In Hungary, the turnover of online fashion stores of HUF 240 billion in 2020 may increase by 21 percent to HUF 290 billion this year, their share of the fashion market may increase from 17.5 percent in 2020 to 20 percent by 2023 – says Glami, the more than 250 leading European fashion webshop research on a search platform that summarizes its offerings on an online platform based on Internet data collection and sales statistics.
According to the analysis of the fashion retail market in Romania, Slovakia, the Czech Republic, Greece and Hungary, a radical transformation is expected in the fashion trade, with rapid market changes affecting both brands and retailers.
According to a statement sent to MTI, the positional advantage of online merchants is unquestionable, with retail chains closing thousands of offline stores and investing significant sums in e-commerce, they wrote.
According to the report, the region is one of the fastest-growing markets in Europe: fashion sales in the countries surveyed reached € 4 billion in 2020, a quarter of which came from online sales, which will grow by 20 percent regionally this year.
In the Hungarian market, online e-commerce of fashion products grew by 40 percent in 2020, compared to the expected 14 percent. However, the coronavirus epidemic had a negative effect on the entire fashion market, falling by 11 percent in Hungary.
In the first wave of the coronavirus epidemic, about 25 percent of online purchases were made by the first online shoppers in Romania and Slovakia, compared to 13 percent in Hungary.
The new shopping patterns, according to the study, will become durable in the future, with 41 percent of those surveyed saying they will continue to buy fashion items online primarily after the pandemic.
According to the survey, almost half of the leaders of e-commerce businesses in the region identified social media as the primary sales channel as the most determinant of the future of fashion e-commerce.
According to research, 2021 will be the year of the spread of technologies using artificial intelligence (AI). E-shops are increasingly willing to invest in this. Whereas previously only e-commerce giants used machine learning algorithms to learn sales trends, nowadays smaller webshops as well.
They also pointed out that as a result of the epidemic situation, the sales of gloves and scarves increased significantly last year, by 151 and 215 percent, 144 percent more robes and 106 percent more nightwear on the Hungarian market last year.
Meanwhile, demand for swimwear fell 31 percent and 25 percent fewer nail shoes were sold, but demand for casual wear also declined significantly.