The India Fashion Forum’s webinar, ‘Leveraging the Power of Data in E-Commerce’ explored ways of efficiently turning insights and trends in the current environment to rethink business models and make agile decisions based on advanced analytics.
Moderated by Praveen Srikhande, Chief Digital & Information Officer, Aditya Birla Fashion and Retail, the panel comprised of the following luminaries from the Fashion Retail Industry:
• Abdullah Abo Mihim, MA - Fashion Business, Istituto Marangoni, London
• Pankaj Singh, Director - National Chain Stores & E-Commerce, Levi Strauss & Co.
• Piyush Chowhan, Group CIO, Lulu Group International, UAE
• Abhishek Sudhakar, Senior Director - Men’s Apparel Sports & Footwear, Myntra
Over the world, the share of e-commerce in the retail pie has been growing by the day. While in the Western world approximately 23-25 percent of fashion retail now happens through e-commerce, China is leading the race with an estimated ~40 percent share. And the trends in this industry are rapidly changing.
Changing E-Commerce Trends
“In India till last year, the figure was around 8-10 percent of the total fashion retail business. The e-commerce business for fashion here is dominated by marketplaces, although brands have now – especially after the pandemic– started concentrating on their individual digital marketing channels. So, what according to you are the trends in the fashion e-commerce space in your respective regions?” Praveen Srikhande asked the panelists.
In the UK, a new e-commerce market is shaping up largely driven by new trends around consumption, experience and personalisation, with technology being at the heart of the entire transformation. “We are already seeing a few big brands experimenting with A-commerce, i.e., e-commerce enabled with Augmented Reality and Automation. We see these brands are not only utilising these technologies in their stores and in experiences but also towards enhancing their relationship with consumers. Also, the offline versus online relationship is growing very strong across the entire fashion retail industry in Europe,” says Abdullah Abo Mihim.
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