The fashion e-commerce market in India, currently worth US $8-10 billion,can grow ata rate of 35 per cent and reach around US $30 billion in next five years.
The Indian e-commerce industry is going through a ‘transformational’ growth phase,with millennials, Gen Z driving consumption in future. The country is going to have 1 billion internet users by 2030 and, importantly, 50 per cent of its population is under 25 years.
Sharing this, Nandita Sinha, CEO, Myntra, said that today the contribution of e-commerce to most of the fashion businesses is 10-12 per cent,which will grow to 30 per cent. This means almost one-third of fashion in India in next five years will be sold online or through digital platforms.
Addressing ETRetailTech Summit 2022, she further added that as businesses, fashion and retail digitises and it leads to the scale of 30 per cent being digital sales, all channels will coexist in a very symbiotic relationship for each of the channels to grow, and contribute in a meaningful way.
Talking about the fashion retail industry, Nandita said that India is an under-penetrated country from the brands’ point of view as it has less brands per capita consumption than the Southeast Asian countries or the West.
In a separate development, Myntra said that it expects to see 5 million customers transacting in the six-day EORS sale, with over 1 million of those expected to be new customers. About 40 per cent of customers will be from Tier-2 and Tier-3 cities.
