e-commerce sector is outperforming 2024 projections, creating substantial opportunities for retailers for the remainder of the year. In the U.S. alone, revenue from the online sale of fashion and apparel, footwear and accessories is expected to surpass $145 billion. Apparel and accessories lead the U.S. e-commerce market, representing more than 19 percent of totale-commerce sales. This market is projected to expand at a compound annual growth rate of 9.
Minimizing checkout friction is key to maximizing conversions. By simplifying and accelerating the payment steps, businesses can reduce cart abandonment rates and foster a moreexperience for their customers. In fact, Cornell University research indicates that customers using one-click checkout services increase their spending by an average of 28.5 percent.— checkout conversion rate and visit conversion rate — and offering alternative payment options such as PayPal Wallet, ApplePay or Stripe.
By implementing services like buy online, pick up in store and buy online, return in store , brands can significantly enhance customer experience, reduce cart abandonment due to high shipping costs and create opportunities for upselling or cross-selling when customers visit a physical store. With most shoppers aware of BOPIS, the model is only expected to grow, as shown by the 19.4 percent increase in the U.S. BOPIS retail sales in March 2024.
In the fashion industry, where individual style and fit preferences are paramount, leveraging AI for personalization is especially crucial for meeting customer expectations and driving brand loyalty.Shopping habits are undergoing a major shift, with customers frequently viewing the same product across multiple channels — in-store, on third-party marketplaces, brand websites and via social media — before making a purchase decision.