E-commerce is an essential part of today’s retail market. Globalization and digital advancements have paved the way and global consumer trends have shaped the e-commerce market from a small segment to a vital part of any brand’s success.
Fashion industry makes up the largest segment of e-commerce revenues worldwide. The industry has helped shape e-commerce sector as a whole and in turn also has shaped itself according to the ever-changing needs of e-commerce.
Increasing e-commerce revenues and fashion leading the way
The share of e-commerce is steadily growing in total retail revenues; according to eMarketer Report published in Jan. 2018 e-commerce sales made up 10.2% of total retail sales worldwide in 2017, in contrast to 8.6% in 2016.
In 2017 e-commerce revenues were recorded at 1,560,787 million USD and Fashion segment made up almost 29% of the total. According to Statista, the total market is expected to grow with a CAGR of 8.9% from 2018 to 2023. Fashion segment is expected to generate revenues of 524,871 million USD in 2018 and grow faster than the total market with a CAGR of 9.8% from 2018 to 2023.