Indian conglomerate Aditya Birla Group launched ABOF on 16th of October’15 and entered a space that is dominated by category specialists Jabong and Myntra. When you consider the fact that Aditya Birla is the largest fashion player in India through Madura Fashion and Pantaloons, which were acquired by it in 1999 and 2012 respectively, its foray in fashion e-commerce seems natural. Plus, it’s hard not to be tempted by the traction ecommerce has been getting with a string of multi-million dollar mergers & acquisitions and VC funding activities over the past few years. According to various estimates for the year 2020 from sources like Goldman Sachs & PwC, the Indian ecommerce market is slated to be worth $60 to $100 billion.
In times of old- all fashion was custom. Apparel had to be designed or sewn by hand. It was only when social disparities started blurring that businesses started selling mass produced apparel; and people started buying it.
The industrial revolution brought standardization to the apparel markets. From gathering raw materials to creating standard fits- the industry has scaled new highs every year. The global fashion industry revenue, circa February 2015, has gone up to USD 1.2 trillion.
Confused? So are we! Let’s put this into perspective- with ecommerce sales worldwide reaching $1.47 trillion in 2014 alone, we are talking of a HUGE number of people, who log in to shop online everyday!
Research shows that one of the major reasons for products to reach the wishlist but not the shopping cart, is size. In fact, recently consumers regularly shopping online were surveyed, on the parameters of why there are instances when they turn away from purchase- and their answers were, bluntly put, size and payment modes.
The splashes of red and romance in the air- Valentine’s Day is when all and sundry capitalize on love. Love is the music of the soul- at least that is what numerous ads will have us believe. 14 February may fall on any day of the week; but we are prepared for it, even before the month of February begins.
At IntelligenceNODE, we have been looking at the various ways that love is built up into the best commodity there is. And why not! Valentine’s Day is an opportunity for you, the retailer, to gift the carefully crafted dreams of the people, by the people and for the people, to them.