One of the biggest issues for any fashion brand operating online is size exchange. Customers can't try the product to see how it fits on them. They go by the size they usually wear and if it doesn't fit them, they ask the brand to exchange/return which eats into the bottomline for brands because of shipping fees for return and reshipment. One thing brands and marketplaces do to reduce size issues is to provide detailed size chart with every product so that buyers can check the measurements and order accordingly. But still brands and marketplaces which have free no questions asked exchange policies get an average 15-20% returns (out of which 10-12% can be accounted to size and fit issues). This happens because even though customers are provided with detailed size charts, they tend to order the 'alphabetical size' they usually wear. For example: If I usually wear a 'Large', I will order a 'Large'. But measurements of 'Large' vary from brand to brand hence size issues happen. Often customers blame this on the correctness of size chart and claim that the product is not true to the dimensions provided. Throughout last 2.5 years we tried multiple ways to fix this - providing detailed dimensions, how to measure size guide etc. But this year when we started taking orders for customised tees/hoodies where we send them size chart via DM and ask them to select size from it, we realised the problem is simply customers not spending enough time to check the size chart or giving it a real thought. Here's what the numbers told us: 1. Orders with no size issues - 99.53% 2. Orders with genuine size issues - 0.41% 3. Orders with manufacturing defect in product - 0.06% And when you think about it - when customers are provided free no questions asked exchange even for a INR 200 product by marketplaces, why would they bother spending time checking the size chart! For our website orders we make sure to provide enough nudge to the customer so they are thorough in checking the size chart and for CoD orders even take size confirmation on call. Exchanges are still there, but significantly less compared to what we see on marketplaces. For online fashion to be truly sustainable and not just brands burning money to woo the customers, it has to be a 2-way street where customers become considerate enough to understand the losses brands face for excessive exchanges/returns. #ecommerce #founderjourney #entrepreneurialjourney #brandbuilding
Akshat Agarwal’s Post
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Z, in the last of our A-Z of ecommerce series, stands for ZigZag Global – a global returns solution provider that makes returns smarter for retailers, customers, and the planet. According to Shopify’s 2023 trend report customers who shop online return 20-30 per cent of purchases compared to 8-10 per cent of in-store purchases. Worse still, the average return rate for luxury items is 50 per cent. High return rates can pillage profit margins, cripple conversion rates and ultimately destroy a business. But it’s not all doom and gloom – by looking at the problems causing high return rates and seeking to solve them, we can reduce and even maximise on returns. In this article we explore why ecommerce return rates are so high and give advice on how to reduce their impact on your business. Visit the link in comments. 👇 #shopify #shopifyplus #ecommerce #retail #fashion #homeware #cosmetics #jewellery
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🌍 Globally e-commerce accounts for almost 21% of total sales. 🌍 Across EMEA & USA that accounts for close to 30% of fashion retail sales 💻 But are shoppers becoming "tired of the standard grid-like online shopping experience" ? Read more from The Business of Fashion - How to Get Customers to Shop Online https://lnkd.in/eN4C3aRv
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What We’re Reading: Summer is finally here (yay!) which means consumer spending is shifting towards new seasonal experiences and services. But for fashion brands, e-commerce is thriving. Discover how they're leveraging flash sales to capture summer spending in the latest read from Glossy: https://lnkd.in/e9iqxsfS
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“(E-commerce Fashion) Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 8.94%, resulting in a projected market volume of US$1,183.00bn by 2029.” Staggering projected 9% annual growth for the coming 5 years. If your business is not growing at that level, somebody else certainly does. #KornitDigital for industrial, on-demand, local fashion production - matching e-commerce sales.
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Nothing beats the convenience of shopping from your armchair. Skipping the crowds is a big advantage in most cases, especially if you already know the product you’re buying. But what if you buy something for the first time and would actually need to try it before making up your mind? Despite the challenges, online trade in fashion is booming. We at globaleyez GmbH take a look for you at some of the most popular online fashion marketplaces in the world today! https://lnkd.in/e_8jw3Hj #ecommerce #marketplaces #ipprotection
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#FashionEcommerce is booming, led by giants like ASOS and Zalando, reshaping the landscape of online sales. The global revenue surged from $481 billion in 2018 to $545 billion in 2019, poised to hit $713 billion by 2022. 🌐👗 Insights reveal a growing consumer base, expecting a rise of 1.2 billion by 2020, primarily aged 16-35. The accessories and bags sector dominates, growing by 15.6% in 2018 and projected for an 8.7% boost by 2022. Key statistics, like 43% of purchases from personalized recommendations, signify the impact of e-commerce on the fashion industry. China leads in spending with $740 billion, $179 billion more than the USA. Characteristics of #FashionEcommerce include impactful website design, loyalty schemes, and alternative marketplaces. Online shoppers seek personalization, trust in reviews, and efficient filtering systems. Social media, especially Instagram, with 13.71 interactions per 1000 followers, is pivotal. 📲💻 Successful communication, website appearance, and optimization strategies drive sales, emphasizing the importance of quality data feeds. 🚀💡 #EcommerceTrends #DataManagement https://lnkd.in/e4BTWz5X
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Financial Planner | I help people meet today’s obligations, reduce tomorrows risks and achieve their dreams through financial planning.
