Burlingame, Jan. 22, 2024 (GLOBE NEWSWIRE) -- CoherentMI published a report, titled, India Fashion Ecommerce Market was valued at US$ 14 Billion in the year 2023 and is anticipated to reach US$ 18.76 Billion by 2030, at a CAGR of 34% during forecast period 2023-2030.
The Indian fashion ecommerce market is experiencing exponential growth due to the increasing internet penetration rate in the country. With the advent of affordable smartphones and easy availability of high-speed internet connectivity, more and more Indians are now shopping online for fashion products. The convenience of browsing through a wide range of fashion products from the comfort of their homes and the option of cash on delivery has further fueled the growth of the fashion ecommerce market in India. Additionally, the rise of social media platforms and the influence of fashion influencers have significantly impacted the purchasing decisions of consumers, driving the growth of online fashion sales. Furthermore, the COVID-19 pandemic has accelerated the shift towards online shopping, as people are opting for contactless transactions and avoiding crowded physical stores. These factors together create a favorable scenario for the growth of the India Fashion Ecommerce Market.
Market Snapshot:
| Report Coverage | Details | |
| Study Period | 2023 - 2030 | |
| Base Year of Estimation | 2022 | |
| CAGR | 34.00% | |
| Largest Market | India | |
| Market Concentration | High | |
| Major Players | Nykaa, Meesho, Jabong, Snapdeal, Limeroad and Among Others | |
| Segments Covered | By Product Type, By End User, By Price Range, By Category, By Retail Format, By Geography | |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends | |
| Growth Drivers | • Rapid Urbanization • Increasing Internet and Smartphone Penetration • Favorable Demographics • Growth in Organized Retail | |
| Restraints & Challenges | • Underpenetrated Rural Markets • Logistics and Delivery Challenges • Concerns around Data Privacy | |
Key Market Takeaways:
- The India Fashion Ecommerce Market Size is anticipated to witness a CAGR of 34% during the forecast period 2023-2030, owing to the rising popularity of online shopping and the convenience it offers to consumers.
- On the basis of product type, the apparel segment is expected to hold a dominant position, accounting for the largest share in the market. This is driven by the increasing demand for fashionable clothing among Indian consumers.
- North America is expected to hold a dominant position in the market, due to the presence of leading fashion ecommerce players and high internet penetration rates in the region.
- Key players operating in the India Fashion Ecommerce Market include Nykaa, Meesho, Jabong, Snapdeal, Limeroad, Trendin, Myntra, Ajio, Flipkart, and Amazon India. These companies have established a strong presence in the market and offer a diverse range of fashion products to cater to the needs of Indian consumers. As competition intensifies, players in the market are focusing on innovative marketing strategies and partnerships to gain a competitive edge.
Market Trends:
Rapid Growth in Mobile Shopping: With the increasing penetration of smartphones and availability of affordable data plans, mobile shopping has become extremely popular in India. Consumers are increasingly using mobile applications to purchase fashion products, as it offers a seamless and convenient shopping experience. This trend is expected to continue growing, with fashion retailers focusing on optimizing their mobile apps for better user experience and personalized recommendations.
Rise in Sustainable Fashion: Consumers in India are becoming more conscious about the environmental and social impact of fashion. There is a growing demand for sustainable and ethical fashion products, which are produced using eco-friendly materials and fair labor practices. Many fashion ecommerce platforms in India are now offering a wide range of sustainable fashion options, including organic clothing, recycled materials, and cruelty-free products. This trend is not only driven by consumer preferences but also influenced by government policies promoting sustainability in the fashion industry.
Recent development:
- In September 2022, Myntra introduced Myntra, a funfair event that takes place every month and features tempting deals and discounts on apparel and leisure items.
- In June 2021, Ajio introduced Ajio Gold, a reward programme that provides premium clients with more cashback, free shopping, and priority customer care.
Read the complete market research report, "India Fashion Ecommerce Market Size And Share Analysis - Growth Trends And Forecasts (2023-2030)", Published by CoherentMI.
Market Opportunities in the India Fashion Ecommerce Market
Expanding Product Types and Categories: The India Fashion Ecommerce Market is experiencing significant growth in various product types and categories. Apparel currently dominates the market, accounting for the largest share. However, other segments such as footwear, accessories, beauty and personal care, jewelry, and others are also witnessing rapid growth. This expansion is fueled by the increased adoption of online shopping and the convenience it offers to consumers. With the growing popularity of fashion ecommerce platforms, customers now have access to a wide range of products from the comfort of their homes. This presents a great opportunity for companies to capitalize on the demand for diverse fashion products and cater to the evolving tastes and preferences of Indian consumers.
Focus on Different End Users: In addition to the expanding product types, the India Fashion Ecommerce Market also offers a lucrative opportunity by catering to different end users. While men's fashion currently dominates the market, there is a growing demand for women's fashion as well as unisex and kids' fashion. With changing lifestyle trends and increasing purchasing power, women and children are becoming major contributors to the fashion ecommerce market. To tap into this potential, companies need to focus on creating tailored solutions for different consumer segments. By offering a wide variety of products and personalized shopping experiences, fashion ecommerce platforms can attract and retain a diverse customer base. This opportunity presents immense potential for growth and profitability in the India Fashion Ecommerce Market.
India Fashion Ecommerce Market Segmentation:
- By Product Type
- Apparel
- Footwear
- Accessories
- Beauty and Personal Care
- Jewelry
- Others
- By End User
- Men
- Women
- Unisex
- Kids
- Others
- By Price Range
- Premium (above INR 3000)
- Mid (INR 1000 - 3000)
- Economy (below INR 1000)
- By Category
- Ethnic Wear
- Western Wear
- Sportswear
- Innerwear and Loungewear
- Winterwear
- Formalwear
- Others
- By Retail Format
- Marketplace Model
- Inventory Model
- Hybrid Model
- Aggregator Model
- By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East
- Africa
Buy this premium report now @ https://www.coherentmi.com/industry-reports/india-fashion-ecommerce-market/buyNow
Top Questions Answered in this Report:
- What factors are impeding the growth of the India Fashion Ecommerce Market?
- What are the primary drivers fueling the growth of the India Fashion Ecommerce Market?
- Which segment dominates as the leading component in the India Fashion Ecommerce Market?
- Who are the key players actively participating in the India Fashion Ecommerce Market?
- Which region is expected to take the lead in the India Fashion Ecommerce Market?
- What is the projected CAGR of the India Fashion Ecommerce Market?
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