Have The Likes Of FarFetch And MatchesFashion Replaced Department Stores?
Music By: Rujay – Toxic.
It’s Leyla with CULTED.
Have the likes of Farfetch and Net-A-Porter replaced department stores? As department stores struggle, online marketplaces are going from strength to strength.
Farfetch reported an increase in second-quarter sales this year of $365 million, which is up nearly 75% from last year. When compared with department chain Debenhams, the stats speak for themselves. The UK department store’s fate still hangs in the balance after it went into administration in April and was forced to close multiple stores.
Apart from the obvious impact of coronavirus on physical stores, online marketplaces for many are more accessible. It’s much easier to have a quick search online, than travel down to your local department store. And for a lot of us, online marketplaces have become a one-stop shopping destination.
With 100’s of brands all in one place, why shop on a brand’s own website? Especially when Matchesfashion offers an “Order now, wear in 90 minutes” policy.
So we want to hear your thoughts.
Do you think there’s still a need for department stores, after the rise in online marketplaces? Let us know below.
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See also: IS GOING DIGITAL BENEFICIAL FOR BRANDS?