Adobe has released its first Digital Price Index for apparels, leveraging data from Adobe Analytics Cloud. The data reveals tremendous choice, volume and velocity in the online apparel category. Nearly half of the 7,000 new apparel products that appear online each day target women, while one-quarter men and the rest children, babies and footwear.
The data showed that 3,150 new apparel products that appeared online each day targeted women, while 1,750 targeted men.
Nearly one-third (30.8 per cent) of all spending on women’s clothing went toward products that are one month old or less, while 18 per cent of spending on men’s apparel was for items that were one month old or less.
The May Digital Price Index (DPI) apparel data shows prices for apparel online drop faster than offline. The DPI found 4.3 per cent YoY price deflation in May, compared to the Consumer Price Index’s relatively flat deflation rate at 0.9 per cent in May. Data also points to the biggest discounts for the highest and lowest priced apparel online. High-end apparel, the top 25 per cent most expensive items online, show a 5.5 per cent drop in prices YoY while low-end apparel, the lowest 25 per cent, saw prices decrease by 7.5 per cent over the same time period. Compare this to the middle 50 per cent of apparel, which shows minimal deflation YoY.
“With retail chains closing stores at a record pace, we’ve been closely watching the impact on the e-commerce world,” said Mickey Mericle, vice president, marketing and customer insights at Adobe.
“For the first time, we’re seeing that apparel sold online is clearly developed with a specific velocity in mind, and an incredibly high turnover rate, compared to other categories we track,” Mericle said.
Adobe leverages Adobe Sensei, AI and machine learning capabilities in Adobe Analytics Cloud, to surface economic insights from billions of data points. (SV)
Fibre2Fashion News Desk – India