The Fashion E-Commerce by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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https://www.thebusinessresearchcompany.com/report/fashion-ecommerce-global-market-report
According to The Business Research Company’s Fashion E-Commerce, The fashion e-commerce market size has grown rapidly in recent years. It will grow from $821.19 billion in 2023 to $905.62 billion in 2024 at a compound annual growth rate (CAGR) of 10.3%. The growth in the historic period can be attributed to increase in online mode of payment, rise in disposable income, increased internet penetration and low interest rate environment.
The fashion e-commerce market size is expected to see rapid growth in the next few years. It will grow to $1356.74 billion in 2028 at a compound annual growth rate (CAGR) of 10.6%. The growth in the forecast period can be attributed to increasing new payment modes, rising awareness about e-commerce, global economic growth, increasing mobile phone penetration, changing customer preferences, and rapid urbanization . Major trends in the forecast period include use of artificial intelligence (ai) powered virtual assistants, use of augmented reality, increasing demand for sustainable and ethical fashion. companies should also look at investing in social media marketing tactics to increase profits.
The increasing use of the internet and smartphones is expected to contribute to the expansion of the fashion e-commerce industry. For instance, in February 2023, according to Uswitch Limited, a UK-based financial conduct authority, beginning in 2022, there were 71.8 million mobile connections in the UK, a 3.8% (or around 2.6 million) increase over 2021. The UK population is expected to grow to 68.3 million by 2025, of which 95% (or around 65 million individuals) will own a smartphone. This has also led to an increase in the number of online shoppers. This scenario is anticipated to boost demand for fashion and other e-commerce markets, generating higher revenue for the online fashion industry over the forecast period.
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The fashion e-commerce market covered in this report is segmented –
1) By Product: Apparel/Clothing, Accessories, Footwear, Cosmetics, Other Products
2) By Model Type: Business to Business (B2B), Business to Consumer (B2C)
3) By End User: Men, Women, Children
The integration of artificial intelligence in fashion e-commerce is a key trend gaining popularity in the market. Companies in the market are focusing on building personalized experiences for buyers. The integration of AI with algorithms is designed to stimulate conversations with potential buyers and provide style suggestions by using algorithms to suggest products that the customer might like. For example, in 2022, Sweden-based clothing company H&M Group partnered with US-based cloud computing services provider Google Cloud to enable stronger customer experiences and optimize internal supply chains with advanced machine learning (ML) and artificial intelligence (AI) capabilities. The collaboration includes an enterprise data backbone with a core data platform for enhancing H&M’s customer experience and supply chain enablement. Earlier, the company teamed up with Google to provide AI-based style suggestions for every individual by analyzing their activities and interests over one week.
The fashion e-commerce market report table of contents includes:
1. Executive Summary
2. Fashion E-Commerce Market Characteristics
3. Fashion E-Commerce Market Trends And Strategies
4. Fashion E-Commerce Market – Macro Economic Scenario
5. Global Fashion E-Commerce Market Size and Growth
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26. South America Fashion E-Commerce Market
27. Brazil Fashion E-Commerce Market
28. Middle East Fashion E-Commerce Market
29. Africa Fashion E-Commerce Market
30. Fashion E-Commerce Market Competitive Landscape And Company Profiles
Top Major Players:
- Amazon
- Zalando
- Alibaba
- eBay
- Flipkart
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