Fashion etailers drove the overall growth of online retail sales in the year to 30 June, as their combined sales rose by 31% to £3.4bn.
Law firm RPC revealed that the top 20 UK online retailers according to turnover contributed £9.5bn to the economy in the year. Their total sales were up 16% year on year from £8.2bn in 2017/18.
Luxury fashion platform Farfetch recorded the fastest growth, as sales rose by 76% from £140.8m to £247.7m.
RPC said online fashion retailers’ success lies in their “agile” business models, which allows for short lead times and for businesses to respond quickly to trends and consumer demand.
It also cites “tactics” such as buy now, pay later; influencer partnerships; subscription services and easy returns for driving the growth of online retail.
The top fashion etailers were:
- Shop Direct
- The Hut Group
- M and M Direct
- Prodirect Sport
The other etailers in the list were:
- Victoria Plum
- Mobile Phones Direct
- Buy Direct
- Warehouse Express
- Love Honey