1. Industry-wide data
A decline of well over $40 billion, from 2019 to 2020, was seen in the global fashion industry relative to e-commerce. Nearly 9% of the compound annual growth rate diminished due to the pandemic. Recovery, however, seems to be on the way, reaching as much as $670 billion by the year 2023.
You just look at fashion retail sales, going back to 2020, you can see that in the United States this accounted for nearly 30% of retail sales. This value represented a large amount of money and was able to reach a hundred billion dollars by 2021.
Currently, there are five opportunities worth noting in regard to this growth potential:
- Global markets expanding rapidly that are not in the US
- The ability of smartphones and online access to influence online sales
- The amount of disposable income spent by the middle class
- Technologies that have really helped