Apparel and footwear retail is constantly shifting and evolving according to the whims of seasonal changes, consumer preferences, and in-fashion styles.
Shifts to ecommerce, coupled with continued support of traditional brick and mortar channels, is yet another factor that has no doubt impacted the landscape of retail.
Companies with omnichannel and direct to consumer (DTC) distribution are adjusting their strategies for reliable next day deliveries, improved handling of thousands of varied (and ever increasing) SKUs and streamlining distribution centers for a consistent experience across channels. This applies to all facets – product fulfillment, distribution and returns operations.
The COVID-19 pandemic has only accelerated the ecommerce trend across the global market and these changes are expected to stay. In 2020 alone, ecommerce accounted for about $1 of every $5 spent on retail worldwide, up from $1 in every $7 just a year prior.
As written in a Mastercard Recovery Insights report, while ecommerce has been a driving force across industries, apparel and footwear retail is expected to see a great value growth in the next few years (2020-25) putting the online fashion industry at a $1.0 trillion market value. According to EuroMonitor, estimated projections show a positive growth from 46.6% to 60.32% ecommerce impact by 2024 with apparel accounting for 12.7% and footwear for 11.6%.