December fashion orders may have seen a decline, but there was a notable increase in order values, according to data from AI platform True Fit. The platform’s “Fashion Genome” dataset, which aggregates the preferences of 82 million shoppers and 20,000+ brands, revealed that apparel order volumes were down 7% year-on-year in December. However, those who did make fashion orders were spending more during the Golden Quarter, with fashion revenues rising 10% in October, 12% in November, and 6% in December.
The report also highlighted the influence of discount events, particularly Black Friday, in driving demand during the peak trading season. Order volumes during the week of Black Friday saw a 14% increase compared to the previous year, as price-conscious shoppers sought out deals. True Fit’s data also showed a significant rise in demand for fit guidance during this period, with a 60% month-on-month increase in November and a whopping 122% surge during Black Friday to Cyber Monday, compared to the first week of November.
Furthermore, the platform witnessed a notable surge in new shopper registrations during the Black Friday to Cyber Monday period, with 2.4 million new registrations. December also saw a 20% increase in registrations between the week of Christmas and the last week of December, with Boxing Day standing out as the day with the highest number of new sign-ups.
Jessica Arredondo Murphy, co-founder and COO at True Fit, emphasized the significance of discounting in securing a portion of the market, especially during times when household spending is limited. With a subdued economic outlook predicted for the coming year, Murphy believes that retailers should focus on protecting their profit margins. She suggests that retailers should not only minimize unnecessary fit-related returns but also implement strategies to retain customers acquired during discounting periods, turning them into loyal, full-price customers.
The data provided by True Fit offers valuable insights into consumer behavior and industry trends within the fashion sector. Retailers can utilize this information to adapt their strategies and enhance the overall customer experience. In the face of ongoing challenges in the industry, it is crucial for brands to find innovative ways to drive growth and retain customers in the upcoming year.
Links:
1. True Fit: Official website of True Fit, the AI platform mentioned in the article.
2. Forbes – Reflecting on Black Friday 2021 Sales Data and the Rebirth of Brick-and-Mortar: An article providing insights into Black Friday sales data and the impact on physical retail stores.
