Global Apparel Sales in 2016 to Exceed $1.4 Trillion
SHANGHAI, July 5, 2016 /PRNewswire/ -- According to a study conducted by SinoInteractive, a full-service E-commerce and digital marketing agency in China, the global apparel market, which has been experiencing a slowdown in growth since 2009. It is now showing signs of recovery this year. Sales across the global apparel market for 2016 are expected to exceed $1.4 trillion. The U.S. market is projected to represent 1/5th of the total, which translates into more than $300 billion. Women's apparel sales are on track to reach 40% of total apparel sales worldwide.
SinoInteractive found that the purchasing habits of young women, the most important contributors to overall sales, are changing-they are becoming more and more sensitive to the price. According to the marketing agency's research, 54.6% of women in the 18 to 35 age bracket in America buy their clothes online, and the price-performance ratio is the most important factor influencing their decision to purchase. Leo, the operations director at Globalegrow, a leading international apparel E-commerce supplier based in China. He said that his company has already adjusted the pricing strategy as a result of this trend.
The company has developed a sophisticated pricing system: while strictly maintaining the high quality of the products, the system calculates the most reasonable prices taking into account the purchasing habits of the shoppers, the product's popularity in the region, currency exchange rates and other factors. At the present time, more than half of the company's sales are women's clothes in the $20 to $50 range. These products are selling quickly, especially during peak buying seasons such as during the summer break and at the end of the year.
In addition, another important industry trend is the growing demand by shoppers for products that are personalized and customized. Leo said customer service staff report that, every day, in their conversations with shoppers, the shoppers frequently ask for custom-made items. The requests include having accessories made in customized colors, name engraving, and changing some details on the garment to make it personalized.
Globalegrow has an independent customer service team that consists of 20 members, who regularly conduct surveys incentivized with prize giveaways with both legacy and recently acquired customers, on websites such as www.sammydress.com, www.rosegal.com, www.zaful.com, to learn more about their purchasing habits in addition to drawing conclusions based on big data collection and analysis in a move to adjust service strategies in a timely manner and meet demands from shoppers for personalization. Leo stressed that in order to respond to the changing trends across the apparel industry, Globalegrow plans to continue the efforts in and improvements to product customization, supplier management, and product innovation.
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SOURCE Sinointeractive
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