Impact of Covid on Fashion business in 2021 We never expected a year to be…
Ready to ReCommerce ?
The fashion world is now looking for a more sustainable way to deal with post-pandemic situations. Spending preferences of buyers or shoppers have changed drastically which forces fashion brands to be more accountable towards it overall expenditures. Resale in E-commerce platforms is now gaining momentum which will see an upsurge from $7 billion in 2019 to an estimated $36 billion by 2024 with a forecasted 39% annual growth rate.
ReCommerce or reverse commerce as per the definition is the process of reselling, thrifting previously owned dresses through online or offline stores. The rebirth of ReCommerce happened due to the latest consumer behavior where most of the people ( even the high-spenders ) are looking for sustainable and economical methods of buying clothes instead of buying a brand new one.
There is no doubt that ReCommerce is here to stay at least for a few more years if we consider the present situation. The concept of reselling fashion products will surely minimize the losses and boost the economies of many countries.
On a fast-paced lane
According to a report, the growth of recommerce was recorded 25% faster than the general retail sector. These days shoppers all around the world are looking into other options in fashion Ecommerce which is predicted to grow 69% between 2019 and 2021 but the insurgence of covid-19 has exceeded the expectations of fashion industry experts and market analysts.
As per another survey, during the Coronavirus pandemic, 79% of people have admitted that they are planning to cut their apparel budget in the next 12 months. This is surely a worrying factor for fashion brands who are into the creation of new labels and dresses.
Big fashion brands too are endorsing this new trend of recommorce as In 2019 both Burberry and H&M launched reCommerce and rental models. On the other hand influencer like the Kardashian-Jenner family launched a resale apparel site, Kardashian Kloset.
Benefits at a glance
Lesser costs, higher return makes it easier for companies to sustain for a longer period of time
Luxury brands are also offering their products which are high on quality but comparatively low on price.
Integration of throwback style fashion into new releases can have a huge impact on the emotional levels of the shoppers which can help overall sales.
If you own a fashion brand and want to discover this new way of selling your fashion products to your customers then you can always expect higher returns.
Fashion is an ongoing process as it needs constant introspection and innovation to sustain over a time period. Fabusse as a fashion agency can help your fashion brands to grow. If you need any help you can contact us at [email protected]