Apparel Retail: The Markets Exciting Future
Apparel is big business. In 2017, the global apparel market was valued at USD$1.39 trillion and is forecast to generate approximately USD$1.65 trillion by 2020.
Traffic data gives stores the edge over the competition
People now and into the future will continue to leave the house and shop for clothes in physical retail, so long as stores provide engaging and rewarding in-store experiences.
Apparel retailers are proving successful in physical retail by tracking data and showing an increase year on year. What's special about apparel retail is that these retailers have been early adopters of innovative retail technology including RFID, digital screening and augmented reality for trying on clothes without having to do it physically. These trends in technology have shown to be very popular among the younger millennial shoppers and therefore proven to keep apparel sales on the up.
Using traffic data to drive in-store performance is key to appealing to the younger generations who use Instagram for understanding your brand before they make a purchase in-store.
Coupon Follow research in 2017 found that 53% of millennials make most of their purchases at a physical store. However, brick and mortar retailers globally do face tough competition from other channels and are aware that their physical space may need to be reduced, with remaining stores re-designed and operationally primed to perform at peak, for a sustainable future. The pressure has never been greater to find a strategy for apparel stores to keep delivering sales, and retaining a loyal customer base.