- ECGI Holdings is a diversified holding company with a unique portfolio in viticulture, hospitality, and luxury fashion
- The company’s subsidiary Pacific Saddlery is looking to introduce technologies that leverage AI capabilities to provide customer fit recommendations amid plans to launch a new line of ready-to-wear apparel under its Allon brand
- The company believes AI-powered solutions will help increase conversion rates, reduce return rates, and enhance customer engagement and loyalties
- Apparel manufacturers and online apparel brands are turning to AI-driven technologies to reduce returns and their impact on the bottom line
- A 2023 study listed size/fit, color, and damage as the top three reasons for online apparel returns
In a 2023 study, Coresight Research surveyed decision makers at U.S.-based apparel brands and retailers, revealing that the average return rate of online apparel orders in the U.S. stood at an estimated 24.4%. This return rate translated to $38 billion in returns – based on the research firm’s estimate of the value of the online apparel and footwear market in 2023, which stood at $155.8 billion (https://ibn.fm/DOjHE).
The returns come at a cost to the apparel companies and retailers, especially considering a majority of them offer free shipping on returns. The shipping cost, coupled with the processing and restocking costs, can significantly impact the companies’ bottom line, leading to an estimated $25.1 billion hit, according…
NOTE TO INVESTORS: The latest news and updates relating to ECGI are available in the company’s newsroom at https://ibn.fm/ECGI
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