The global fashion industry is estimated to be worth £1tn, excluding footwear and jewelry. Changes are taking place in the fashion industry at an incredible rate, with declining footfall figures on the high street, fast fashion and a growing concern over climate change all playing a part in fashion’s evolution.
Although research suggests that the fashion industry will continue to grow by six percent a year, according to Statista, the forecast is that e-commerce sales will grow by as much as 12.2 percent annually up to 2023.
The growth of e-commerce in the fashion industry – analytics
An advantage of the e-commerce fashion industry is that sales made online can be tracked, from managing inventory to the ability to get insight data on customer behavior and use the findings from this data to enhance the customer experience.