• Business of Fashion, Wednesday, July 13, 2016 9:05 AM

“The Internet has become extremely good at doing what stores traditionally did: merchandise products, convey product information and process purchases,” says Doug Stephens, retail industry futurist and the founder of Retail Prophet. Indeed, e-commerce’s share of the shopping pie is growing. From 2000 to 2015, e-commerce jumped from 2 percent to 10 percent of all US retail sales. In the luxury sector, e-commerce is the only channel currently growing double digits and is expected to climb from 7 percent to 20 percent of global luxury consumption by 2025, according to Bain & Company. But unlike music, films or food, fashion is a product many shoppers want to touch and try on before they buy. The physical fashion store isn’t going away — but it is changing, as retailers come under pressure to provide consumers with personalised, data-driven service, and experiences — not just products — across all platforms.

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