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Online stores live and die by their websites. A great e-commerce site can lead to a highly successful business. A subpar site may lead to disappointing results.
But fear not!
Building a successful e-commerce site can be much simpler than you think. You just need to focus on what the market wants and needs.
In this article, we’re going to look at 14 e-commerce fashion trends to boost your sales in 2023. These are trends you want to know about to drive your sales and boost your revenue.
So, just how big is the e-commerce market?
The short answer is: huge!
According to Insider Intelligence, the e-commerce market cap worldwide came in just shy of $5 trillion in 2021, well, $4.9 trillion, to be exact.
But it doesn’t stop there. By 2025, it is estimated that the e-commerce market will top $7 billion. That figure is almost double from 2021 data.
Here are some other interesting facts about the e-commerce market to consider:
The global e-commerce market is poised to explode. For instance, e-commerce sales skyrocketed in Latin America to $85 billion in 2021, up about 25% from $68 billion in 2020.
India has seen a massive spike in its e-commerce sales, racking up $46.2 billion in 2020. However, the Indian market cap is expected to grow to $111.4 billion by 2025.
ShipBob CEO Casey Armstrong said, “While a lot of focus in e-commerce centers around the United States and Canada, there is a lot to learn from other large international players who are seeing an even more accelerated growth rate in e-commerce.”
Considering how important the e-commerce market has become over the last decade, finding the best way to get a piece of the action is crucial. So, let’s discuss 14 e-commerce fashion trends. These trends are specific to fashion brands.
According to Statista, the e-commerce fashion industry’s annual growth rate has been roughly 14.2% since 2017. The e-commerce fashion sector has a projected valuation of $672.71 billion for 2023.
Here are some key considerations:
On the whole, this e-commerce fashion trend indicates that the e-commerce fashion industry doesn’t seem to be slowing down. So, it’s worth exploring its various alternatives.
The COVID pandemic did not put a dent in the e-commerce fashion sector as it did in others. According to McKinsey, the COVID pandemic was the “perfect storm for fashion marketplaces.” For instance, fashion brand Shein’s valuation spiked to $30 billion, catapulting it into the world’s biggest e-commerce fashion retailer.
This e-commerce fashion trend indicates that only fashion brands are quickly becoming a force to be reckoned with. For example, casualwear continues to top Amazon, showing a 6.7% growth, representing a $257.1 billion market cap. Undoubtedly, fashion industry trends point to expansion despite the economic setbacks caused by COVID.
Newcomers to the e-commerce marketplace should consider the fashion industry due to its lower barriers to entry. In the US, the fashion industry represented 29.5% of total sales in 2021. This fashion industry trend is indicative of the industry’s popularity.
If you’re on the fence about entering the e-commerce fashion industry, please keep in mind that this industry is rapidly expanding. This fashion industry trend means that you’ll have plenty of opportunities to make your mark on the e-commerce world.
Another e-commerce fashion trend is that the shoe segment has reported a significant increase in its market valuation. Overall, the shoe segment accounts for $365 billion in 2022. However, estimates place the shoe segment at around $530.3 billion by 2027.
This e-commerce fashion trend clearly indicates there is ample room for growing small businesses can capitalize. Specifically, athletic footwear is the biggest growing product line accounting for an estimated $63.5 billion in sales. This valuation is a sharp increase from 2020 when its valuation sat at $51.4 billion.
The shoe segment is certainly worth looking into if you’re searching for a product line to start your e-commerce fashion brand.
Bags and accessories continue to dominate the e-commerce fashion trend list. Between 2016 and 2026, experts expect this e-commerce fashion trend to show an annual growth rate of 12.3%. This double-digit growth rate makes bags and accessories one of the most lucrative e-commerce fashion segments.
Like shoes, bags and accessories offer a number of opportunities newcomers to the e-commerce fashion scene can take advantage of. It’s certainly worth considering bags and accessories as an entry point into the e-commerce fashion world.
Investing in this segment does not require substantial capital. Additionally, newcomers can get started selling products in a matter of hours with e-commerce platforms such as Shopify.
Luxury goods are the mecca of the e-commerce fashion industry. In 2020, the global jewelry market represented total sales of $228 billion.
Also, estimates place the luxury watch market at around $9.3 billion by 2025.
Much has been said recently about the metaverse. At this point, it seems inevitable that the world will become entrenched in the metaverse. While the metaverse itself may not become an e-commerce platform, it will allow customers to imagine the possibilities they can discover through the metaverse.
Kevin Dao, the co-founder of the fashion brand ORO LA, had this to say about how the metaverse is poised to provide customers with a new perspective:
“In everything we do, we’re helping the customer image. We want them to imagine being the man in every picture. To imagine us being their stylist. To imagine, “that could be me wearing those clothes.” We’re not so much curating content as curating imagination.”
Paid advertising has been a staple of e-commerce sites. After all, how many popups and banners do you see every day?
