The fashion-conscious GenZs and millennials are leading the astronomical rise of Fashion eCom
Fashion is like having a meal, you can’t stick to the same menu every time. Fashion eCom has revolutionized the segments. The new generation is the driving force behind the dynamic fast-paced industry.
The fashion eCommerce Industry has grown beyond expectations with a 59.7% growth in order volume in FY’22 as compared to FY’21. The clothing & accessory brands need to capitalize on the immense growth potential of the fashion industry.
In the words of Myntra’s CEO, the contribution of e-commerce to most of the fashion businesses is 10-12 percent. This is expected to grow to 30%, meaning almost a third of fashion in India will be sold online in the next five years.
“Fashion e-commerce will become a $30 bn market in India in five years” - Myntra CEO
Let's take a deep dive into how fashion is cementing its position in the Indian eCommerce landscape.
Growing from Strength to Strength
The Indian Fashion eCom market segment was so far dominated by Myntra. It is one of the biggest players that revolutionized the fashion eCommerce space in India. But the rise of AJio and Cliq has spiced up the competition. The marketplaces are backed by mighty conglomerates like Reliance and Tata group respectively. Online Fashion Platforms like AJio and Cliq have made their presence felt and gradually their market share grew in the online space.
The battle for consumer attention is getting fierce with sale seasons and regular lucrative offers. Every brand needs to deal their cards strategically. Take swift action on setting pricing and discount based on market trends.
Staying on top of pricing and discount trends across platforms and geographies has become essential to slice through the cutthroat competition. Building brand loyalty reaps high reward and ensure customer retention.
Indian fashion eCommerce has enough scope for multiple marketplaces to co-exist and continue to grow. The more competitive fashion eCom space will lead to massive growth opportunities. To capture these opportunities, brands need to gear up with the right digital commerce intelligence tool to stay ahead.
The Changing Lifestyle with Fashion eCom
The new generation lives and breathe Fashion Trends. Yes, you read that right. They not only shop just for occasions but also turn to online marketplaces for their daily clothing needs. The massive clothing and accessories range is available online to attract younger generations.
The brands need to be aware of their sales across demographic and set the pricing and availability to match the needs of shoppers suiting their budget bracket. Digital commerce competitive intelligence can help brands understand the need of their consumers and make data-driven decisions.
Getting Smarter with Data-driven Digital Commerce Intelligence
‘One size fits all’ is not relevant anymore. Every individual now seeks what suits their own sense of style, occasion, and accessories accordingly. The industry is shaping toward providing a personalized experience and optimizing the customer journey is paramount.
The frequently changing online shopping trends set new milestones every month. Digital commerce intelligence keeps brands in tune with what is going on in their domain across the product range, categories, and even sub-categories.
Optimization has become essential be it – awareness, consideration & evaluation, or the purchase phase of the customer journey. Brands need to be on their toes to engage new customers across eCommerce platforms.
Invest In Technology – Strengthen Your Supply Chain
The post-purchase delivery experience of customers is also crucial in the digital ecosystem. As the brands pump huge volumes to meet the demands. Customer satisfaction in product delivery has become imperative. The reward of an enhanced post-delivery experience are good ratings & reviews.
Positive customer sentiments result in customer retention, build brand trust, and attract new customers. Good reviews are the most organic way to boost product visibility on the eCommerce marketplace.
Brands need to invest in technology to optimize the experience. A comprehensive monitoring system is a must for every brand to strengthen the supply chain. The solution to monitor sales & order tracking, the performance of sellers, and optimize delivery turn-around-time with comprehensive reconciliation is indispensable in such a competitive Fashion eCom segment.
The tech-enabled process solutions ensure convenience and transparency in purchase and post-purchase. The reconciliation across multiple warehouses streamlines order processing and leads to operational efficiency in the system.
The fashion and accessories segment generates the maximum order volume share among e-commerce industries. The prospects seem bright for trendsetter fashion eCommerce and it is expected to keep leading in the coming years with its continuous innovations and technology adoption.
The brands need to step up and tap on every touchpoint on the customer journey. Be it setting the right prices, offering discounts, enhancing content to boost visibility, increasing the Share of Shelf, or ensuring availability or post-purchase convenience Brands should be updated on any market trend.
mScanIt, the digital intelligence solution, could give brands an edge over the competition. The end-to-end digital commerce intelligence provides real-time actionable insights with a dynamic dashboard. It even takes a step further with tools like Content recommendation which auto-generates content for optimizing product display page (PDP). Technology is the key growth driver for the entire digital commerce ecosystem.