Data tracker: Virtual fashion

For the majority of online shoppers, their first purchase is a fashion product. It could be clothes, footwear or accessories, but this is the category that gets people to put their money behind their browsing. A report by the Boston Consulting Group and Facebook shows why and how fashion businesses should pay more attention to their virtual shop windows
 

• The Indian fashion market is estimated at $70 billion (2016), online is still small and contributes just 5 per cent of total purchases but it is 16 per cent for urban areas
• Online is a big influencer, nearly half the branded spends are influenced by online sites
• The number of online shoppers for fashion will double by 2020, more than 50 per cent will be from tier-II and smaller towns
• In 2016, 61 per cent of fashion shoppers online were men and 39 per cent women. In 2020, women will account for 48 per cent and men, 52 per cent
• Fashion is an early purchase online, nearly 30 per cent of online buyers start with apparel and fashion
• Among mature online shoppers, 70-75 per cent buy apparel, footwear and accessories online 
• Deals, discounts and e-mail promotions are big purchase triggers for new online shoppers, but low familiarity with the website/app and return policies make them spend small amounts online
• Despite the growing influence of digital, brands and departmental stores spend just 10-15 per cent of the ad budgets on digital
• At present 73 per cent of online shoppers are between 18-35 years, but by 2020, number of shoppers in the 35 plus age group will increase significantly
• 32 per cent of all fashion purchases have some form of online interaction