Sizebay participated in the SelectUSA Tech, which took place on June 26 and 27 in Washington, DC, and also celebrated the grand opening of the new Sizebay office on American soil.
From June 26th to the 29th, Sizebay participated in a conference that took place in Washington, DC. SelectUSA Summit is the most prominent event in the United States completely dedicated to the promotion of foreign direct investment.
Created by the U.S. Department of Commerce during the Obama administration, the event became a major engine of national economic growth, stimulating and accelerating investment by domestic and foreign companies in the United States.
This year, representatives from all 50 states participated, bringing together the main players in American entrepreneurship.
How was Sizebay selected to participate in the SelectUSA Summit Tech?
The event has restrictions and in order to participate, the registered companies go through a pre-selection process by the organization.
In addition to being selected to participate in the SelectUSA Summit, Sizebay was also invited to present a business pitch to an audience of investors in the “eCommerce & Retail Tech” category.
According to our Co-CEO, Janderson Araujo, “this is an opportunity to further connect with the American ecosystem.”
The Importance of SelectUSA Summit Tech
As an event promoted by US government agencies, its business impact is gigantic. This can be seen in its figures released by the organization, which points to having already attracted more than 3,000 participants and directly impacted more than $57.9 billion in new investment projects in the US. It is also supporting more than 47,000 jobs in the United States and its territories.
A milestone for Sizebay in the North American market
Sizebay’s presence at the SelectUSA Summit Tech becomes one of the most significant milestones for the brand. Sizebay has recently opened an office in Austin, Texas, where they have begun to process payments for the current North American customers and their goal is to further expand into the North American market.
This move reinforces the internationalization process that began in 2019, when the office located in Porto, Portugal, was opened. At the time, the main objective was also to provide a more regionalized service and open up more opportunities in the European market.
When we talk about opening up more market opportunities, North America stands out as a great objective, considering its size and scope.
North American fashion market data
The North American market is not only a great cultural influencer of fashion and accessories, dictating new trends with Italian and French designers, but it is also a giant consumer.
Approximately one-third of online fashion shoppers spend $21 to $50 per order, and the average purchase per cart is around two items. This data was obtained from a survey by Globalfy.
In 2019, the percentage of women in the United States who had already made some type of purchase of either clothing, footwear or accessories online was 68%. E-commerce sales in 2020 represented about 29% of all retail sales of fashion.
It was also in that year that the fashion segment accounted for a total of US$1110.6 billion in sales, taking the projections for 2024 to a total of US$153.6 billion according to Globalfy.
The rise in online sales of clothing and accessories didn’t just bring good news, but challenges as well. The challenge of exchanges and returns becomes an increasingly significant concern for stores to maintain healthy profit margins.
Problems with Exchanges and Returns in North America
Free delivery policies and very easy exchanges and returns stimulated challenging habits in consumer behavior.
It is very common, for example, to buy more than one item of the same product in varying sizes and colors, so that the consumer chooses only one item and returns the others. This type of attitude guarantees the North American market a large flow of reverse logistics.
According to a survey by the National Retail Federation, in 2021 alone retail returns jumped to an average of 16.6% from 10.6% the year prior. That data represents more than $761 billion worth of goods that retailers receive back in returns in their stores and warehouses.
The trend for the coming years is that this data will continue to grow, becoming an even more significant headache for stores, which could worsen if they do not invest in technologies that make the online shopping experience better and more reliable.
This is the market scenario in which Sizebay’s Size & Fit Advisor is inserted in. The objective of the tool is to help the fashion e-commerce customer find the ideal size and fit preference for their body, which helps in generating more confidence during their purchase journey.
Do you want to better understand what causes exchanges and returns and know how to reduce losses in fashion e-commerce? Check out the blog-post “Is your fashion e-commerce bottom line negatively impacted with exchanges and returns? Check out these suggestions”.
With the implementation of Sizebay’s Size & Fit Advisor, it is possible to enrich the shopping experience and reduce the main doubts about size and fit. For example, stores like Miik had a 20,2% growth in their Average Ticket after investing in the Size & Fit Advisor.
Let’s keep moving forward!
Online stores from several countries have already understood the importance of investing in a tool that improves the way their customers choose which size to buy on their e-commerce. We are currently present in more than 550 e-commerce, with the tool available in 18 languages and participating in sales in over 35 countries.
Do you want to know more about how the Size & Fit Advisor has helped fashion e-commerce? Check out the testimonials from some brands!
How about you, are you ready to improve the results of your e-commerce? Contact us to understand how our Size & Fit Advisor can help you achieve your goals!