The online fashion retail global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Online Fashion Retail Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The online fashion retail market size has grown rapidly in recent years. It will grow from $38.88 billion in 2023 to $45.6 billion in 2024 at a compound annual growth rate (CAGR) of 17.3%. The growth in the historic period can be attributed to increasing global internet usage, the rise of e-commerce, the proliferation of smartphones, social media influence, and rising disposable incomes.
The online fashion retail market size is expected to see rapid growth in the next few years. It will grow to $86.62 billion in 2028 at a compound annual growth rate (CAGR) of 17.4%. The growth in the forecast period can be attributed to omni-channel retail strategies, global market expansion, continued e-commerce growth, sustainability initiatives, and the and the rise of social commerce. Major trends in the forecast period include personalized shopping experiences, technological advancements, the adoption of digital platforms, the adoption of augmented reality, and digital payment systems.
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Scope Of Online Fashion Retail Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Online Fashion Retail Market Overview
Market Drivers –
A shifting preference towards digital shopping for convenience and safety is expected to propel the growth of the online fashion retail market in the coming years. Digital shopping, often known as shopping online, is the process of buying products or services via an internet connection using a mobile app or a website. The convenience of shopping from home drives the shifting preference towards digital shopping, the wide variety of online products, and the ability to easily compare prices and find deals, making it a more appealing and efficient option for consumers. Digital shopping in fashion retail offers convenience, extensive product selection, and personalized shopping experiences enabled by advanced technologies such as artificial intelligence and virtual try-ons. For instance, according to the European ecommerce report 2022, a Europe-based entity for the retail and wholesale sector, the percentage of internet users that bought goods or services online reached 74% in 2021. It was forecasted to reach 76% in 2022. therefore, shifting preferences towards digital shopping for convenience and safety drives the online fashion retail market.
Market Trends –
Major companies operating in the online fashion retail market are integrating virtual reality (VR) and augmented reality (AR) technologies, such as augmented reality filters, to enhance the online shopping experience and gain a competitive edge. Augmented reality filters are digital overlays or effects applied to real-time camera feeds, typically used in apps or social media platforms to alter or enhance the user’s appearance or surroundings. For instance, in November 2022, H & M Hennes & Mauritz AB, a Sweden-based clothing company, launched five augmented reality filters through its app as part of its metaverse design story lineup innovation. It was developed in collaboration with the Institute of Digital Fashion, a UK-based design agency. These AR fashion lenses, powered by Snap, enable virtual try-ons, bridging the gap between the physical and digital realms. This initiative empowers customers to express their style both in real life and online, enhancing engagement and interaction with the brand.
The online fashion retail market covered in this report is segmented –
1) By Product Type: Cloths, Footwear, Jewelry, Cosmetics, Bag And Accessories
2) By Model Type: Business To Business, Business To Consumer
3) By End User: Children, Men, Women
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Regional Insights –
North America was the largest region in the online fashion retail market in 2023. The regions covered in the online fashion retail market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies –
Major companies operating in the online fashion retail market are Amazon.com Inc., Alibaba Group Holding Limited, Adidas AG, H & M Hennes & Mauritz AB, Nordstrom Inc., Levi Strauss & Co., Flipkart Private Limited, Saks Fifth Avenue LLC, Farfetch UK Limited, Ssense Inc., YOOX Net-a-Porter Group S.p.A., Depop Limited, Myntra Designs Private Limited, Shoppers Stop Ltd., Lane Crawford Joyce Group, MATCHESFASHION Limited, Smilegroup Entertainment Ltd, LimeRoad, Lyst Ltd., Paytm Mall, Yebhi, Styletag, Koovs plc, Yepme
Table of Contents
1. Executive Summary
2. Online Fashion Retail Market characterstics
3. Online Fashion Retail Market Trends And Strategies
4. Online Fashion Retail Market – Macro Economic Scenario
5. Global Online Fashion Retail Market Size And Growth
…..
32. Global Online Fashion Retail Market Competitive Benchmarking
33. Global Online Fashion Retail Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Online Fashion Retail Market
35. Online Fashion Retail Market Future Outlook and Potential Analysis
36. Appendix
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