The Business of Fashion
Agenda-setting intelligence, analysis and advice for the global fashion community.
Agenda-setting intelligence, analysis and advice for the global fashion community.
CHICAGO, United States — US online retail sales will surpass $1 trillion by 2027 compared with $445 billion this year, according to a forecast by business advisory firm FTI Consulting Inc, as more Americans move away from brick-and-mortar stores.
Online sales will grow at a compound annual rate of 12 percent through 2020 and at a relatively moderate 9 percent over the next decade, according to the report released on Tuesday.
Purchases made online accounted for 12 percent of total US retail sales and 50 percent of total sales growth in the past year, according to the study.
FTI said Amazon.com Inc's total share of these online sales is likely to increase to 53 percent by 2027 from 34 percent in 2016. This means Amazon's share would represent nearly 12 percent of US retail sales by 2027 compared with 4 percent at present.
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This year, stronger online business is once again expected to boost total sales for the US holiday season, a period which typically accounts for 20 to 40 percent of annual sales for many retailers.
US retail industry group the National Retail Federation has forecast non-store sales, which include online sales, to rise 11 to 15 percent to about $140 billion during the last two months of this year. In 2016, those sales rose 12.6 percent.
By Nandita Bose; editor: Matthew Lewis.
The algorithms TikTok relies on for its operations are deemed core to ByteDance overall operations, which would make a sale of the app with algorithms highly unlikely.
The app, owned by TikTok parent company ByteDance, has been promising to help emerging US labels get started selling in China at the same time that TikTok stares down a ban by the US for its ties to China.
Zero10 offers digital solutions through AR mirrors, leveraged in-store and in window displays, to brands like Tommy Hilfiger and Coach. Co-founder and CEO George Yashin discusses the latest advancements in AR and how fashion companies can leverage the technology to boost consumer experiences via retail touchpoints and brand experiences.
Four years ago, when the Trump administration threatened to ban TikTok in the US, its Chinese parent company ByteDance Ltd. worked out a preliminary deal to sell the short video app’s business. Not this time.