Burlingame, Feb. 27, 2024 (GLOBE NEWSWIRE) -- CoherentMI published a report, titled, Asia Fashion Ecommerce Market was valued at US$ 521 Billion in the year 2023, and is anticipated to reach US$ 985 Billion by 2030, with growing at a CAGR of 9.5% during the forecast period 2023-2030.
Market Dynamics:
The Asia Fashion Ecommerce Market is driven by factors such as the rising internet penetration and increasing adoption of smartphones and mobile applications. With the rapid growth of internet users in countries like China and India, online shopping has become a popular trend amongst the fashion-conscious population. Moreover, the convenience of shopping from home, availability of a wide range of products, and competitive pricing offered by fashion ecommerce platforms have further propelled the market growth.
Additionally, the growing disposable income, changing lifestyle, and increasing fashion consciousness among the younger generation are also contributing to the market expansion. The ease of access to international fashion brands, quick delivery options, and hassle-free returns have increased the consumer confidence in online fashion shopping, further accelerating market growth.
Asia Fashion Ecommerce Market Report Coverage:
| Report Coverage | Details | |
| Study Period | 2023 - 2030 | |
| Base Year of Estimation | 2022 | |
| CAGR | 9.5% | |
| Largest Market | Asia | |
| Market Concentration | High | |
| Major Players | Alibaba, Amazon, Flipkart, Myntra, Rakuten, Zalora and Among Others. | |
| Segments Covered | By Product Type, By End User, By Price Range, By Category, By Distribution Channel | |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends | |
| Trends | • Mobile shopping gaining significant traction • Increasing cross-border online shopping • Voice and vernacular language support • Sustainable and ethical fashion | |
Market Takeaways:
- Asia Fashion Ecommerce Market Size is anticipated to witness a CAGR of 9.5% during the forecast period 2023-2030, owing to the increasing popularity of online fashion shopping and the growing demand for premium apparel in the region.
- On the basis of product type, the apparel segment dominates the market, with clothing being the most popular subsegment. This dominance can be attributed to the changing fashion trends and the need for clothing among the Asian population.
- In terms of end users, men are the dominating segment in the Asia fashion ecommerce market. The increasing fashion consciousness among men, coupled with their inclination towards online shopping, has contributed to their dominance in this segment.
- The premium price range holds a dominant position in the market, as consumers in Asia are willing to spend on high-quality, luxury fashion products. Online platforms offer a wide range of premium apparel options, catering to the preferences of these consumers.
- In terms of categories, western wear dominates the Asia fashion ecommerce market. Western fashion trends are popular among the Asian youth, and online platforms provide easy access to a variety of western wear options for them.
- The Asia fashion ecommerce market is dominated by company-owned distribution channels, as key players like Alibaba, Amazon, and Flipkart have established their own online platforms. However, marketplaces and multi-brand retailers also play a significant role in the distribution of fashion products in the region.
- In terms of regions, North America holds a dominant position in the Asia fashion ecommerce market. The region boasts a strong infrastructure for online shopping and has a large number of consumers who prefer Asian fashion products.
- Key players operating in the Asia fashion ecommerce market include Alibaba, Amazon, Flipkart, Myntra, Rakuten, Zalora, Lazada, Shopee, JD.com, Club Factory, Shein, Mamshi, Noon, Nykaa, Ajio, Tmall, Farfetch, Asos, Zozo, and Ssense. These players have established a strong presence in the market and continue to innovate and expand their product offerings to cater to the diverse demands of Asian consumers.
Market Trends:
Two significant market trends in the Asia Fashion Ecommerce market are the increasing demand for sustainable fashion and the growing popularity of social media influencers.
Sustainable fashion has gained immense popularity among environmentally conscious consumers. The rising awareness regarding the environmental impact of fast fashion has led to the demand for ethically sourced and environmentally friendly fashion products. Ecommerce players are focusing on offering sustainable fashion options, including organic and recycled materials, to cater to this growing demand.
Social media influencers play a crucial role in influencing the purchasing decisions of consumers in the fashion industry. These influencers have a large follower base and often collaborate with fashion ecommerce platforms to promote brands and products through sponsored posts. The use of social media influencers has become a highly effective marketing strategy for fashion ecommerce companies to reach their target audience and drive sales.
