BURLINGAME, Calif., Dec. 11, 2023 /PRNewswire/ — According to CoherentMI, The Global Fashion Ecommerce Market was valued at US$ 691.56 Billion in 2023 and is anticipated to reach a value of US$ 1,626.97 Billion by 2030 at a CAGR of 13% during forecast period 2023 and 2030.
The global fashion ecommerce market is anticipated to witness high growth due to the increasing popularity of online shopping and the convenience it offers to consumers. One of the main driving factors for the growth of the market is the rise in smartphone and internet penetration worldwide. With the advent of easy-to-use mobile applications and user-friendly websites, consumers find it more convenient to shop for fashion products online. The availability of a wide range of products, competitive pricing, and hassle-free delivery options further enhance the online shopping experience, attracting more consumers towards fashion ecommerce.
Another driver for the growth of the Fashion Ecommerce Market is the growing trend of customization and personalization. Online fashion retailers are offering personalized recommendations and customization options to cater to the individual preferences of consumers. By providing personalized shopping experiences, ecommerce platforms are able to forge stronger relationships with customers and enhance brand loyalty.
Market Trends:
One of the key trends in the Fashion Ecommerce Market is the integration of augmented reality (AR) and virtual reality (VR) technologies. Fashion retailers are leveraging these technologies to provide virtual fitting rooms and enhanced visualization of products. Customers can now try on clothing virtually, eliminating the need to physically visit stores. This technological integration enhances the online shopping experience and reduces the chances of returns due to size or fit issues.
Another important trend in the market is the growing focus on sustainable and ethical fashion. Consumers are becoming more conscious about the environmental and social impact of the fashion industry. As a result, ecommerce companies are introducing sustainable and eco-friendly fashion options to cater to the demand for responsible consumption. Brands are adopting sustainable practices in their supply chains, utilizing recycled materials, and promoting fair trade practices. This trend is expected to gain momentum in the coming years as consumers prioritize ethical fashion choices.
Recent Developments:
- In November 02, 2023, AJIO, a Reliance-owned ecommerce platform, introduced AJIOGRAM, an interactive ecommerce platform that aims to support D2C fashion startups by offering content-driven experiences.
- In May 2022, Alibaba’s Lazada expanded to Europe, prioritizing collaborations with local merchants rather than cross-border sales. This strategic shift aims to challenge the dominance of AliExpress in the European market. Cainiao, Alibaba’s logistics arm, also sets up in Belgium to support Lazada’s operations.
Market Opportunities:
Growing Demand for Online Fashion Retailing
With the increasing penetration of internet and smartphones, the global fashion ecommerce market is witnessing significant growth. Consumers are shifting towards online platforms for purchasing fashion products due to convenience and a wide range of options available. Moreover, the COVID-19 pandemic has further accelerated the adoption of online shopping as people avoided physical retail stores. This has created a huge opportunity for fashion ecommerce players to capitalize on this trend and expand their customer base.
Rising Disposable Income and Changing Consumer Preferences
As disposable income levels are increasing globally, people are spending more on fashion and personal grooming. Moreover, there has been a shift in consumer preferences towards branded and trendy fashion products. This presents a favorable opportunity for fashion ecommerce companies to cater to this demand and offer a wide range of fashionable products to consumers. Additionally, with the growing awareness of sustainability, there is a rising demand for eco-friendly and ethically sourced fashion products, which can be fulfilled by fashion ecommerce platforms.
Key Market Takeaways:
- Fashion Ecommerce is anticipated to witness a CAGR of 13% during the forecast period 2023-2030, owing to the increasing demand for online fashion retailing and changing consumer preferences.
- On the basis of Business Model, the Business to Consumer (B2C) segment is expected to hold a dominant position, owing to the direct selling model and convenience offered to customers.
- On the basis of Product Type, the Apparel segment is expected to hold a dominant position, due to the high demand for clothing items in the fashion industry.
- On the basis of End User, the Women segment is expected to dominate the market, as they are the primary consumers of fashion products.
- On the basis of Price Range, the Mid segment is expected to hold a dominant position, as it caters to the mass market and offers affordable yet fashionable products.
- On the basis of Device Used, the Mobile segment is expected to dominate, as smartphones are the primary device for accessing the internet and shopping online.
- Asia Pacific is expected to hold a dominant position over the forecast period, due to the large population, increasing internet penetration, and growing disposable income in the region.
- Key players operating in the Fashion Ecommerce market include Alibaba, Amazon, Flipkart, Myntra, Rakuten, Zalora, Lazada, Shopee, JD.com, Club Factory, Shein, Namshi, Noon, Nykaa, Ajio, Tmall, Farfetch, Asos, Zozo, Ssense, and others. These players are focusing on expanding their product offerings, enhancing customer experience, and adopting innovative marketing strategies to gain a competitive edge in the market.
Read complete market research report, “Global Fashion Ecommerce Market, By Business Model, By Product Type, By End User, By Price Range, By Device Used, By Region, and other Segment Forecast 2023-2030“, Published by CoherentMI.
Global Fashion Ecommerce Market Segmentation:
- By Business Model
- Business to Consumer (B2C)
- Business to Business (B2B)
- Consumer to Consumer (C2C)
- Business to Administration (B2A)
- Consumer to Business (C2B)
- Business to Employees (B2E)
- By Product Type
- Apparel
- Accessories
- Footwear
- Beauty and Personal Care
- Others (home furnishings, jewelry etc.)
- By End User
- Men
- Women
- Kids
- Unisex
- By Price Range
- Premium
- Mid
- Low
- Economy
- By Device Used
- Mobile
- Desktop
- Tablet
- Others
- By Region:
- North America
- U.S.
- Canada
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Europe
- Germany
- U.K.
- Spain
- France
- Italy
- Russia
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- Australia
- South Korea
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- GCC Countries
- Rest of Middle East & Africa
FAQ’s:
1. What factors are impeding the growth of the market for Global Fashion Ecommerce?
2. What are the primary drivers fostering growth in the market for Global Fashion Ecommerce?
3. Which segment stands out as the leading component in the Global Fashion Ecommerce Market?
4. Who are the key players actively involved in the Global Fashion Ecommerce Market?
5. Which region is poised to take the lead in the Global Fashion Ecommerce Market?
6. What is the projected CAGR for the Global Fashion Ecommerce Market?
In conclusion, the fashion ecommerce market presents lucrative opportunities for companies to tap into the growing demand for online fashion retailing and cater to the changing consumer preferences. With the right strategies and investments in technology, customer service, and product offerings, fashion ecommerce players can establish a strong presence in this rapidly evolving market.
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