Online fashion brands have been hugely impacted by the coronavirus pandemic, reportedly seeing a 30% drop in sales in March.
The accessible and ‘always on’ nature of social media seems slightly at odds with the world of luxury fashion and beauty.
Fashion consumers are buying more online than they ever have before. So much so, in fact, that Forrester predicts the number of global online fashion buyers will reach approximately 911 million by 2022, making fashion the largest category of online buyers overall.
The fast fashion industry is big business – and it’s only getting bigger.
The cost of customer acquisition for retailers has been steadily rising for some time. This, alongside increased competition, has made it expensive to attract new consumers. The spiralling costs have been caused by diversification of channels – once seen as an unrivalled opportunity to reach a wider audience, in reality it has caused marketing dollars to be thinly spread – and the cost of advertising across platforms from Google to affiliates is increasing, often prohibitively so.
People mostly tune into to ITV’s I’m a Celebrity… Get Me Out of Here! to see so-called ‘celebs’ eating kangaroo testicles. This year, however, many are tuning in to find out what presenter (and burgeoning fashion icon) Holly Willoughby is wearing.
Social media is proving to be a double-edged sword for fashion retailers.
While content posted by consumers and influencers to popular social platforms like Instagram, Snapchat and YouTube has been proven to drive sales, a “snap and send back” trend driven by social media could be costing retailers in the UK billions of pounds in sales annually.
Have we reached peak influencer marketing?
With major brands like Unilever increasingly scrutinizing influencers over fake followers, and platforms like Twitter getting more aggressive about removing bot accounts, the answer to that question just might be yes. But that doesn’t necessarily mean that we have reached peak influencer.
Instagram is about more than just style inspiration.
Now, it seems more consumers than ever before are buying what they see on the social media channel, as 72% of survey respondents say they have made fashion, beauty, or style-related purchases directly after spotting something on Instagram.
Here in the UK, we’ve been enjoying a bout of unusually good weather in the normally-dreary months of April and May.
And when good weather strikes, we all rush to unearth our summer clothing from the depths of drawers and wardrobes – or rush out to the shops to buy new gear.