A recent e-commerce fashion trend is that brands understand that pay-per-click campaigns aren’t as effective as building a brand through organic growth.
So, why are brands turning to organic growth to drive their positioning? In the second and third quarters of 2021, pay-per-click advertising’s cost increased by about 15%. This price hike results from competing costs for precious advertising space.
To offset increasing advertising costs, brands have turned to storytelling as a means of fostering brand positioning.
How does storytelling work?
In storytelling, brands create a narrative to represent their brand’s core values. These narratives generally unfold across social media campaigns or YouTube channels. Customers see a series of generally free content highlighting the brand’s products.
Another popular tactic is influencer advertising. Popular social media influencers receive constant promotion requests from numerous brands.
Virtually every brand, regardless of industry, must consider including sustainability in their business practices.
And, with good reason.
According to recent surveys, 52% of respondents indicated that they are far likelier to purchase from a brand that shares their values and vision. These values include taking proactive actions to stop climate change.
So, what can fashion brands do about it?
Focusing on sustainability is the name of the game. Advertising eco-friendly practices and policies can greatly increase a brand’s overall visibility and position. Considering that 42% of customers worldwide favor purchasing eco-friendly products, fashion brands must take this e-commerce fashion trend into serious consideration.
Now, here’s a novel idea: ReCommerce.
What exactly is ReCommerce?
ReCommerce stands for “reverse commerce.” In this e-commerce fashion trend, individuals resell rent or thrift pre-owned apparel on an e-commerce site. This e-commerce fashion trend has been gaining significant momentum recently since folks are looking for economical and sustainable means of buying or acquiring clothing items.
ReCommerce provides an excellent opportunity to purchase brand-name items without spending a fortune on new merchandise. From 2019 to 2021, this market niche grew 69%.
Athleisure is quickly taking over the mainstream shoe segment. We have already established that the shoe segment is poised to take off within the next five years. Leading the charge is the athleisure niche. In particular, this e-commerce trend took the lead in 2021, according to research by NPD Group.
Brands such as Nike and Lululemon have already jumped into the fray. Additionally, other online retailers such as Amazon and Target have been doubling down on this e-commerce fashion trend.
Now, please bear in mind that almost half of the American purchase activewear for reasons other than exercise. In other words, consumers are increasingly turning to activewear as part of a casual look.
These data paint an interesting picture. The athleisure market appears to become the next big e-commerce fashion trend. If you’re keen on getting in early, now is the time to consider throwing your hat into the ring.
The rise of fast fashion attempted to capitalize on consumers’ desires to look like runway models. This e-commerce fashion trend has proved successful throughout the last decade or so. However, it seems that opinions are beginning to sway in the opposite direction.
How so?
Slow fashion is seasonless fashion that can be worn throughout the year. This e-commerce fashion trend aims to capitalize on the growing concern over sustainable business practices. Consumers are not more compelled to limit wasteful consumption due to concerns over the environment.
But suppose you think it’s only consumers driving this shift. In that case, you might be surprised to find that 86% of fashion retailers have reported that climate change has affected their clothing lines and sales.
How so?
Unpredictable changes and unseasonal weather patterns have motivated consumers to purchase seasonless clothing items. This e-commerce fashion trend points toward consumers seeking more affordable, sustainable, and comfortable clothing. It’s no wonder why athleisure has become increasingly popular. Consumers want clothing items that work well regardless of seasons or weather.
Considering how much consumers value their time, it’s no surprise that online retailers have turned to artificial intelligence (AI) to help them manage their customer interactions. In particular, the use of chatbots has grown significantly over the last few years.
But how do chatbots boost customer interactions?
Recent research by HubSpot indicates that about 48% of respondents prefer to connect with companies over live chat instead of other channels. Moreover, 35% of respondents stated that they would be glad to see more companies using chatbots.
Customers would much rather interact with an AI program than spend hours on the phone trying to get hold of an agent. Chatbots offer instant responses to a variety of issues. Moreover, chatbots integrate well into social media platforms, among other communication channels.
It’s important to understand that no two customers who visit your website are the same. That’s why so many brands are turning to personalization – trying to provide each individual shopper with a unique sales experience, similar to that which they would have in-store.
A great way to do this is with personalized product offers. With PickyStory, you can either create offers based on specific products, or let PickyStory’s AI-based algorithm display related products to shoppers that are personalized based on products they are already viewing or have in their cart.
Personalization, whether at the customer or product level, can not only greatly increase your average order value and overall revenue, but can also significantly improve the experience your customers have in your store. PickyStory is the go-to choice for brands looking to boost their personalization and connect with customers at a deeper level.
PickyStory helps e-commerce merchants to collect hidden revenue by selling products together. PickyStory offers a variety of deals like Bundle Products, Combo Products, Bundle Builder, Kits, Looks, and Coupons.
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