Trends from True Fit’s Fashion Genome, the world’s largest connected dataset for fashion, which analyzes insights from 17,000 brands, hundreds of leading retailers and preference data for 80 million active members, showed that web traffic in July and August was up 16% over the previous year, while order frequency fell 8% year-on-year in August compared to the same period last year.
True Fit’s data shows that shoppers are checking out less frequently compared to last year, and buying more when they do decide to spend: Average order value (AOV) is up a significant 16% in 2022 compared to 2021, rising from $132 to over $152.
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As the U.S. experienced some positive news with July’s inflation numbers starting to decline following the June peak, and a recent study showing that consumer confidence in August rose for the first time in four months as gasoline prices dipped, inflationary pressures are still quite prevalent, causing retailers to thoughtfully navigate a variety of challenges.
William R. Adler, CEO of True Fit, said: “We’re collaborating closely with leaders who are masterfully navigating the double challenge of high priced consumer traffic and high priced inventory. By leveraging the best personalization platforms, they are able to understand shopper needs, match them to clothing and shoes true to them, and build relationships resulting in revists. This virtuous circle results in increasing LTV and a lower cost of acquisition, while at the same time preserving first quality gross margins. Indeed, while some of the 16% increase in AOV is attributable to inflationary prices, after adjusting for inflation the consumer is still spending more year on year.”
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Despite the recent dip in gas prices, the high price-point is still pushing some consumers to avoid shopping at stores and malls, prompting digital retailers to continue to advance their craft at driving personalized shopping journeys to tailor the online shopping experience. In parallel, consumers are increasing their demand for personalization with a reported 20% increase in consumer demand for True Fit vs. pre-pandemic levels. This is reinforced by research of 14,000 international shoppers across 14 markets by ESW, which showed that a whopping 77% of consumers now want retailers to offer fit personalization solutions. The ESW finding is markedly higher than the results reported early this year from Astound Commerce’s 2022 Global Consumer Behaviour Report,
Prompted by increased demand from shoppers and retailers, True Fit innovated its product considerably to expand service to anonymous traffic while also enhancing personalized experiences for shoppers, and True Fit also introduced a shopper registration page on its website to drive more traffic to hundreds of leading retailers in its Fashion Genome.
