The online fashion industry witnessed an order volume growth of 51 per cent and a GMV increase of 45 per cent in FY21 as compared to the previous financial year, a report by Unicommerce said on Thursday.
The online fashion industry witnessed an order volume growth of 51 per cent and a gross merchant value (GMV) increase of 45 per cent in FY21 as compared to the previous financial year, a report by Unicommerce said on Thursday.
The faster volume growth as compared to GMV has led to a marginal decline of 4 per cent in the average order value, the report titled 'Fashion E-commerce Report' said. Unicommerce, e-commerce focused SaaS (software as a service) platform, analyzed fashion trends for the period of FY2021 and FY2020 with a sample size of over 70 million orders.
"Fashion labels have been at the forefront of re-inventing, re-strategizing, and re-aligning themselves to rapidly evolving business environments and changing consumer needs. The industry has also observed multiple retail brands establishing their niche in the e-commerce industry," it said.
The rising adoption of D2C (direct to consumer) amongst fashion brands has helped them build a strong connection with the consumer, leading to higher growth.
The brand websites have reported 66 per cent order volume growth and 77 per cent GMV growth in FY2021 as compared to the previous financial year, the report said.
The strong order volume growth supported with higher GMV growth has led to a 6 per cent increase in average order value, it added.
As compared to brand websites, marketplaces have reported 45 per cent order volume growth and 33 per cent GMV growth, with an 8 per cent decline in the average order value for FY2021 - which strongly reinforces that the fashion brands are investing aggressively to build a stronger D2C presence.
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