Since the advent of the Internet, it has revolutionized fashion, industry, and the way people shop. It has changed everything from where people spend money to their standards for buying products. Another enormous effect it’s had is to inversely affect the number of online stores versus brick and mortar stores. Now is the time to make plans for how to grow in a market that is constantly changing and evolving.
More and more people are shopping online, and as a result, there’s an inverse relationship between digital and physical stores. As the former grows, the latter shrinks. What does this mean for the fashion industry and for designers? Many things. It means retailers must consider the advantages of having online stores only: there is no store front to maintain and fewer concerns about loss and liability. These are attractive options for anyone who may be considering starting up, as it can save money to sell products online. The stores that adopt an omnichannel strategy empower customers to shop however and whenever they choose.
Thanks to e-commerce, customers no longer have to put as much effort into shopping. Gone are the days when they had to select a store, travel to it, sift through products by hand, make purchases, and then bring their selections home. Now, they can see your entire catalog with a click and make their choices quickly and easily. This benefits both customers and retailers, streamlining the process on both ends.
Social media is now a part of people’s day to day lives, which makes it a part of their shopping experience as well. The most obvious way it contributes is that if a person with clout declares their love of a brand or product on social media, people will see it and consider buying it. Also, thanks to “social proofing,” people now feel like once they’ve shared their new outfit on social media, it cannot be worn again. This has led to two important shifts: people are buying more clothing, but they are spending less on it.
Whether just starting up or preparing a new business model, these changes in the market and how consumers interact with it are paramount to coming out on top.