According to an analysis report released by Coresight Research, online apparel and footwear sales in 2020 will increase by 27.2% to $121.5 billion.
Due to the epidemic, shoppers no longer went to stores to buy new clothes as frequently as before. Conversely, browsing sports pants and pyjama suits on the Internet has become a new buying habit. The market share of clothing retailers is shrinking day by day, and stores continue to close and go bankrupt. According to Euromonitor, the overall U.S. apparel and footwear growth rate has shrunk by approximately 12.1% this year. Last year’s online sales of clothing and footwear accounted for 37.4%.
Coresight predicts that in 2021, online apparel and footwear sales will remain flat or grow slightly because the entire apparel market will rebound somewhat by 7%. Although the growth rate is not as high as before the outbreak, some consumers still prefer to shop in stores.
Online sales strategy
American Eagle quickly invested in online businesses in the early stages of the outbreak. Nordstrom said that in the last nine weeks, its digital business accounted for 54% of total sales, compared with 34% in the same period the previous year. Overall, its net sales during the holiday period fell by 22% compared to 2019, while its online sales increased by 23%.