When you think of Prime Day, you might be thinking about deals on Instant Pots and Amazon Echo devices — not half-off dresses and designer heels. But the market for apparel and accessories globally is worth more than $1 trillion, so Amazon clearly sees there's a lot at stake here. It's using Prime Day to tout fashion deals.
called Prime Wardrobe, where users can pick out a handful of clothing items, try them on at home and then only pay for what they want to keep, shipping back what they don't want.
There's also reluctance for brands to partner with Amazon because they lose autonomy over pricing and marketing, founders have told CNBC. by TJI Research, like Core 10 for women's leggings and sports bras, and Goodthreads for men's khaki pants and button-down tops.Separate data from eMarketer show Amazon is on track to grab nearly 30% of the market for apparel and accessories sold online in the U.S. this year, up from 22.7%, or about $18.38 billion in sales, in 2016.
RBC Capital Markets' retail team is predicting 40% of apparel sales in the U.S. will take place on the internet by 2023, up from closer to 30% today. Currently, RBC says e-commerce accounts for roughly 20% to 25% of clothing and accessories sales for most retailers. For specialty retailers it's closer to 29%, for department stores it's about 24%, and for off-price retailers it's just 2%, according to the firm.
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