The global lingerie market was estimated to be worth $38 billion in 2017. By 2024 this number is expected to hit $55.83 billion. A lot of money for a little bit of lace. Like other markets, lingerie and other delicates are rapidly moving towards the online space. This is for a couple reasons, but it exemplifies how brick and mortar is taking a hit in spaces besides the obvious areas that Amazon fulfills.
From a purely business perspective we can see why this is. Taking advantage of the reduced supply chain that comes with keeping stores with inventory is something that pure online suppliers are taking advantage of. Yandy is an example of a brand that exists purely online and uses this to their advantage. They’ve made a name for themselves by pushing affordability and selection. In addition to this they’ve also been able to capitalize on the virality of some of their products by producing Halloween costumes that are known to draw from pop culture or be funny in nature.
With a market such as lingerie we have to look at some of the more psychological reasons as to why the move to online provides the real future of their market. It can be intimidating to talk to an employee and pick something. This applies to both men and women. Online purchasing can be freeing for those who are concerned about their privacy while shopping. In removing an intimidating aspect of the buying process, online lingerie retailers are able to capture a portion of the market that is neglected by the sheer nature of the product.
Another less tangible variable is the idea that waiting to receive something in the mail provides for a certain amount of excitement that can’t really be quantified. There is a certain amount of anticipation that exists with buying something online and then waiting a day or two for it to arrive. Lingerie is something that is purchased for occasions and can capitalize on the idea of its attractiveness by being exclusive.
When shopping for intimates, it can be beneficial to have the ability to be in the privacy of your home and having a 24/7 store selection at your disposal. Some decisions require a little more internal thought and being in a public place or feeling rushed through the process can be a hinderance to choosing lingerie.
This leads into the marketing space. Lingerie is a very visual product (almost entirely). Banner ads or general advertisements for the product are eye-catching and are enticing. In addition to this, many of the products can be considered seasonal. Valentine’s day, Christmas, and anniversary, these are all things that can be positioned in a way that lead to an online purchase that can come along in the process of buying other gifts.
It’s interesting to think about products being affected by the move to online in ways that exist simply outside of reducing costs. Many industries face radical change due to the online sphere producing outcomes that can be conceived as an evolution.
Another example of lingerie thriving in the online space comes from changes in culture and what is considered fashionable. The live music scene encourages people to dress in a way that is more liberal than what they would normally wear on the street. Lingerie or costumes are often incorporated into the event-goer’s ensemble. Themed parties are also something that have caught on the past few years. Compounded with sharing outfits on social media which creates a perfect storm of individuality. This is mostly a phenomenon seen with younger generations, but these are the people who are head and shoulders preferring online shopping to traditional brick and mortar.
Instagram and other visual mediums are an additional way that consumers are receiving information about products. Victoria’s Secret fashion shows are something that have become a cultural touchstone. Influencers and others who support certain products are able to advertise in a way that is more in line with consumers. Limiting lingerie to high-end fashion models is something that creates a disconnect for “everyday” consumers.
When looking at how industries are changing within the online space, it’s important to acknowledge what would be considered the “soft” changes. It’s similar to hard and soft skills held by an individual. Ecommerce provides for a more streamlined and usually less expensive experience but the changes in the consumer’s behavior is what is important. Providing a product or service is specifically for the intent of meeting consumer demands and understanding what they are feeling is crucial to being successful.
In understanding that a specific product or service evokes emotion in a customer, industries can begin to tailor their outcomes in a way that is mutually beneficial to customers and themselves. The internet is a massively disruptive change to all commerce but understanding the deeper “underlying” changes that it presents is what will separate the winners from losers. Often consumers are analyzed as if they are robots. Catering to the needs and emotions of customers is something that is becoming essential in creating a connection which results in trust and hopefully a purchase.
Though the ecommerce market looks ravishing yet is highly competitive, there are several key players in the ecommerce industry, and it is quite important for entrepreneurs to stay ahead of the competition.
That is how the new segment called social-ecommerce apps were born.
Reselling apps like Meesho have established themselves as a leading reselling app where people can shop and resell their products to others in their community.
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Magento is a platform that is built-in PHP, which helps programmers to create an eCommerce website.
Magento has proved to be a popular choice in the eCommerce market.
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Ecommerce apps have become an essential part of our shopping experience.
With just a few taps, we could get whatever we wanted.
Thanks to technology for giving us such a blissful experience to shop from our comfort zone.
The success of ECommerce apps has influenced entrepreneurs to set their foot in the ECommerce market.This blog is aimed at those entrepreneurs who want to make it big in the ECommerce business.
I have discussed developing an ECommerce app like Amazon for you to get some insights about ECommerce apps.What is an Amazon clone app?The Amazon clone is an alternative developed with the same distinctive features of the Amazon app.
The ready-to-launch Amazon clone script will help you start your ECommerce business in no time as they are already developed.How much does it cost for an Amazon clone app development?There is no fixed upfront cost for Amazon clone app development.
In the last few years, the eCommerce market has witnessed explosive growth.
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When you watch the eCommerce market, it is noticeable that Groupon is unique in relation to the next eCommerce stages.
The internet created endless business opportunities and many people have turned to the eCommerce market to connecting their targets.
Today, eCommerce Website Development Services in USA have become an essential part of the world by making the trend of the online store market similar to the traditional market and making its trend online again.
Which is re-creating trends of market parity for the traditional market.
