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SALES UPDATE: 10.02.22
As seasons change, so do consumers’ demands for style. With the US fashion industry currently valued at hundreds of billions of dollars, this year’s sales figures are forecasted at about $473.42 billion, meaning that the industry has experienced a growth rate of nearly 8.3 percent from figures rounded in 2021. Total sales for the year of 2023 are predicted at $494.89 billion, a 4.5% increase.
With the increase in seasonal sales, so does the use in purchasing new popular products through social commerce. The hesitation with browsing and buying through applications like Tik Tok or Instagram that once existed is almost nonexistent as it is these technologies that provide great insight to current trends, sales, and updates in the quick-evolving fashion industry. BigCommerce merchant data saw merchants selling through Instagram experiencing a 741% increase in total number of orders comparing 2022 with 2021, showing the relevance and growth of social media driven e-commerce in the past year.
Social Media to Grow Social Commerce:
Social media applications are displaying the fall trends to come this October and November, as Tik Tok and Instagram influencers are now making the shift to their fall shop hauls, they are sharing with their following their new finds. Online consumerization is the “new norm” as social commerce sales in the US are expected to reach $45.74 billion. With stores like Amazon feeding off of the presence and advantages of product placement in social media, social commerce is predicted to grow up to three times as fast as it has traditionally, doubling from $492 billion worldwide in 2021 to $1.2 trillion in 2025.
Spooky Season and Sales Shifts:
As October rolls around and Halloween-related activities are expected to return to pre-Covid levels, companies are rounding up their deals and discounts from retailers this month. For instance, Target is holding their Deal Days events (Oct.6 to Oct.8) as well as Amazon hosting an October Prime Day event (Oct. 11 and 12). These companies are hosting in response to widespread delays in shipments and concerns with the supply chain. Additionally, 44% of holiday shoppers surveyed relay that they plan to shop early this year in fear of inflation affecting prices later on.
Stocks To Watch:
AMAZON.COM INC (NASDAQ: AMZN)
Share Price: $121.09
Market Cap: 1.23 T
Backstory: Amazon.com Inc. is a multinational e-commerce based business, spanning products across households goods, technology and media, and fashion. The business is a leader in incorporating cloud computing, digital streaming, and artificial intelligence within its business model. Amazon has been referred to as being one of the world's most influential forces.
Current News: Amazon holds a major role in the business world as their investments of tens of billions of infrastructure has built a multitude of tools and ways for other businesses to thrive and succeed, especially in the face of today’s unsolicited times with constant unknowns and a rapid pace economy. Statistically, the company relayed that revenue was $121,234 million compared to $113,080 million a year ago; net loss was $2,028 million, whereas as a year ago net income was $7,778 million.
TARGET CORPORATION (NYSE: TGT)
Share Price: $156.96
Market Cap: 72.24 B
Backstory: Target Corporation is a U.S. based department store retailer. As the 7th largest retailer in the U.S., Target is consistently growing as an apparel company as they are soaring in the sales department with consumers peaking interest for “everyday” clothes. Not only is Target super easily accessible with 1,938 locations spanning the U.S. in addition to their e-commerce business, but the corporation also succeeds immensely in its shipping and delivery operations.
Current News: Within the last month, sales have increased 2.6%, demonstrating store sales growth of 1.3% and growth in digital sales of 9%. In addition, total revenue of $26 billion increased 3.5% when compared to last year, illustrating a total sales growth of 3.3% and a 14.8% in other revenue.
NIKE INC (NYSE: NKE)
Share Price: $88.64
Market Cap: 139.04 B
Backstory: Nike Inc. is a multinational corporation that works in the design, development, manufacturing, and sales industries of footwear, apparel, and equipment/accessories. Headquartered in Beaverton, Oregon, Nike is incredibly profitable and is considered to be the global leader in the sportswear market.
Current News: Nike is forecasting their revenue percentages to grow from single digits to double in each year up to 2025. Their sales have risen 4% as excess inventory grows in numbers; the sportswear giant reported a revenue rebound, however, continuing chain disruptions have wreaked havoc on levels in the inventory department; shares recently fell nearly 10%. Moreover, Nike relayed that their revenue increased to $12.7 billion in the first quarter of 2023, which beat data analytic expectations and was due to the growth in direct and digital sales.