siliconindia | | MAY 20198IN MY opinionBy Yogesh Kabra, Founder, XYXX ApparelsHolding a BBA ­ Finance degree from the Bangalore University, and an MBA from the Hult International Business School, Yogesh served as the Director at Gee Aar tex, prior to starting XYXX Apparels. echnology has come a long way in the last two decades and there is no doubt about that. From easier internet access to greater social media impact, technology has changed the approach of business in almost every industry. When it comes to the fashion and apparel industry in India, we have witnessed a major shift in brands from retail to online stores. After a drop of 6.3 percent in its sales in 2017, the 169 year old high street brand - House of Fraser, decided to shut-down 31 of its 59 stores across the UK, including its flagship London Oxford Street store. This is the sign of times that demonstrates how e-Commerce is taking-over the offline market in the fashion and apparel industry across the world. Below are some of the major factors that have contributed in shaping this situation where the audience may be more inclined towards online stores.· Greater Accessibility: With an increased internet access across the globe, it has become easier for businesses to adopt globalization and serve to potential clients from across the world. One can browse through the designs of a brand from any corner of the world without even visiting the store personally.· Faster Processing: With the ultra cool speed of the internet, brands today are ready to serve their clients at the drop of a hat. From browsing of products to placement of the order and the delivery, the process is at full throttle, offering tough competition to other brands in the market. Hence, it has become very essential for the brands to be on their toes in order to survive in the market.ONLINE VS. RETAIL SALES IN THE FASHION & APPAREL INDUSTRYTYogesh Kabra
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