Fashion Industry is something that has been in existence for centuries. Starting from Ancient Egyptians, all the civilizations world-wide were intrigued so much by the fashion industry, but of course, the industry has evolved over a span of centuries. Now, by the end of 2018, the worth of the Global Fashion Industry is estimated to be around $1.3 trillion. It is also hard to believe that there is an expected multifold increase in those staggering numbers by 2020. Despite all the researches, market analysis and scientific facts the reason for the growth is simple. People now want to look better and present themselves in an elegant way.
Does E-commerce Contribute better than Offline Retail Business?
E-commerce is growing alongside the traditional retail store business but is slowly catching up along the race. It is estimated that the online fashion market is projected to grow 3.5 fold to reach USD 14 billion by 2020. And, the industry is right on track to achieve the estimates. Most of the bigger brand’s sales are now digitally influenced. Brands who were much more into the traditional way of business are now adapting themselves to cater to the wider audience and the future industry. Growth in the use of mobile phones and better internet connectivity are some key driving factors in the fashion industry. Adaption to E-commerce will not only attract more spenders but would also increase the amount spent now.
Impact of Offline Retail and Online Business in Rural Areas
The growth of online driven fashion sales has significantly gone up in rural areas. Better accessibility and the ability of e-commerce giants to deliver to rural areas seems to be contributing to the rise in numbers. But the retail industry is still edging a bit better than online shopping in rural areas and this trend is set to change slowly in the near future.
What Successful Brands Do to Cope Up with the Evolution of Industry?
The answer is quite simple. The brands evolve too. Brands like Derby are evolving just in sync with the global fashion market. Being an Indian-International Men’s fashion brand, Derby has carved a niche for themselves in the fashion industry. Derby has been matching up numbers equally with their retail and online platforms. Their digital footprint has been growing so much in the recent past. They offer all the payment options right from e-wallet to Cash on Delivery, which is touted to pull more and more consumers towards the brand. The wide array of options just like in their retail store offers a complete experience. It literally serves both the sections of people, both online and offline.
All said and done, the Fashion industry is an ever growing one. The stipulated growth for 2020 is literally making our heart skip a beat. The major players would always cope up with the evolution to stay in the game, just like Derby.