Below, FashionTech founder Ashley Barby gives us the lowdown on how the pandemic is affecting the ins and outs of the fashion industry’s retail sector.
At FashionTech we are publishing ongoing analysis and report on the economic impact of the coronavirus on the retail sector. With consumers taking a digital-first mindset in response to COVID-19 restrictions, retailers and brands need to constantly evolve to respond to a changing marketplace.
The global e-commerce market is projected to grow 25 per cent by the end of 2020 due to the impact of coronavirus. All e-commerce categories will profit from this shift, including an 8 per cent increase in e-commerce revenue in the fashion category.
We’ll continue to see consumers transition to a digital-first mindset as the second wave of the coronavirus hits both nationally and internationally. The ability of retailers to adapt and tap into strong omni-channel capabilities will determine their long-term economic performance.