CoherentMI subsidiary of Coherent Market Insights Pvt Ltd., a market intelligence and consulting organisation, has revealed its latest report on fashion e-commerce. It states that the Global Fashion E-commerce Market, valued at US $ 691.56 billion in 2023, is projected to grow at a CAGR of 13 per cent, reaching US $ 1,626.97 billion by 2030.
This growth is fueled by the surge in online shopping’s popularity, driven by increased smartphone and internet access worldwide. Customisation trends also contribute, with online retailers offering tailored recommendations to meet individual consumer preferences.
Key highlights from the report are –
Business Model: Business to Consumer (B2C) holds dominance in the future, offering direct selling and convenience.
Product Type: Apparel purchases will lead due to high demand in the fashion industry.
End User: Women segment is expected to dominate as primary consumers of fashion products.
Price Range: The mid-segment thrives, catering to the mass market with affordable yet stylish products.
Device Used: Smartphones will lead the way in the coming years, being the primary tool for internet access and online shopping.
Region: Asia Pacific is poised for dominance, fueled by a large population, increasing internet penetration, and rising disposable income.
Major players in the Fashion E-commerce market include Alibaba, Amazon, Flipkart, and others. These brands focus on diversifying product offerings, enhancing customer experiences, and adopting innovative marketing strategies for competitive advantage.
Globally, increasing disposable incomes drive higher spending on fashion and grooming. Consumer preferences are shifting toward branded, trendy fashion items. Platforms like AJIOGRAM by Reliance support D2C fashion startups through content-driven experiences. Furthermore, rising sustainability awareness fuels demand for eco-friendly fashion that only a niche fashion ecommerce platforms can fulfill.
