For online retailers like Amazon, that means a limited share of the profits though it is seriously looking at whether technology can change the fact of the matter. Though online retail is its mainstay, it seems the giant firm is showing a significant interest for the fashion industry as well.
However, analysts in the retail and fashion industry have doubted the ability of the company to seduce the client base considering the company is not what one would call fashion-esque. According to Richie Siegel at business of fashion, the front end experience is not particularly optimized for the merchandising of emotional products while the association with the discounting turns off the luxury form of brands. A number also still question as to whether the site is ever going to have the capability of creating the dream needed to sell top of the line dresses and bags worth a thousand dollars each.
Echo look is a version of the company’s line of Echo branded smart speakers. With the device, the firm is looking to solve the pains of apparel shoppers through making the experience of buying clothes online more natural using personal recommendations and the ability to virtually assess their outfits. It has the ability to place Amazon squarely on the path towards domination of the American apparel industry.
According to the research studies Amazon currently holds 16.6 per cent of the market share for apparel spending by the shoppers who are between 18-34 years. Other firms like the Gap and Macy’s account for 3.6per cent and 3.4per cent of the Millennial’ online apparel spending.
Amazon CEO Jeff Bezos is also not afraid to consider long-term strategy when taking on a new market. The market has been salivating over the fashion industry since 10 years ago when it acquired the multi-brand women’swear e-tailer Shopbop.
Amazon also sponsors two international fashion weeks that now have the brands name on their titles such as the Amazon Fashion Week Tokyo or the Amazon India Fashion Week. This year, the company has escalated its efforts by quietly launching private label apparel brands dealing in men’s accessories and women’s dresses and handbags, as well as a recently launched lingerie line at cut-rate prices.