Recent Development:
- In March 2022, to increase its market share in cosmetic industry, Myntra introduced Myntra Beauty, a specialised e-commerce site.
- In January 2022, Flipkart launched its loyalty programme Flipkart Xtra, to give customers discount and other perks.
Read the complete market research report, "Asia Fashion Ecommerce Market, By Product Type, By End User, By Price Range, By Category, By Distribution Channel, and other Segment Forecast 2023-2030", Published by CoherentMI.
Market Opportunities:
Increasing Popularity of Online Fashion Shopping in Asia
Asia has emerged as a lucrative market for fashion ecommerce, with a projected market size of US$ 521 billion in 2023. The market is expected to witness a significant growth rate of 9.5% CAGR during the forecast period of 2023-2030. This growth is primarily driven by the increasing popularity of online fashion shopping among the Asian population.
With the advancement of internet technology and the rise of smartphones, Asian consumers have experienced a shift in their shopping behavior. The convenience, accessibility, and variety offered by online fashion platforms have attracted a large number of customers. The ease of browsing through a wide range of products, comparing prices, and making purchases from the comfort of their homes has contributed to the surge in online fashion sales.
Growing Demand for Premium Apparel in Asia
One of the key market opportunities in the Asia fashion ecommerce market lies in the growing demand for premium apparel. The apparel segment dominates the market, and within this segment, the premium category holds a dominant position.
Asia is experiencing rapid urbanization and rising disposable incomes, leading to a significant increase in purchasing power. This, coupled with changing lifestyles and fashion preferences, has driven the demand for high-quality, premium apparel. Consumers are increasingly willing to spend on luxury and designer brands, and online fashion platforms have made it easier for them to access these products.
As a result, key players in the fashion ecommerce market, such as Alibaba, Amazon, and Flipkart, are focusing on expanding their premium apparel offerings to cater to the growing demand. This market opportunity presents immense potential for growth and profitability in the Asia fashion ecommerce market.
In conclusion, the Asia fashion ecommerce market presents significant market opportunities in the form of the increasing popularity of online fashion shopping and the growing demand for premium apparel. Key players need to capitalize on these opportunities by offering a wide range of products, enhancing the shopping experience, and focusing on market expansion to maintain their dominance in this highly competitive market.
Asia Fashion Ecommerce Market Segmentation:
- By Product Type
- Apparel
- Footwear
- Accessories
- Jewelry
- Bags
- Watches
- Others (cosmetics, perfumes, personal care)
- By End User
- Men
- Women
- Unisex
- Kids
- Others (Baby)
- By Price Range
- Premium
- Mid
- Low
- By Category
- Western Wear
- Ethnic Wear
- Sports Wear
- Inner Wear
- Loungewear
- Swimwear
- Others (sleepwear, maternity)
- By Distribution Channel
- Company owned
- Marketplace
- Multi-brand Retailers
- Others (flash sales)
Get your copy of this research report now @ https://www.coherentmi.com/industry-reports/asia-fashion-ecommerce-market/buyNow
Top Questions Answered in this Report:
- What factors are impeding the growth of the Asia Fashion Ecommerce Market?
- What are the primary drivers fueling the growth of the Asia Fashion Ecommerce Market?
- Which segment dominates as the leading component in the Asia Fashion Ecommerce Market?
- Who are the key players actively participating in the Asia Fashion Ecommerce Market?
- Which region is expected to take the lead in the Asia Fashion Ecommerce Market?
- What is the projected CAGR of the Asia Fashion Ecommerce Market?
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At CoherentMI, we are a leading global market intelligence company dedicated to providing comprehensive insights, analysis, and strategic solutions to empower businesses and organizations worldwide. Moreover, CoherentMI is a subsidiary of Coherent Market Insights Pvt Ltd., which is a market intelligence and consulting organization that helps businesses in critical business decisions. With our cutting-edge technology and experienced team of industry experts, we deliver actionable intelligence that helps our clients make informed decisions and stay ahead in today's rapidly changing business landscape.
