Number of online fashion shoppers likely to reach 1.2bn by 2020
The report considered the largest companies in fashion e-commerce, including British fashion retailers Asos and Farfetch, Italian company Yoox Net-A-Porter (YNAP) Group, Chinese e-commerce retailer Tmall, Zalando, Global Fashion Group and Boohoo.
The company stated that the online store is a vital touch-point in a customer journey in spite of the fact that nearly 90% of transactions are still taking place at the physical stores. Moreover, one-third of the purchases are affected by digital channels. According to the report, Farfetch had the strongest growth among the studied companies and its revenues rose 56% year-on-year in 2018. Its average basket value was highest among all retailers in 2018, at USD 618.60 (EUR 536.31). YNAP was reported to have nearly 3.5mn active customers within 180 markets, and in the previous fiscal year, it reported nearly USD 2.30bn (EUR 1.99bn) in revenues. But still, Farfetch and YNAP are way smaller than online retailers of China. Alibaba-owned Taobao and Tmall dominate Western fashion retailers, with 654mn customers and revenues of USD 36.9bn in the year ended March 2019.
Furthermore, fashion e-commerce is expected to increase to USD 713bn by 2022. Traditional luxury retailers are also witnessing growth online, with online sales of retailers such as Nordstrom and Neiman Marcus Group representing nearly 30% of their businesses.