Fashion retailers share of instore revenues may have permanently dropped by around 20 per cent as the pandemic-driven online sales boom leaves a lasting impact.
According to new data from Dressipi, fashion retailers who would have seen around 70 per cent of total revenues come from bricks-and-mortar stores pre-pandemic are now seeing a 50-50 split between in-store and online sales.
This is despite non-essential stores being allowed to reopen across the UK for more than six weeks, suggesting a permanent channel shift to online purchasing and growth of around 30 per cent year-on-year.
While many retailers are reportedly seeing in-store shopping creep back to 2019 levels, Dressipi suggests that the permanent shift to online presents a unique opportunity for retailers who now have access to far more visitor, customer and product data than before the pandemic.
“Retailers can now start to know what they don’t know,” Dressipi said.
“There has never been more data available to know who each visitor is, what their intent is and where the missed revenue opportunities are.
“This is the perfect opportunity for retailers, who did not have their data structure sorted, to get their house in order and leapfrog other retailers who were previously ahead of the curve. Once in place, everything will be better – all forecasting, all supply chain issues, all marketing and all revenue drivers.”