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Farfetch, which launched its luxury goods online marketplace more than a decade ago in 2008, clearly had a vision of what online luxury sales could be before many woke up to this reality. If you do subscribe to our retailtrends newsletter to get the latest retail insights & trends delivered to your inbox.
Shein was founded over a decade ago in 2008 in Nanjing China by Chris Xu an American born Chinese graduate of Washington University. The retailer was originally called SheInside but the name was shortened in 2015 to Shein. Shein is vertically integrated allowing it to go from design to shipping in as little as three days.
Since the 2008 recession, consumers started to look for brands and products that offer better value for money. A McKinsey survey cited better prices or promotions (30%), better value (25%) and better shipping or delivery costs (15%) as factors driving consumers to try new brands. Why consumers are no longer loyal to brands.
“Lowest prices” came in second and “fast shipping” came in eighth place. Some of the most successful retailers today include Dollar General, Dollar Tree, Target, Costco and Walmart. These retailers all target the low end of the pricing spectrum. Customers love it but it’s costly for retailers. Do you like this content?
Now popular online fashion retailers began to popup with ASOS launching in 2000, Boohoo and Fashion Nova launching in 2006 and Shein launching in 2008. One defining characteristic of these online retailers is that they are fast to market, so fast they are called ultra fast fashion retailers. Do you like this content?
Tmall.com spun off from taobao.com in 2008 to connect higher-end brands with consumers. Then sellers ship merchandise directly to customers via third party logistics providers. Within the last several years, however, Alibaba has ventured into bricks and mortar retail with its New Retail Strategy which you can read more about here.
If you do subscribe to our retailtrends newsletter to get the latest retail insights & trends delivered to your inbox. When looking at the reasons behind eCommerce success it is easy to get lost in a discussion of shipping times and delivery options. Do you like this content? Same day services.
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