After the events of the last year, it would be easy to declare retail dead, and in many ways, a version of it is. Now over a year into this new normal, we saw a predictable boom in e-commerce as people shopped from home, but the desire for curated, personal shopping experiences never waned. In luxury especially, e-commerce was once used as a complement to physical stores, but the pandemic quite literally flipped that dynamic on its head. Moving forward, while many consumers opt for the convenience of purchasing online, physical spaces still provide a unique opportunity for customer acquisition and brand awareness.
Other industries have clear e-commerce giants that aggregate major brands into one digital destination. Aside from the obvious Amazon, music has Spotify and footwear has Zappos, while high fashion still needs a leader. If it can capitalize on this gap, Farfetch is in a great position to fill it. In addition to already having its platform outfitted for the global marketplace, Farfetch also has the advantage of seamlessly integrating e-commerce with brick-and-mortar, even in the case of independent boutiques. While the conditions of 2020 hit small businesses particularly hard, a global e-commerce player like Farfetch not only has the ability to connect shoppers with stores in their area, but it can also widen their exposure in ways that wouldn’t otherwise be possible. Farfetch just might have cracked the code to retail integration without online cannibalization.
Other industries have clear e-commerce giants that aggregate major brands into one digital destination. Aside from the obvious Amazon, music has Spotify and footwear has Zappos, while high fashion still needs a leader. If it can capitalize on this gap, Farfetch is in a great position to fill it. In addition to already having its platform outfitted for the global marketplace, Farfetch also has the advantage of seamlessly integrating e-commerce with brick-and-mortar, even in the case of independent boutiques. While the conditions of 2020 hit small businesses particularly hard, a global e-commerce player like Farfetch not only has the ability to connect shoppers with stores in their area, but it can also widen their exposure in ways that wouldn’t otherwise be possible. Farfetch just might have cracked the code to retail integration without online cannibalization.
Direct-to-consumer brands, in addition to being built with e-commerce strategy in mind, uniquely represent progress in everything from communication to sustainability. In many ways, this foundation allowed these brands to endure the COVID-19 pandemic with an agility that others lacked. With the unexpected emergence and the unprecedented scale of the challenges posed by 2020, growing pains are certainly expected for brands who were initially resistant to e-commerce. When five years’ worth of growth occurs over six months, we can certainly expect a period of adjustment and recalibration. But the final piece of this puzzle, similar to other trends, is a shift in corporate mindset.
The thought processes of many of the most prestigious fashion houses reflected a world where the exclusivity of high fashion and the accessibility of the Internet could never coexist. Not only does this devalue the opportunity to share the artistry of fashion with the world, it denies openings for advancement that come with meeting the customer where they are, which during 2020, was only through a computer screen. Embracing e-commerce in ways that make sense to individual brand identity undoubtedly represents the future of consumerism in fashion, and those who fail to innovate will feel the consequences.
The thought processes of many of the most prestigious fashion houses reflected a world where the exclusivity of high fashion and the accessibility of the Internet could never coexist. Not only does this devalue the opportunity to share the artistry of fashion with the world, it denies openings for advancement that come with meeting the customer where they are, which during 2020, was only through a computer screen. Embracing e-commerce in ways that make sense to individual brand identity undoubtedly represents the future of consumerism in fashion, and those who fail to innovate will feel the consequences.