Tag Archives: online

Men Are the Biggest Spenders in Online Shopping

When it comes to online shopping, something we all do, myself like many others I’m sure peruses the internet all day looking at the newest fashion, technology, and products to just look and nothing more than that. Online shopping is centered around being able to have anything you want at your doorstep in few days but now with programs like Amazon Prime practically the next day. One thing many might not realize is that according to a study done by the University of Pennsylvania that men are in fact the biggest spenders when it comes to online shopping. This has nothing to do with the fact that men have more money to online shop or that they shop more it mostly just comes down to the fact that men love the convenience of not having to physically go to a store, look through all the products and just generally not really know what they are buying. For men who shop online for big money items, they are able to read reviews and look through thousands of options for finally coming to the grand decision of what they are going to buy. This introduces a whole new kind of opportunity to create a luxury online shopping location catered towards men.

Of course, you are going to have high fashion brands have their own websites like Louis Vuitton or Gucci who have perfected their online shopping experience to be catered to those who are in the market for a luxury product, but how can this be expanded upon. Websites all over the internet like Grailed and StockX have popped up not for just the teenager who wants to buy or sell Supreme online but for men who have or want high-end designer clothing and expensive sneakers and have a marketplace for them. Grailed especially is catered towards designer clothing but also features sneakers. The average teenage sneakerhead isn’t usually going to be interested in Margiela, Raf Simons or Rick Owens but Grailed creates a stage for the more established financially well-off men’s fashion connoisseur to be able to purchase and sell these products that come with a serious price tag, with many products reaching over one thousand dollars. Where StockX comes into the equation is not necessarily in securing men as the majority demographic in spending at least one thousand dollars on the internet but it creates something totally different. StockX allows the slightly older sneakerhead who most likely has a better job and maybe a family to be able to buy the sneakers he wants, guaranteed legit, at a fair market price and he doesn’t have to meet up with some teenager to purchase them. I believe over time the older sneakerhead will use StockX for most of his transactions and he could easily eclipse over a thousand dollars spent on sneakers just on that website alone.

With premium men’s online shopping popping up more and more every day on the internet and the fact that the average man just doesn’t prefer the experience of walking into a physical store to shop it’s no surprise that men’s retail locations are going to decline sooner rather than later. While many men who are seriously interested in fashion and almost the artistry that goes into the displays and aesthetic of a retail store many men do not share these views. There will always be a premium men’s shopping experience in fashion-forward cities like New York and Los Angeles, but for the average man who just enjoys sitting in his home to make his more major purchases, the internet will continue to deliver that to him and to his doorstep.

Men catching up to women in online fashion shopping

Women are considered to be very active online shoppers, but as of late, it seems that men are slowly catching up and creating competition. Men are already taking the lead in footwear and accessories.

According to Rashi Vasudev, vice president at Flipkart, men’s footwear was the number one category expected to grow the fastest over the course of the next two years with an online penetration up to 18 percent, while clothing will see an increase of 5-6 percent:

“Over the years, we are seeing the otherwise active ecom shopper, who is male, foraying more and more into fashion online. Market size of both men’s and women’s clothing online is at neck and neck now. However, in terms of footwear and accessories, men’s market online is far ahead.”

A report released by Boston Consulting Group stated that between 55 and 60 million consumers are currently buying fashion products online, and the market is getting even bigger. Men’s fashion is expected to get another boost by this new growth.

According to Kabir Mehra, co-founder of Herringbone & Sui (a label that creates made-to-measure suits and Indian formal wear), there will be an increase in new portal introducing more menswear to the growing segment of consumers. This will become a trend with more men opting to shop online rather than at brick and mortar stores:

“As a trend men are more likely to shop on occasions, as opposed to indulging in the activity as leisure. They are also shoppers of habit and tend to research thoroughly on any expenditure they make when it comes to luxury ensembles. Given this, the online landscape has drastically changed.”

Women also tend to shop for their partners or male family members online, since it’s much easier and more convenient to shop this way rather than taking them to a store.

“They can simply share link of what they think is a good purchase and all the men need to do is check this on their phones, thereby making the process quicker,” added Samarth Hegde, the other co-founder of Herringbone & Sui.

Arun sirdeshmukh, head of Amazon Fashion says that they have witnessed almost 100 percent growth in the menswear category from 2015 to 2017.

“With the growing appetite for up-to-date trends, men are getting increasingly fashion forward,” he said.

Walmart set to join the high-end fashion industry

Walmart will now be selling high-end fashion merchandise alongside their usual selection of abundant accessories. The mega retail chain now has a partnership with the department store Lord & Taylor. The partnership is said to “create a premium fashion destination on Walmart.com,” Denis Incandela said.  Incandela is head of fashion for Walmart’s US e-commerce business.

The idea is set for spring 2018 which will be a Lord & Taylor store on Walmart’s website and app that will give the Walmart online shoppers access to the labels sold by Lord & Taylor. As of now, the announcement did not say if they will be including all the items available by Lord & Taylor such as Vera Wang gowns, Kate Spade coats, Polo Ralph Lauren sweaters, Badgley Mishka dresses, and other expensive pieces.

