We can't say we didn't see this coming. CNBC reports that Wells Fargo analyzed the gross sales of Amazon's apparel and footwear and found that the mega-retailer is on track to do $30 billion in business this year — knocking Walmart out of its spot as the number one retailer in America.
"Amazon dominates the online market for apparel and footwear (35 percent of share, or four times the #2 player) and they even have a remarkably high market share in the total apparel/footwear market in the U.S.," a Wells Fargo analyst noted, according to CNBC.
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It makes sense, considering 1) millennials are opting to shop from the comfort of their homes, and 2) they’re choosing Amazon over most other retailers to do so. In 2016, Amazon accounted for about 17% of online sales for those ages 18 to 34, more than any other sellers (including major names, like Nordstrom, Victoria's Secret, and J.Crew).
In 2017, Business Insider reported another major area of growth for Amazon was its intimates business. Men’s and women’s underwear and intimate apparel were two of the top five best-selling categories in 2016; the others include men's workwear, women's denim, and men's underwear. Socks are apparently extra-popular, too. Apparel sales on Amazon as a whole counted for $3.1 billion — clearly, nothing to sneeze at — which puts its recent style-minded efforts into better context.
Considering that the company is expected to surpass Macy’s and Walmart as the country’s biggest retailer, is taking over the food industry via its acquisition of Whole Foods, and now gives you the option to try-on clothing before you type in your credit card number, we have a feeling that number is only going to continue to grow. Time for Amazon to prepare for total global domination.
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