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Fashion E-Commerce Global Market Report 2022
Major players in the fashion e-commerce market are Amazon, Flipkart, Alibaba, Snapdeal, eBay, Myntra, ShoClues, AliExpress, HomeShop18, and Jabong. The global fashion e-commerce market is expected to grow from $668.
New York, June 01, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Fashion E-Commerce Global Market Report 2022" - https://www.reportlinker.com/p06282520/?utm_source=GNW
1 billion in 2021 to $744.4 billion in 2022 at a compound annual growth rate (CAGR) of 11.4%. The market is expected to grow to $1,102.96 billion in 2026 at a compound annual growth rate (CAGR) of 10.3%.
The fashion e-commerce market consists of sales of fashion goods and their related services through online channels.Fashion goods include fashion accessories, clothes, shoes, bags, jewelry, cosmetics, and other luxury goods.
The fashion e-commerce market comprises revenue generated by the establishments using several online platforms and tools for trading fashion products.
The main products of fashion e-commerce are apparel/clothing, accessories, footwear, cosmetics, and other products.Accessories refer to items of equipment that are not usually essential, but which are used with or added to something else to make it more efficient, useful, or decorative.
The different model types are business to business (B2B), and business to consumer (B2C). The various end-users involved are men, women, and children.
Asia Pacific was the largest region in the fashion e-commerce market in 2021.Western Europe was the second largest region in the fashion e-commerce market.
The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
The increasing use of the internet and smartphones is expected to contribute to the expansion of the fashion e-commerce industry. According to the Digital 2019 Global Overview Report, the total number of phone users including smart and feature phones reached 4.78 billion, which was 61.51% of the world’s population in 2019. There were 3.5 billion smartphone users in 2019. This has also led to an increase in the number of online shoppers. This scenario is anticipated to boost the demand for fashion and other e-commerce markets, generating higher revenue for the online fashion industry over the coming years.
Rules concerning website content and the safety of consumer information are predicted to limit the growth of the market.The rules and regulations for companies about the content of the website make it difficult for players to manage their business.
A major concern is to mandate the use of local languages on their website, as in countries with more than one local official language, it results in a higher cost for the companies dealing with online retailing. This scenario is projected to act as a restraint for the fashion e-commerce market.
Weakening brand trust and loyalty, and high return rates are other major concerns for the growth of the fashion e-commerce market.The decline in brand loyalty can be due to several factors including product quality, a lack of selection options, or better prices elsewhere.
This, in turn, is a reason for the high return rates.
Technological innovations are a leading trend in the fashion e-commerce industry.The companies dealing in the market are adopting new technologies such as artificial intelligence (AI), barcode scanners, virtual reality outfits, and e-commerce automation tools that offer highly personalized and relevant consumer experiences.
Moreover, many fashion companies are launching new apps to sell their products online in order to reach a large consumer base.For instance, in June 2019, Amazon launched an AI-powered tool named StyleSnap, which uses machine learning to find similar styles and clothes.
StyleSnap is an app wherein people can take a picture, upload, and search for similar clothes available on Amazon.com.
In 2019, Aditya Birla Fashion and Retail Limited acquires Jaypore for a sum of Rs110 crore.The acquisition was aimed to help Aditya Birla to enter into the market of online e-commerce business of ethnic wear.
Jaypore is an operator of an online retail platform based in New Delhi, India, and San Francisco and sells home decor, accessories, jewelry online.
The countries covered in the fashion e-commerce market are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.
Read the full report: https://www.reportlinker.com/p06282520/?utm_source=GNW
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