“We see customers on our site searching for higher-end items, and we are expanding our business online to focus on adding specialized and premium shopping experiences, starting with fashion,” Incandela said in the announcement. This new plan will be a step away from the normal cheap clothes that are at Walmart.

Walmart has been trying to turn itself into an online fashion giant as part of the successful effort to grow their e-commerce business. Walmart is doing this to stay competitive with Amazon, which has been taking practically all of the US e-commerce, including clothing retail.

In just a year, Walmart has acquired online footwear seller ShoeBuy, outdoor brand Moosejaw, clothing retailer ModCloth, and menswear brand Bonobos.

The new Lord & Taylor deal will certainly help grow Walmart’s fashion business although it can be tough for a brand who is known for cheap and uncommon products to add high-end products, as shown by Amazon. Walmart already sells a good amount of designer labels on its site just like Amazon. Walmart does this to allow third-party sellers to reach Walmart’s large online audience.

The deal will also allow Lord & Taylor to reach even more shoppers. According to the announcement they can reach “exponentially more” shoppers than it currently does through their own website. Like many other department stores, it has seen its own sales fall as fewer and fewer people go to the mall and do more online shopping.  They have also seen their sales drop as more people are going towards fast fashion brand.

Lord & Taylor recently also sold off a large part of its historic New York City flagship store to WeWork. The store will keep its bottom floors, while WeWork will have the rest.

If this new partnership goes well there will certainly be even more partnerships to soon follow after.

New app ScreenShop aims to be the Shazam for fashion

Molly Hurwitz has co-created an app aimed at shoppers to help them look for the clothes they want. Hurwitz got the idea when she was going through Instagram for fashion inspiration but couldn’t quite find the pieces she saw in pictures and google wasn’t much help either.

The app is called ScreenShop which launched November seventh. It allows users to buy clothing and accessories they see on social media, online, or even on the streets by taking a photo or screenshot on their phone.

The user uploads a photo of the outfit they like onto the app. ScreenShop then identifies the items in the photo by using computer vision and then proceed to suggest similar clothing options that vary in price ranges from different brands. The shopper can then click on the item they want to buy from the brand’s website, all without having to leave the app.

What we built is the Shazam for fashion,” said fellow co-creator Jonathan Caras, what was referring to a popular app that tells you the name of a song that is currently playing.

Kim Kardashian West is an advisor for the ScreenShop app and has been with the company since the beginning. It is said she will be sharing information about the app on her social media pages, according to the company.

“[With Instagram] you’re limited to that specific item that people and brands are tagging, and it doesn’t solve the overall problem,” Hurwitz said.

Even with users being able to tag brands and items on their photos on Instagram, Hurwitz believed it didn’t fully solve the problem.

“I don’t want to spend $1,800 on a dress, but I do want the inspiration,” she said. “The idea [with ScreenShop] is to be able to take your inspiration from anywhere, from watching a movie or browsing online or a magazine.”

ScreenShop isn’t the only service offering help based on a visual search in fashion. Asos had their own version of a visual search earlier this year on its UK app, but with Asos, it only suggests products from its own website and not an overall search. ScreenShop has partnerships with over 450 retailers like Nordstrom, H&M, and Topshop. Screenshop’s catalog includes around 10 million items that vary from seasons. When customers do make a purchase through the app, ScreenShop gets a percentage.

The app is available for free on iOS and Android users can sign up to use the beta version.

Netflix talks price increase

Netflix just announced that it will be soon raising the price of its online streaming service an extra $1-$2 per month from the current $7.99 monthly rate. The exact rate increase is still being discussed and decided on by the Netflix corporate executives. This is only for their DVD-less streaming Netflix service. Netflix states that the way the program works is that “For only $7.99 a month, you get unlimited movies & TV episodes instantly over the Internet to your TV or computer. There are no commercials, and you can pause, rewind, fast forward or rewatch as often as you like. It’s really that easy!” We have thousands of movies & TV episodes available to watch instantly right on your TV via a PS3, Wii, Xbox 360 or any other device that streams from Netflix, or to watch instantly on your computer.”

This price increase was previously tested in Ireland when Netflix earlier this year raised prices in Ireland by one Euro, current members though were locked into the €6.99 rate for two years. Netflix has learned a lesson or two about how to communicate pricing changes to customers. In 2011, when the company last announced a price hike, subscribers fled, the stock price sank and Reed Hastings, the company’s CEO, had to apologize to members. So now they are approaching this extremely sensitive topic in another way. According to their statement to shareholders “Our current view is to do a one or two dollar increase, depending on the country, later this quarter for new members only. Existing members would stay at current pricing (e.g. $7.99 in the U.S.) for a generous time period. These changes will enable us to acquire more content and deliver an even better streaming experience.” “We are approaching 50 million global members, but that is far short of HBO’s 130 million. We are eager to close the gap.”

This new rate hike would still keep the price of Netflix under the magic $10 mark, which is sort of the cutoff point for monthly subscriptions. I guess we will just have to see the exact increase when it happens soon. But for now, if you’ve been on the subscription fence about Netflix, maybe it’s time to sign up quickly to see if you can lock in the lower $7.99 monthly rate before the price hike happens.