Fashion goes digital
2 min read
2 min read
A year to forget for the fashion industry – but the future is looking good!
2020 is going to be a dark year for the fashion industry. Even the growth-spoiled online fashion sector will be shrinking by around $20 billion this year to around $485 billion. Covid-19 has impacted both the demand and the supplier side and continues to add more pressure on the industry. However, compared to offline stores and the high-street online fashion is in a luxury position by comparison. According to Forbes, sales in apparel/accessories dropped by a whopping 52% year-over-year in the US. H&M, the Swedish fast-fashion giant who failed to introduce a successful digital transformation strategy, reported a 50% drop in sales for the second quarter of 2020.
And – large players are reducing their operational cost by cutting down on physical stores. Have you seen your favorite Zara or H&M in town which is no more? No? You will.
The future is online – more than ever
In 2021 the markets will slowly recover and reach eventually $672.71 billion by 2023. This is for online only, and the offline sales are going to suffer heavily. Zara alone introduced the closure of 1200 physical stores whereas the online fashion revenue is expected to grow double-digit every year. Developing and implementing a meaningful digital strategy which incorporates both technical solutions and digital marketing activities such digital advertising and social media is not going to be a nice add-on but a matter of survival.
Aryxe focuses on digital transformation for midsize companies. Since 2015 Aryxe has planned and developed more than 200 websites and E-commerce solutions for customers ranging from fashion to IT and hospitality. Aryxe XaaS-solutions cover all your marketing needs from Social Media to Digital Advertising. Fast, efficient, modular, affordable.