While the holiday season is undoubtedly a time of joy and giving, it’s also an important moment to reflect on how we invest our resources. With projected spending rising significantly, it’s tempting to indulge in holiday shopping. However, this year, I recommend considering a different approach: investing in yourself and your future. Putting money away for retirement and prioritizing personal financial health can be incredibly rewarding. Rather than spending on temporary gifts or experiences, think about how your money can work hard for you. Building a solid financial foundation not only eases stress but also provides a sense of security and freedom in the long run. Investing in retirement savings ensures that you’re not working hard your entire life just to make ends meet. Instead, you can create a future where your money works for you, allowing you to enjoy life more fully, pursue passions, and achieve your long-term goals. This holiday season, while it’s fun to celebrate and share with loved ones, consider directing some of that spending mindset towards your financial future. It’s a gift that keeps on giving, paving the way for a more secure and fulfilling life.
As we enter the holiday season, apparel brands face new challenges in the retail landscape 🎁 According to Deloitte, holiday retail sales are expected to grow between 2.3% and 3.3%, with e-commerce sales driving a significant portion of that growth, projected to increase by 7% to 9% year-over-year. 📈 Though the numbers look promising, brands need to remain agile as inflation continues to impact discretionary income as consumers increasingly prioritize value in their purchasing decisions. This paired with rising competition to acquire and retain customers online, means offering a unique online shopping experience that helps win customer loyalty and delivers value is of critical importance. While there are many ways to improve the online shopping experience, it’s our belief at Bold Metrics that eliminating fit-related friction online is the most crucial. Fit is highly personal — and yet it’s often the least personalized aspect of online shopping. This presents an opportunity to rethink the approach to fit and sizing—a factor that can boost conversion, reduce returns, and streamline operations. Sizing issues remain one of the top reasons for returns in apparel, a trend that has only been magnified by the rise of e-commerce. If you’re interested in learning more about this, check out our Fit & Sizing Technology Buyer's Guide about tackling these challenges head-on. We dive deep into the different approaches to solve the sizing problem and evaluate the benefits and drawbacks of each to aid the decision-making process for apparel brands and retailers. 👉 Download the Buyer’s Guide to discover how to choose the best sizing technology and enhance your shopping experiences for Q4 and beyond. 🔗 Link in the comments below!
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When it comes to online buying, free delivery is a game changer—it's one of the main elements that influences consumers' decisions to buy. In addition to improving the shopping experience, providing free shipping on purchases above a particular threshold may encourage buyers to add more products to their carts in order to meet the minimum order value. A fashion brand, for example, could experience a significant spike in average order size by providing free shipping on orders over $50, which encourages shoppers to explore more of the brand's collection. Don't underestimate the power of free shipping; it could be the key to elevating your sales! #FreeShipping #OnlineShopping #Ecommerce #SalesStrategy #CustomerExperience
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The distinguished team at Swap sought my expertise on the subject of product returns in digital commerce. I was privileged to contribute to their report, sharing the insights we've gained from our experience with Shopify Plus customers in the fashion and apparel sector over the last two years. In my section, I investigate the complex challenges of managing returns, focusing on several key areas: - The importance of sustainability as a fundamental consideration for all fashion brands - The presence of customers whose shopping habits are neither sustainable nor profitable, highlighting the necessity for brands to delve deeper into understanding these behaviors - The need for a thorough assessment of returns policies in conjunction with an analysis of your own order and returns data - The return trends in 2024 across most sectors, with the notable exception of the ultra-luxury fashion segment To access the full report, download it below: https://lnkd.in/d-9QrCuf #shopify #shopifyplus #shopifypartners #woolman #swap #returns #returnsmanagement #sustainability #fashion #clothing #apparel #luxuryfashion #ecommerce #commerce #digitalcommerce
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