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E-commerce changes the fundamentals of the fashion business

E commerce changes the fundamentals of the fashion business 002E-commerce supplements traditional retail by enabling businesses to reach out to customers at several touch points. The fashion industry in India too is warming up to e-commerce. As the findings of a Myntra research revealed, the fashion market in India is currently pegged at $70 billion out of which online accounts for only 5per cent. The number of online fashion shoppers is projected to grow to 120 million from the current 60 million by 2020. With the advent of online shopping, India has witnessed considerable change in the buying behavior of consumers over the years.

Increasing e-commerce activities in rural India

Limited accessibility to offline brand retail outlets in rural India coupled with attractive offers and discounts that online marketplaces provide is increasing the use of online channels. Consumers from smaller towns and cities and semi-urban India have become less skeptical about shopping online due to the availability of cheap data packs and vernacular content.

Brands need to identify customers’ favorite digital channels

Increasing popularity of e-commerce has also increased the demand forE commerce changes the fundamentals of the fashion business 001 fast fashion and premium brands. Thanks to higher disposable incomes and exposure to media, today's average consumer has evolved and is ready to buy global and luxury brands.

It is important for fashion businesses to identify the channels and platforms that their target group uses the most and design their digital marketing campaigns around them. Brands today tailor their marketing campaigns around the interests and buying behavior of customers and fashion-based businesses need to adapt to it too. Digital influencers have also emerged as powerful marketing partners and brand looking to reach their target group have to explore influencer marketing to complement their other digital marketing efforts.

Need to adapt new marketing formats

Customers today expect and appreciate personalised shopping experiences. Whether it is an app notification or a social media ad, targeting consumers at the right place and right time has become essential for ecommerce businesses. Convenience tops the list of priorities of today's busy consumer and brands that reach out to consumers right where they are, play a huge role in conversions. Fashion brands today need to think global and act locally. They need to adapt to newer formats of marketing such as beefing up their digital presence across social platforms. Brands can effectively serve the local market by striking a balance between offline and online presence. On the logistics end, businesses should work on effective sourcing and supply chain for shorter go to market cycles.

Marketers today have access to vast customer data that gives them unparalleled insight into customer preferences and behavior. Businesses can leverage this data to provide a personalised customer experience across touch points. This allows consumers to shop on channels that are most convenient to them and helps businesses augment their reach beyond traditional retail outlets. Omni channel shopping enables consumers to mix and match channels based on their needs. As the ecommerce market continues to grow, fashion-based businesses need to constantly evolve to tap into the existing and emerging market for online shopping.

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