A recent report revealed that in 2016 Amazon was the preferred apparel retailer for millennials in the US.
In the past year Amazon was the largest online seller of clothes in the US with a market share of 16.6% for this age group, double that of its nearest contender – Nordstrom, which only had 8.1% market share.
Amazon has been increasing its focus on the fashion industry since last year by introducing numerous private-label brands. Analysts estimate that the etail giant will own 20% of the US apparel market by 2020.
As for the British apparel market, Amazon is not as successful yet and still needs to catch up with large online retailers like ASOS, Boohoo, Missguided or Marks and Spencer.
The total value of the British fashion ecommerce industry has been estimated to be around £10 billion. In line with market trends, an increasing number of millennials prefer to purchase apparel items using mobile devices.
It’s a significant amount. Considering millennials make up 25% of the UK population and contribute up to £27 million of retail spending, Amazon should have plenty of space to grow and increase its market share on British shores.
The ecommerce giant has already spotted this and is planning to capture a slice of UK’s clothing market by launching its own fashion label.
Are you ready to take your business to the next level and shake-up the domestic online fashion market? Get in touch with our experts and we’ll advise you on the best strategies for growing your fashion business on Amazon.