While the digital landscape as a whole has evolved rapidly in recent times, there are of course elements that are very specific to different sectors with the e-commerce industry. Fashion is just one example of this. It is for this reason that we recently partnered with Ragtrader to produce a Special Report: Marketplaces and the Future of Fashion Retail. You can download the full report here, including tips, case studies, industry trends and how fashion and apparel brands can truly leverage advancements in the e-commerce space.
Here are a few key takeaways from the report:
The Changing Consumer
Retailers and brands used to be able to map out a typical path consumers would take when making or informing a buying decision, and then apply the phases of that funnel to hundreds or thousands of shoppers to predict behaviours at each stage. There are some scenarios where this journey is still straightforward and simple, but increasingly, consumers are circling through longer and more complex journeys that span a multitude of channels.
Much of this change in consumer behaviour and the shift in shopping patterns can be attributed to the marketplace boom. From a consumer perspective, marketplaces allow for a standardised shopping experience with secure payments, consistent customer service, fast shipping, great pricing and access to a huge inventory. Search behaviour is changing and buying behaviour is adapting.
The Changing Cycle of Fashion
Marketplaces and globalisation have completely changed the product life-cycle in the fashion industry, which also means that brands needs to expand their playing field. Selling to more than one region or country means you automatically extend the life-cycle of your clothing. When it’s no longer appropriate to be selling winter coats in Australia, you’ve just touched on the perfect time to market to the US. Excess stock? Rather than slashing prices, try selling to the UK where it’s prime time for product. The ability to cross borders seamlessly through marketplaces means you’ve just added another six months on the time you can sell your products. Think of your global marketplace strategy in relation the different season across the globe as well as things like the different timings of sales events and promotions, such as back-to-school, Mother’s Day or Father’s Day which vary across the globe.
Are you a fashion retailer or brand? For more advice on how to make sure your e-commerce strategy is keeping up with the pace of change, contact us today.