In a survey of its customers conducted in February, fashion flash sales site KupiVIP.ru found that new online consumer behavior is emerging in the current unstable economic context. No less than 83% of clothing and footwear buyers are looking primarily for discounted products — a proportion 1.5 times higher than in early 2014. The survey also found that 58% have more than half of their clothes bought at discounted prices.
Russian online consumers also tend to be more restrictive now than previously when spending on gifts. Thus 57% of participants said they had saved money on gifts for the New Year, February 23rd and March 8th celebrations.
This new mindset explains the exceptional success of such recent sales events as Black Friday and Cyber Monday, with online sales doubling on average during these days. At KupiVIP, the one-day Shock Sale campaign in early March generated record-high revenue for the company.
Only 5% of the respondents said they were going to increase their spending on clothing, footwear and accessories this year, and only 12.6% believe that the crisis will not have any impact on their purchasing power.
Price has thus become the key factor in purchasing decisions. Well-known brands, new collections and exclusiveness tend to be less important, if of any importance at all. KupiVIP.ru underlines the relevance of its discount model for such circumstances and has been recording strong sales growth.
The survey was conducted in partnership with the Fashion Consulting Group and included 11,830 KupiVIP customers.
- EWDN has published an in-depth research on the Russian online retail industry, including an analysis of consumer behavior and a case study on KupiVIP. To receive free insights, please contact us at [email protected].
