Introduction
Fashion brands are experiencing a dip in online sales owing to the onset of the novel coronavirus (COVID-19) era. E-commerce sales of essential goods such as food and personal care products are gauging an uptick as consumers fear the exposure to the novel virus, while the online apparel market bleeds due to dropping online sales.
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Sales Drop Owing to Unfavorable Consumer Sentiment amid Pandemic
Retail therapy seems to have taken a backseat due to the tough times ahead of the Coronavirus outbreak. Companies in the online apparel market are suffering heavy losses due to poor consumer sentiment. Right from fashion brands dealing in jeans to shoe companies, it has been found that online apparel sales are taking a beating due to the COVID-19 pandemic.
This is because the world economy is experiencing a recession period due to lack of free revenue flow. Poor consumer sentiment against online apparels stems with the need to buy only immediate and important items amidst the lockdown period.
Market Segmentation
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Will Online Apparel Sales Surge Post Lockdown?
Unique challenges such as huge wage inflation demands for meeting health and safety protocols are becoming troublesome for companies in the online apparel market. However, fashion brand stakeholders such as Siddharth Bindra, MD of BIBA India, are leveraging the opportunity through online apparel sales, as the brand’s brick-and-mortar stores are not generating any revenue due to the nationwide lockdown period.
Positive indications from the manpower domain are reassuring certain level of revenue flow as most delivery personnel are sole earners in middle class and below middle class families in India.
Companies in the India online apparel market are breathing the air of new hope as many individuals place orders for non-essential items post Lockdown 3.0. However, inadequacy of manpower poses as a hurdle for brands in the online apparel market. Online apparel companies are now being permitted to circulate deliveries in orange and green zones of the country.
Tech Innovations Increase Sales and Decrease Return Rates for Online Apparels
Tech innovations are redefining the online apparel space. Personalization and prediction are becoming the key focus points for companies in the online apparel market.
For instance, Virtusize – an online fashion expert, is capitalizing on the trend of prediction and personalization by suggesting the right size of online apparels for buyers by allowing shoppers to measure their clothes kept in the closet with the help of intuitive AI algorithms.
As such, there is a growing demand for exact-fit clothing, especially in the online apparel sector.
Tech companies are increasing their R&D efforts by innovating in AI algorithms that help to eliminate the uncertainty associated with clothing size for online shoppers. Such innovations are benefitting the business of online apparels, resulting in increased uptake of clothes and decreased return rates.
A lot of mobile apps today help online buyers to identify different materials. AI and data capabilities are helping brands to identify customer’s shopping behavior and preferences. Moreover, the influx of social media and fast fashion models such as e-commerce platforms are generating incremental opportunities for brand owners.
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