Amazon Hopes To Ride Its Sales Momentum To Become The Top Apparel Retailer In The U.S.
With Prime Day about to kick off Monday, Amazon is looking to prove it’s a fashion destination beyond the basics. The internet giant has found success in selling electronics and now is becoming a bigger threat in the grocery industry with its purchase of Whole Foods. And while Amazon is still trying to find its footing in the apparel space, it’s evident the company wants to make a bigger push there. Industry analysts have already estimated Amazon is on track to become the No. 1 apparel retailer in the U.S. by year’s end if it’s able to keep the momentum going and win market share as others falter. And so that means names like Macy’s, J.C. Penney, L Brands and Ascena Retail, which are already struggling in the clothing business, will continue to suffer unless they’re able to give shoppers a better reason to shop there versus online. According to a new survey from eMarketer, Amazon’s apparel and accessories sales will balloon 38 percent by the end of 2018 to reach nearly $40 billion. Read more at CNBC.
