Amazon may just be the Grinch who stole retail.
The e-commerce giant is set to snag the majority of consumers’ e-tail shopping dollars this holiday season.
A new study out by Onestop Internet, an e-commerce and omnichannel solutions provider said Amazon will be a “very real threat” to apparel brands banking on online sales.
Fifty-seven percent of survey respondents said they plan to purchase apparel online for the holiday, and of those respondents, 64 percent said they’d be buying that apparel at Amazon, adding increased pressure to brands already depending on positive sales for the season to recover from some of the years’ slumps.
“We always hear about Amazon being a threat to retailers like Walmart, but we rarely discuss the web giant as a viable competitor to individual fashion brands,” Onestop president and CEO Michael Wang, said. “We are advising our portfolio of premium apparel brands to take note and adjust their holiday strategies accordingly.”
Retailers trying to get out the sale may want to look at little more closely at what they’re doing on social media.
Of those who plan to shop online, 55 percent said they’d be much more likely to purchase apparel if the found a discount promoted on social media, which follows the very promotional year retail has had as consumers become accustomed to getting deals.
Part of the reason consumers prefer to shop online, apart from convenience, is for price comparisons. Forty-four percent of those surveyed said that was the reason they prefer to buy online.
“Online shopping will play a key role in retail sales, in large part because of the transparency it provides shoppers,” Onestop noted. “Brands need to make sure their online inventory is priced competitively and that value is clearly communicated to drive direct sales.”