Last update on: 7:38 am July 5, 2022 by fashionabc
The global clothing market is expected to be worth USD 2.25 trillion by 2025. And with digitalisation and e-commerce set to become the leading channel for retail, fashion brands continue to rework their business strategy and take a closer look at their customer’s evolved retail preferences. People now tend to gravitate towards e-commerce sites that make shopping a convenient, seamless experience, which in turn has given rise to shopping apps. After all, it’s a win-win for retailers as apps allow businesses to meet consumer demands while personalising their experience.
A survey conducted by Apptentive concluded that eighty eight per cent of respondents used retail apps and sixty one per cent of those respondents are active on retail apps at least once a month. There is a discernible shift in consumer behaviour. Mobile commerce contributed an estimated $22.7 billion to online spending and twenty one per cent of digital commerce revenue in the United States in 2016. It is estimated that by 2026, this number will double.
“The share of the young generations in the total business is increasing. So there is a very strong and structural rebalancing between people from 40 years old and above and people from 40 years and below. I do really believe they expect very different things than the previous generations in terms of commitment, in terms of sense of purpose. It’s not just about beautiful products that are relevant in the moment. It’s much more than that,” Chief executive of Kering, François-Henri Pinaul tells BoF.
Currently an estimated fifty per cent shoppers return clothes that they purchased online due to sizing issues. Moreover, several customers tend to purchase the same item in multiple sizes, try them on at home and return the ones that do not fit. Each return represents lost revenue to the retailer due to the cost of shipping and warehousing. If the system for processing returns is bothersome, the online store stands to lose customers. This has given rise to retail apps that help resolve this issue. One of the new in-demand apps is MySizeID; the app helps a shopper find the right fit — across brands and size charts — conveniently and privately.
”There are no pictures taken. It is completely private,” explains MySizeID CEO Ronen Luzon. ”You can do it whenever and wherever you are. It’s very easy and it’s very fast.”
How is this possible? The shopping app uses a patented algorithm to take measurements using already existing technology in mobile phones, without accessing the camera. Offering a win-win solution for both shoppers and online retailers, MySizeID lets consumers create a secure online profile of their personal measurements, which can then be used with partnered retailers to ensure that no matter the manufacturer or size chart, the consumer will always get the right fit. And when purchased apparel fits perfectly, consumers will, of course, purchase more and return less.
The pandemic is a worldwide health and economic crisis but it has shown us that the fashion industry relies on more than product, brick-and-mortar retail and showings; what counts most is human connection and adapting to changing consumer values.