Online Apparel Market: 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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Online Apparel Market: Dynamics
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.
Online Apparel Market: Segmentation
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Circular Online Apparel Trend Gives Rise to Digital Hubs Sharing Industry-wide Knowledge
The concept of circular apparel is increasingly grabbing the attention of customers. For instance, in July 2019, Intellecap — a global pioneer in taking an entrepreneurship-based approach towards development, announced the launch of their online platform CircularApparel.co, to establish a sustainable ecosystem for sourcing circular textile and apparel innovations in India.
Such novel initiatives are bolstering the credibility of stakeholders in the online apparel industry. Since the fashion industry is one of the top most polluting industry in the world, bringing environment and sustainability in the picture is helping to reduce the carbon footprint.
Sustainability and circular economy initiatives are helping brands in the online apparel industry to collaborate with like-minded entrepreneurs who are willing to innovate through circular fashion. Novel digital platforms are leveraging the business of the circular online apparel market with a list of curated innovators who have earned a significant presence in the global market landscape.
Such digital hubs are helping brand owners to stay upbeat with the latest on goings and events associated with the sustainable online apparel industry.
AI-applied Fashion Innovations to Strengthen Supply Chains and Deliver Enhanced Customer Experience
Acquisitions and brand partnerships are becoming increasingly commonplace in the multi-billion-dollar online apparel market. Moreover, AI (Artificial Intelligence) is virtually penetrating in almost all industries, including the online apparel sector. AI-enabled shopping apps are helping customers to make the right choices when it comes to fashion, thus allowing its customers to take screenshots of clothes they see online.
E-commerce giants such as Amazon and Walmart are using machine learning (ML) algorithms to analyze sales trends and understand the various dynamics of the online apparel market.
Online personal styling service provider Stitch Fix has also kept AI-applied fashion at its forefront to offer improved customer experience. Also, companies in the online apparel market are using ML algorithms to make supply chains more efficient.
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