15 Essential Fashion E-Commerce Statistics
Global revenue from fashion e-commerce is expected to rise from $481.2 billion in 2018 to $712.9 billion by 2022. This is being driven by an international middle class with more disposable income, expanding markets outside of the west, e-commerce technology that’s changing the customer experience, and global Internet access (especially smartphone penetration).
In 2017 UK consumers spent £16.2 billion on online sales of clothing, fashion accessories and footwear. 66% of Internet users in the UK have bought fashion items online in the last 12 months. It’s an exciting time for fashion retailers looking to launch an e-commerce store in their domestic market, and for those looking at cross-border e-commerce opportunities.
In this post we share some key statistics from the fashion e-commerce industry, as well as compelling reasons for ensuring a fast and streamlined customer journey and payment experience if you want to succeed in this exciting market.
Top Line Fashion E-Commerce Statistics
1. In 2016 fashion represented 28% of the global e-commerce market (source)
2. 48% of Millennials having bought fashion from their smartphone (source)
3. The global average conversion rates to sale for e-commerce merchants in Q1 2017 was 2.48% (source)
M-Commerce Fashion Statistics
4. Fashion brands are seeing a 56% year-on-year increase in UK mobile sales (source)
5. The UK is ahead of the European average in terms of mobile shopping, mobile devices account for 53% of online transactions in the UK, as opposed to 40% in Europe as a whole (source)
6. European retailers who operate a shopping app see 54% of sales take place in-app (source)
7. Mobile apps have a conversion rate three times higher than that of mobile web (source)
Fashion E-Commerce Returns Statistics
8. Average return rates for online fashion goods are between 25 and 40% (source)
9. E-commerce fashion retailers experience up to five times more returns than bricks and mortar stores (with a return rate of 10%) (source)
10. 1 in 4 loose-fitting garments are returned while almost 50% of all figure-hugging garments are returned because of size / fit (source)
Cart Abandonment Statistics
11. The latest global basket abandonment rate is 76.9% (source)
12. 40% of people abandon a website that takes more than 3 seconds to load (source)
13. A 1 second delay in page response can result in a 7% reduction in conversions (source)
14. The average e-commerce store loses over 75% of its sales to cart abandonment (source)
15. Up to 79% of customers who are dissatisfied with a website’s performance say they’re less likely to buy from the same site again (source)
As well as website speed and performance issues, other common reasons for cart abandonment include factors such as unexpected shipping costs, having to create a new user account to purchase an item, and concerns about payment security.
These issues can be addressed very easily by introducing more transparency about shipping costs earlier in the customer journey and allowing customers to use a guest check in to make a purchase. Partnering with a payment service provider that can help balance your fraud risk with conversion and customer preferences can also reduce cart abandonment.
Payment technology can optimise the payment journey for your customers, providing them with their preferred payment methods, and using the right authentication and security tools for your market. This is very important when expanding into overseas markets, where balancing fraud risk in a new market against customer buying behaviour and localised payment options, is essential for cross-border success.
To find out more about how Secure Trading supports our clients in the fashion e-commerce sector, read our case study with women’s clothing retailer Phase Eight. Contact our team to request your copy.