Fashion Industry - Revenue and Opportunities
To illustrate how important the fashion industry is to Facebook (and/or Instagram), Google, and Shopify, by obtaining the advertising revenue and sales generated by these platforms in various industries (including the fashion industry). Also, to identify opportunities for these platforms to serve the fashion industry.
- Max Fashion, which is one of the largest fashion retailers in the Middle East, collaborated with a Facebook Marketing Partner to successfully generate leads and track conversions online and in-store. The brand increased its return on ad spend by 26 times.
- A 2017 FacebookIQ survey revealed that within a three-month period, 40% of Facebook users had discovered fashion inspiration through the platform.
- Also, three out of five (3/5) people in the survey admitted being tempted to purchase a fashion item which they had not intended to buy.
- According to a 2019 Catchoom report, "the percentage of consumers who made a purchase online grew in the past year to 58%". Half of these consumers were in the fashion retail segment.
Mobile commerce accounted for more than 65% of the traffic in online fashion. It also generated "57% of the total online sales".
- According to Shopify, some drivers of growth in the fashion industry are smartphone penetration and increasing online access.
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