and wedding.
- Maintaining customer loyalty:It is noticeable that a shopper spends 5x time more on an app than on random shopping site. The shopper which in real downloads your app is showing a high level of loyalty towards your company and brand. A customer today has numerous choices as advertisements of different fashion brands are reaching up to the skies.
Fashion retailers immediately needs to switch App Commerce
Pandemic and lockdowns have changed the shopping medium forever. For a few upcoming years, customers will be only browsing online for shopping with the intention of restricting their exposure to the social environment.
With the global assumption, the online customers are expected to grow more than 1.2 billion by the end of 2020. It is important for the retailers to walk ahead in the competition and follow trends & technologies. The only way to grow a fashion company’s sales is by switching it’s products online.
With the growing customers digitally, the demands and competition is also increasing. Appcommerce is certain to bring a revolutionary change in the Fashion retail Industry.