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Navigating Fashion's Challenges: How Your Brand Can Stay Ahead
Are You Ready to Face Climate and Technological Shifts?
Check our new FashionZone newsletter where we cover the freshest FashionTech content.
We have brought together a roundup of the latest in Fashion and Tech and some additional info also: How Europe is handling AI technology and how this impacts Fashion and Ecommerce 3 tips for fashion brands to get ready for the changing season.
Let's get started.
RETURNED ITEMS TOTALED 743 BILLION IN VALUE
(Clothing dump in the Atacama Desert - Source: BBC)
It's like a journey spanning thousands of kilometers, with tons of plastics trailing behind and a chorus of disgruntled customers echoing along the way...
👉 In a recent study, the total returns in the industry skyrocketed to a whopping $743 billion worth of goods in 2023.
But wait, there's more to this tale than meets the eye... Picture this: a saga of scams where folks outwit stores to score refunds, resulting in billions lost in the e-commerce realm:
Nearly half (49%) mentioned returning used yet perfectly functional items.
Then there's the return of stolen or pilfered goods (44%).
Followed closely by returns from shady proposals or outright theft (37%).
And let's not forget the return fraud orchestrated by organized retail crime groups (20%).
To minimize losses, retailers continue to test and implement new ways to prevent returns while optimizing the customer shopping experience.
There are minor changes that can be made in fashion e-commerce that increase profits and - at the same time - ensure more eco-friendly businesses. Eliminate Exchanges and Returns from your list of concerns, click here to download the e-book "Sustainability for Fashion E-Commerce."
EUROPE'S AI CONTROL MEASURES
(Regulation of artificial intelligence - Source: Adobe Stock)
This is the scenario that could change how the world deals with current technology.
The European Parliament has passed the world's first comprehensive regulations for developing and using artificial intelligence.
👉 But what's the impact? The law will spark discussions about its ethical use as AI becomes more integrated into various operations.
However, there are already criticisms: Some tech industry leaders are worried about stifling innovation.
For fashion brands, it's crucial to focus on data transparency and eliminate biases.
👉 It's time for a customer-centred approach: providing details while ensuring customers understand how recommendations are made.
READY TO DELVE INTO THE FUTURE OF ONLINE RETAIL?
Sizebay Italy will attend the Netcomm FORUM 2024!
In 2024, the event is reaching its 19th edition and will happen on the 8th and 9th of May at the Allianz MiCo, in Milan.
We'd love to see you at the event to share how Sizebay is helping over 10,000 brands eliminate size uncertainties.
Don't have a ticket yet?
THE HEAT IS ON
(Man wears summer clothes - Source: Pexels)
As winter ends and summer begins, the temperature rises... But how can we also increase sales?!
Each season brings its own unique clothes and challenges. That's why it's essential to have strategies that match the time of year.
Here are 3 simple tips for online fashion stores to adjust to the changing seasons:
1 - Run special promotions: People love buying new clothes when the seasons change. So why not celebrate the start of summer with special deals?
2 - Make shopping fun: Make sure customers have a great time shopping on your website. Give them a memorable experience so they'll want to come back and buy more.
3 - Look at past data: See what worked well last summer. This will help you figure out the best strategies for this year.
4 - Find your market: Think about selling to countries with different seasons. Offer winter prices to those customers and keep the off-season discounts for local buyers.
Sizebay's Fit Advisor helps improve the shopping experience by removing size doubts. Click here to learn more about the solution.
NEWS
TAKE CHARGE OF YOUR CUSTOMERS' EXPERIENCE!
Are you ready to better understand your customers' experience?
We're going beyond just a Size & Fit Solution. We want to show you some of our new features for your brand.
MySizebay dashboard brings even more data, and KPI´s you can easily track:
1 - Usage Data
We'll show you how often recommendations are made, how often the size chart is accessed, and how frequently Sizebay is used on your store's products.
2 - Conversion and Sales
See the conversion funnel alongside the number of orders and the total value of products purchased with and without Sizebay.
Exciting new features are on the way to improve your Sizebay experience.
Questions about how these reports fit into your e-commerce strategy? Reach out to our team.
Have you got questions about these reports?
Must-reads: Size Charts 101: SIZING AND ITS IMPACTS ON YOUR ONLINE STORE. Download the FREE E-BOOK now.
Thanks for staying tuned to our content. Looking forward to catching up with you next month! Best regards!🩵
