Discover the latest insights from True Fit’s report, revealing a resilient online fashion sector that experienced a remarkable 6% year-on-year increase in revenues in December. Despite a minor dip in demand, the ‘Cyber 5’ period injected vitality into peak trading, showcasing the industry’s adaptability.
True Fit’s ‘Fashion Genome,’ the largest connected dataset for apparel and footwear, encompassing 82 million active shoppers and 20,000+ brands, indicates a 7% year-on-year decrease in apparel order volumes in December. However, those engaging in fashion orders demonstrated an inclination to spend more during the Golden Quarter, with fashion revenues growing by 10% in October, 12% in November, and sustaining a commendable 6% growth in December.
Average Order Value also experienced a notable 11% growth compared to Q4 2022, underscoring positive trends in consumer spending behavior.
Discount events, notably Black Friday, played a pivotal role in fueling demand during Peak Trading. The report highlights a 14% year-on-year increase in order volumes during the Black Friday week (November 19-25), showcasing the impact of price-conscious shoppers seeking enticing deals.
True Fit’s data reveals a surge in demand for fit guidance during peak trading, witnessing a remarkable 60% month-on-month increase in November and an impressive 122% surge during Black Friday to Cyber Monday (BFCM), compared to the initial week in November.
Over BFCM, True Fit observed 2.4 million new shopper registrations, with December marking a 20% increase in True Fit registrations between the week of Christmas and the last week of December. Boxing Day (December 26) emerged as the top-grossing day for new sign-ups.
Jessica Arredondo Murphy, co-founder & COO at True Fit, emphasizes the importance of retailers focusing on strategies to protect margins and transform first-time shoppers into repeat, full-price customers in 2024.
As economic uncertainties persist, True Fit’s insights provide a roadmap for retailers navigating the evolving landscape and shaping strategies for sustained growth in 2024. Explore the detailed report for a comprehensive understanding of the online fashion landscape.