New York, May 07, 2021 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Fashion E-Commerce Global Market Report 2021: COVID 19 Growth And Change to 2030” – https://www.reportlinker.com/p06070260/?utm_source=GNW
55 billion in 2020 to $668.1 billion in 2021 at a compound annual growth rate (CAGR) of 21.6%. The growth is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $1207.23 billion in 2025 at a CAGR of 16%.
The fashion e-commerce market consists of sales of fashion goods and its 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 of revenue generated by the establishments using several online platforms and tools for trading fashion products.
Increasing use of 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 world’s population in 2019. There were 3.5 billion smart phone 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.
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.
The fashion e-commerce market covered in this report is segmented by product into apparel/clothing; accessories; footwear; cosmetics; others and by end user into men; women; children.
Rules concerning website content and 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.
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 experience.
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.
Read the full report: https://www.reportlinker.com/p06070260/?utm_source=GNW
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