Out this week is our RetailX UK Fashion Sector Report 2023 – Download the report to find out how this sector continues to shrink back from its pandemic peak, but despite inflation, remains stronger than in 2019.
Discover how apparel, footwear and accessories performed individually in 2022 and where these segments are heading. We also assess how speedy delivery and free returns are among the key factors shaping online fashion shopper purchases with most of these carried out on a smartphone with younger shoppers turning to Instagram to shop.
Also included are in-depth company profiles illustrating how brands are keeping pace with new technology and consumer trends. Read more about how fast fashion chain Boohoo’s acquisition of Debenhams might not have been such a successful long-term move and how Hotter, who is the UK’s largest shoe manufacturer, is targeting brands at 55+ women using their own online marketplace – a segment that is growing twice as fast as the under-55 market. We also cover how Matalan is capitalising on its online sales climb of 50% during the pandemic and how Next’s strategy of opening up its doors of its own warehouses and fulfilment to third parties isn’t as counter intuitive as it seems.
In terms of technology, fashion retailers are using AI algorithms to analyse customer data, in order to offer personalised recommendations that are more likely to lead to purchases. Zara has implemented a “Recommend for you” feature on its website, this has led to increased sales and customer loyalty whilst Adidas has implemented an AI-powered system that can predict product demand and adjust production accordingly enabling them to reduce waste and improve its sustainability efforts.
Download the report now to also find out how ChatGPT and the metaverse have a number of roles to play in the UK fashion sector.
