The Iconic marks seven years in e-commerce
Australia’s e-commerce sector has come a long way over the past seven years.
Just look at the amount of time consumers now devote to online shopping, which has doubled since 2011, according to The Iconic, which is celebrating its seventh anniversary this week.
The online fashion retailer revealed that shoppers across Australia and New Zealand have spent the equivalent of 440,000 days on The Iconic so far this year. That’s approximately 1100 years.
Customers in NSW devote three times as much time to shopping online as their Victorian brethren, while those in the Northern Territory shopped the most during sale periods.
To mark the anniversary, The Iconic slashed prices on almost every item by 30 per cent. After orders increased more than 400 per cent on Tuesday, the retailer extended the sale by an extra 24 hours.
The Iconic’s most purchased product ever is the classic Converse All Star shoe. In fact, shoes are six of the seven most purchased items in the company’s history.
“Fashion is always recycling its trends and we’ve seen that across The Iconic this year when we look back at 2011 vs. 2018,” The Iconic head of style Nicole Adolphe said.
“Some trends come back every year with a slight tweak… others come back in decades like the 90s, with the ongoing athleisure revival, or the 80s with this year’s return of women’s power suits.
“The vibe is always different though, it’s always a new take on that old trend with a slightly new shape.”
Since launching seven years ago, the company has accumulated losses of $152.6 million. It lost $9.2 million in 2017 alone, and as of May, was still relying on parent company Global Fashion Group for funding.
The Iconic recorded $267.8 million in sales in 2017, a 35 per cent increase over its 2016 sales of $189.4 million.
The cost of distribution rose more than 30 per cent, and administration costs jumped more than 50 per cent, while the cost of sales and marketing rose only 14 per cent.
The company is pursuing its objective of increasing market share and profitability.