Fashion as an opportunity for the e-commerce industry. Online sales will be higher than in-store sales

shopping, bags, packages, photo: kaboompics, pixabay

In 2021 alone, the global online fashion market was worth $760 billion. Despite lockdowns and the global economic downturn, the trend is clear and fashion retailers are increasingly willing to move online. This is a great opportunity for Polish designers and producers who, regardless of the assortment offered, thanks to the opportunities offered by e-commerce, are able to reach customers around the world with their offer.

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According to data from Statista, this year, online sales are expected to account for more than half of the global fashion market, and over the next three years, the fashion e-commerce industry is expected to grow by 7.18 %. per year, reaching more than $1 trillion by 2025. In Poland last year, the clothing and footwear market recorded double-digit growth for the first time, although the industry has need an additional 12 months to fully compensate for the losses caused by the pandemic. One of the main tools for this will be online sales.

– Globally, the main fashion trend this year is the use of online sales channels. Customers around the world have noticed the benefits of shopping online, they are also less afraid of, for example, mismatched or ill-fitting clothes, as they can always be returned. Also, for example, UK consumers are more likely to buy clothes online than any other product, and two-thirds of US consumers will be more likely to buy clothes online as soon as the pandemic begins. Polish e-commerce should take advantage of this trend by expanding the offer outside the country – underlines Jakub Pietraszek, co-founder and CEO of Booste.

Fashion products are reaching their peak in international trade – these are the clothes and shoes we buy most often from other countries, especially when online shopping has blurred true borders and encouraged more and more people to order products from other countries. This means that Polish clothing designers or manufacturers who “feel” the moment right can increase their business by reaching a new group of customers in different markets.

Online mode. What will we buy most often?

When trying to attract foreign customers to Polish e-commerce, first of all you should keep in mind upcoming fashion trends and the specificity of customers in a given market. For example, according to data from Retail Leader, more than 20%. American consumers have said they will not revert to their pre-outbreak style of dress.

The market may be driven by demand for comfort – nearly two-thirds of US e-consumers will be more likely to choose comfortable clothing, and nearly 40% have lowered their “acceptable” dress standards. In Germany, well-fitting and comfortable clothes can be more important than whether they were produced sustainably or not.

On the other hand, a third of US consumers plan to experiment more with fashion. In Germany, on the other hand, cheaper but still branded brands will be more popular – less than one in ten consumers will choose more premium brands.

What does it mean? Among other things – growing demand for luxury from well-known and expensive brands, especially after the end of restrictions and the return to “live” meetings. This is confirmed by data from Bain & Company – despite the sharp declines in 2020, the following year, as soon as restrictions in many countries began to be relaxed, the value of the luxury goods market increased by 29% , reaching a valuation of EUR 283 billion, and should grow in the coming years at a rate of 6 to 8%. annually.

This also applies to online fashion – an entrepreneur selling high-end clothing, shoes or accessories can effectively reach, among others, Gen Z and Millennials. They are the ones who will generate 130% of the total over the next three years. market growth in the global luxury fashion industry.

Isn’t the product everything?

What you have to keep in mind is that it’s not just the right product or the price that matters. Research shows that customers will be more likely to buy from abroad if the store offers free product returns (72%), makes it easy to track order status (71%), and provides transparent information about any customs or tax surcharges (70%). Consumers, however, do not forgive – it is enough to make a mistake to “burn” in the eyes of about 60%. customers from other markets.

In 2020 alone, Polish entrepreneurs exported, within the framework of the EU common market, products and services worth around 24 billion euros, which, according to Eurostat, placed them on the the list of top five EU exporters – only the Netherlands, Ireland, Belgium and the Czech Republic topped them. This shows that Polish entrepreneurs are already appreciated abroad, and those who dare to go beyond the domestic market, also on the online channel, can be richly rewarded with client portfolios from other countries.

– Customers interested in our products are found all over the world, thanks to the possibilities of today’s technology. This is worth being aware of, especially since a niche Polish brand that is experiencing the challenges of scaling up its business in the local market can perfectly match the tastes of internet users from Germany, Great Britain or the United States. Here it is important to understand the trends in a given country, but also to carry out effective marketing actions, thanks to which we will reach the customer who will have no problem spending his money on our product – emphasizes Michael Kacprzak, Co-founder Boosted.

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