Seven percent of luxury sales now occur online, making the web the third largest regional market for fashion, trailing only the US and Japan and is projected to be responsible for more than 65% of the industry's growth over the next 4 years.
However, focusing on growing online sales is only a fraction of the opportunity—89 percent of consumers visit a brand’s site before making a purchase, eclipsing competing touchpoints.
While the hype around See Now, Buy Now has dominated the fashion press, only fourteen percent of brands participated during 2016 global Fashion Weeks—and just five brands made the majority of their assortment available.
Amazon continues to keep Fashion in focus and will surpass Macy’s apparel and accessories sales by early 2017.
Despite its $15M “Delivering Fashion” TV campaign, the majority of Amazon fashion growth has come from core replenishment items including underwear and jeans versus seasonal styles.
While early online innovators in Fashion including Ralph Lauren and Burberry struggle to find elusive growth, a new digital genius has grabbed the microphone.
In this year’s 7th annual Digital IQ Index for Fashion, Gucci captures the top spot with a 16revamped site offering, shoppable looks, superior customer service, unrivaled visibility on category search terms, and best-in-class visibility on retailer sites and social platforms.
L2‘s 2016 Digital IQ Index: Fashion quantifies the digital competence of 85 fashion brands operating in the US market. Members can download the full report at L2inc.com.