2020 turned the fashion industry on its head, sending in-store revenues plummeting while ecommerce sales soared. A transition that would’ve taken years was completed in a matter of months, giving businesses that were already strong digital players a significant advantage. Those who were not, on the other hand, often struggled to accommodate the shopping boom … Continued
In their attempts to compete with online-only merchants, many brick-and-mortar merchants focus on building their digital operations and offerings. They see it as the key to omnichannel success. While a robust online footprint is critical for competitiveness, it’s not a panacea. By concentrating solely on what they lack, these brick-and-mortar merchants are losing sight of … Continued
Millennials — the first generation of digitally native consumers, or those born between 1980 and 2000 — are now the most populous group of consumers in the world. Their purchasing power is estimated to exceed $13 trillion worldwide by 2020, according to the Brookings Institute. US millennials are expected to spend the most on holiday shopping … Continued