Global Fashion Ecommerce Market Is Estimated To Witness High Growth Owing To Growing Online Shopping Trends

 The global fashion ecommerce industry comprises online platforms that sell a wide range of fashion products including apparel, footwear, watches, eyewear and accessories. The market has evolved significantly over the years with the emergence of several exclusive fashion ecommerce platforms that cater to diverse consumer tastes with their unique portfolio of fashion products from leading global and local brands. The industry adopts advanced technologies such as virtual reality, augmented reality and artificial intelligence to enhance customer experience by enabling features like virtual trial, product recommendations, ease of exchange and returns.

The global fashion ecommerce Market was valued at at US$ 1,626.97 Bn in 2023 and is expected to exhibit a CAGR of 13% over the forecast period 2023-2030, as highlighted in a new report published by CoherentMI.

Market Dynamics:

Growing online shopping trends have been a key driver for the growth of the global fashion ecommerce market over the past few years. Consumers are increasingly shopping for fashion products online due to benefits like heavy discounts, seamless payment modes, fast doorstep delivery and improved returns process. Moreover, COVID-19 pandemic has further accelerated the shift towards online shopping as people avoid crowded places.

Another major factor fueling the market growth is the ever-expanding target customer base comprising middle-aged and elderly consumers who are now embracing digital platforms for shopping. Aggressive marketing strategies by online fashion retailers through social media platforms have played a vital role in attracting new age customers. Rising consumer disposable income levels in emerging economies also present significant expansion opportunities for market players. However, factors such as threat of counterfeit products and customer data security issues pose a challenge to the industry.

SWOT Analysis

Strength: The global fashion ecommerce market offers a wide variety of products from various brands and designers. This helps customers find products suited to their tastes and preferences easily from the comfort of their homes. Furthermore, online shopping provides deep discounts and offers throughout the year which attracts more customers.

Weakness: Customers prefer to physically check fabrics and designs when purchasing fashion products. The inability to see, touch or try products physically is a disadvantage of online shopping. Moreover, returning or exchanging products purchased online involves additional logistic costs and efforts.

Opportunity: Rising internet and smartphone penetration especially in developing regions provides an opportunity to tap into new customer segments. Personalization and customized fashion recommendations based on purchase history and feedback can help drive repeat purchases. Partnerships with offline retailers can help serve omnichannel customers seamlessly.

Threats: Customers may shift their spending to other discretionary categories due to economic uncertainties or rise in costs of living. Aggressive discounting and promotions by retailers can also impact margins. Stringent privacy laws and technological changes pose challenges to data-driven decision making.

Key Takeaways

The global Fashion Ecommerce Market Size was valued at US$ 1,626.97 Bn in 2023 and is expected to reach US$ 3,250 Bn by 2030, expanding at a compound annual growth rate (CAGR) of 13% during the forecast period of 2023-2030. The growth is attributed to increasing popularity of smartphones, rising internet penetration and improvement in payment gateways and logistics infrastructure especially in developing economies.

Asia Pacific dominates the global fashion ecommerce market currently accounting for over 40% market share in 2023. China, India and other Asian countries are witnessing rapid growth in internet and smartphone users driving the high adoption of online shopping.

Key Players related content comprises Key players operating in the global fashion ecommerce market includes Amazon, Flipkart, Myntra, Snapdeal, Paytm Mall, Shopclues, Jabong, Ajio, Nykaa, Limeroad, SHEIN, and ROMWE. Amazon and Flipkart together account for over 30% share of the Indian fashion ecommerce market.

Reasons to Purchase Fashion Ecommerce Market Report:

1. Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to products, segmentation, and industry verticals.

2. Develop/modify business expansion plans by using substantial growth offerings in developed and emerging markets.

3. Save and reduce time carrying out entry-level research by identifying the growth, size, leading players, and segments in the Fashion Ecommerce Market.

FAQ’s

Q.1 What will the market development pace of the Fashion Ecommerce Market?

Q.2 What are the sales, revenue, and price analysis of the top players of the Fashion Ecommerce Market?

Q.3 What are the market opportunities and threats faced by the vendors in the Fashion Ecommerce Market?

Explorer more information on this topic, Please visit @ 
https://www.pressreleasebulletin.com/global-fashion-ecommerce-market-demand-and-forecast-analysis/

Comments

Post a Comment

Popular posts from this blog

South Korea Wheelchair Market Primed to Grow on Account of Rising Healthcare Expenditure

 Wheelchairs are mobility devices that help users mobilize and move freely when walking becomes difficult due to certain health conditions or disabilities. They come equipped with wheels attached to a chair-like structure having handles or push-rims for self-propulsion. Wheelchairs are widely adopted by aged population, accident victims, and individuals suffering from conditions such as spinal cord injuries, multiple sclerosis, and cerebral palsy. The South Korea Wheelchair Market is estimated to be valued at US$ 1.60 Bn in 2023 and is expected to exhibit a CAGR of 6.8% over the forecast period 2023 to 2030, as highlighted in a new report published by CoherentMI. Market Dynamics Rising healthcare expenditure by the government as well as individuals is one of the major drivers contributing to the growth of the South Korea wheelchair market. According to data from the World Health Organization, South Korea spent around 7.3% of its GDP on healthcare in 2018. The government is fo...
Read more

Global Optical Instrument And Lens Market Estimated To Witness High Growth Owing To Increasing Demand For Smartphones And Cameras

Optical instruments and lenses are essential components used in various industries such as healthcare, astronomy, manufacturing and consumer electronics. Optical lenses are used in microscopes, telescopes, cameras, eyeglasses, and other instruments to refract light in a way to enhance visual clarity or enable magnification. Advancements in nanotechnology have enabled the development of aspheric and corrective lenses with improved aberration correction providing clearer images. Rapid digitization and growing preference for high-resolution imaging have boosted the demand for enhanced optical components in smartphones and cameras. The global optical instrument and lens Market was valued at US$ 29.8 Bn in 2023 and is expected to exhibit a CAGR of 4.7% over the forecast period 2023 to 2030, as highlighted in a new report published by CoherentMI. Market Dynamics: Increasing demand for smartphones and cameras : Growing consumer preference for high-resolution digital cameras and smartphon...
Read more

India Fast Fashion Market Primed to Witness High Growth Owing To Increased Millennial Population

  Fast fashion refers to clothing designs that moves from the runway to retail stores quickly and at low prices. Fast fashion clothing collections are based on the latest fashion trends seen on runways and red carpets. Fast fashion products include tops, bottoms, dresses, etc. manufactured using cheaper materials and manufacturing techniques to reduce costs. Fast fashion has gained immense popularity among the younger generation and millennial population in India who prefer trendy yet affordable outfits. The availability of fast fashion products at affordable prices through both offline and online retail channels has significantly boosted their adoption in the country. The India fast fashion market is estimated to be valued at US$ 9.90 billion in 2023 and is expected to exhibit a CAGR of 16.5% over the forecast period 2023 to 2030, as highlighted in a new report published by CoherentMI. Market Dynamics: One of the major drivers for the growth of the India fast fashion market...
Read more