One of the topics presented by IMRG was the current state of online retail industry in the UK with a big focus on omnichannel behaviour. The key takeouts:•1 in 3 people use multiple channels when shopping•£91 billion spent online in 2013 (21% in retail)•26% of total online retail revenue was generated on mobile devices•31% of people visited a store prior to making a recent online purchase•34% of people used online channels before making a purchase in store•18% of ominchannel shoppers account for around 70% of retail spend in the UK•Value of their spend is 50% more than a traditional shopper•Ominchannel shoppers are two times more likely to use mobile as part of their purchase journeys•Online spend grows 17% year on yearShoppers who behave in an omnichannel way are more valuable to retailers, spending more money and shop more frequently.How has this impacted the fashion industry?Consumers are reinventing the way that they experience and buy fashion; brands that refuse to adapt to new channels risk being shut out of the spotlight.Today’s consumers have the choice of experiencing and buying fashion through a far greater range of offline and online channels than ever before and they are using this choice to reinvent fashion shopping.
Although brands’ owned assets such as retail stores and websites still feature strongly in the inspiration stages of the consumer journey (with 57% browsing in fashion stores and 48% on fashion retailers’ own sites), they have far less control over actual fashion purchases. When it comes to buying fashion, 56% of shoppers turn to performance marketing channels such as price comparison, voucher code and cashback sites far more than fashion stores or retailers’ websites to deliver the best price.Inspiring fashion shoppers is no longer a guarantee that they will buy from them.
These new channels are becoming an accepted part of the fashion shopping experience, not an interruption to it.69% of savvy shoppers use blogs and content sites as their source of fashion inspiration and almost half (47%) are happy to look through price-focused performance marketing channels such as voucher code or cashback sites when in the mood for some retail therapy.Who is generating the highest revenue in online fashion industry?Digital Divas are the world's most digitally connected, tech-savvy women. They were among the Internet's first settlers.A recent Ogilvy and Microsoft study reveals Digital Divas and their screens are changing the way people shop. They’re transforming shopping from recreational adventure to extreme sport. Where Digital Divas go, the rest of the world follows.They are hyperconnected, their social networks are at least twice the size of other women's, and they use their social networks to shop and talk about it. 75% sleep with their mobile phone. In fact, Divas' mobile phones have become their new shopping buddies, dealmakers...or breakers.While this is hardly breaking news – fashion industry have known for some time that any good multi-channel approach needs to be restructured – the study proved that the relationship between online and offline should now be considered symbiotic, as the presence of an online marketplace was proven to contribute to the growth of offline retail sales.The same study explained how shopping beyond the store is affecting offline retailing, - “While this is a sector specific study and more research is required to draw industry-level conclusions, it suggests that a broad presence across channels can in many scenarios positively influence store sales. It highlights a significant opportunity for retailers to use a mix of stores and online presence to boost the bottom line, selling at home and abroad.” explained Ian Geddes, head of retail at Deloitte.2014-04-14 12:47:15 By Aga Noskowska
