(MENAFN- PR Newswire)
NEW YORK, Sept. 13, 2024 /PRNewswire/ -- Report with the AI impact on market trends- The global online fashion retail market in India size is estimated to grow by USD 51.79 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of
25.2%
during the forecast period. Rise in internet and smartphone penetration
is driving market growth,
with a trend towards
rise of . However,
presence of payment barriers
poses a challenge. Key market players include Adidas AG, Aditya Birla Management Corp. Pvt. Ltd., Alibaba Group Holding Ltd., Amazon Inc., Benetton Group Srl, Dolce and Gabbana S.r.l., eBay Inc., Gildan Activewear SRL, GioTech, H and M Hennes and Mauritz GBC AB, Levi Strauss and Co., Naaptol Online Shopping Pvt. Ltd., One97 Communications Ltd., Reliance Industries Ltd., Shoppers Stop Ltd., Snapdeal Ltd., Tata Sons Pvt. Ltd., The Gap Inc., V Mart Retail Ltd., and Walmart Inc..
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Technavio has announced its latest market research report titled Online fashion retail market in india 2024-2028
Key insights into market evolution with AI-powered analysis. Explore trends, segmentation, and growth drivers- View the snapshot of this report
| Online Fashion Retail Market In India Scope |
| Report Coverage |
Details |
| Base year |
2023 |
| Historic period |
2018 - 2022 |
| Forecast period |
2024-2028 |
| Growth momentum & CAGR |
Accelerate at a CAGR of 25.2% |
| Market growth 2024-2028 |
USD 51792.7 million |
| Market structure |
Fragmented |
| YoY growth 2022-2023 (%) |
19.78 |
| Regional analysis |
India |
| Performing market contribution |
APAC at 100% |
| Key countries |
India |
| Key companies profiled |
Adidas AG, Aditya Birla Management Corp. Pvt. Ltd., Alibaba Group Holding Ltd., Amazon Inc., Benetton Group Srl, Dolce and Gabbana S.r.l., eBay Inc., Gildan Activewear SRL, GioTech, H and M Hennes and Mauritz GBC AB, Levi Strauss and Co., Naaptol Online Shopping Pvt. Ltd., One97 Communications Ltd., Reliance Industries Ltd., Shoppers Stop Ltd., Snapdeal Ltd., Tata Sons Pvt. Ltd., The Gap Inc., V Mart Retail Ltd., and Walmart Inc. |
Market Driver
The Indian online fashion retail market is experiencing significant growth due to increasing mobile penetration and the widespread use of social media. Social commerce, a new e-commerce trend, is revolutionizing the industry by enabling consumers to buy and sell products directly through social media platforms. Major social media sites like Facebook, Instagram, YouTube, Pinterest, and Snapchat offer opportunities for social commerce, allowing users to purchase fashion items directly from their news feeds. This trend simplifies the shopping experience for customers while helping brands increase sales leads and expand their reach. Social commerce provides a vast selection of choices, shared user experiences, and referrals, influencing consumer decision-making. As a result, the number of e-commerce orders in the fashion sector has risen, making social commerce a crucial driver of growth in the online fashion retail market in India.
The Indian online fashion retail market is witnessing a growth due to urbanization, rising disposable incomes, and an increasing urban population. Technology plays a significant role, with moisture-wicking fabrics, UV protection, and design trends driving demand for apparel, footwear, accessories, and jewelry. Versatile fabrics are popular, with key vendors focusing on sustainability and customization. Fashion categories like athleisure, innerwear, ethnic fusion wear, and sneaker culture are trending. Rural markets are also tapping into this growth, with logistics and digital payment systems facilitating sales. Key participants include organized retailers, e-commerce portals. The market's summation shows e-commerce sales increasing, driven by personalization, customization, and omnichannel retailing. Key vendors include Myntra, Jabong, Amazon India, Flipkart, and FirstCry.
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Market Challenges
The online fashion retail market in India faces challenges in growth due to several factors. A significant portion of the population prefers cash transactions due to comfort and security concerns. Many potential customers, particularly in rural areas, lack access to banking services and reliable internet connectivity, hindering their ability to make online payments. Moreover, concerns over data security and fraudulent activities deter some customers from using digital payment methods. The complexity of online payment processes also confuses some users, adding to the market's challenges during the forecast period. According to the Reserve Bank of India, payment frauds increased to 1.5 million in March 2024 from 1.15 million in the previous six months. These factors limit the expansion of the online fashion retail market in India.
The Indian online fashion retail market is witnessing significant growth in various segments such as innerwear, ethnic fusion wear, sneaker culture, and rural markets. Logistics and digital payment systems are key challenges for e-commerce sales. Sustainable fashion, including eco-fashion and ethical fashion, is gaining popularity with consumers. Key parameters like organic cotton, bamboo, linen, recycled materials, and low-impact dyes are driving this trend. The apparel industry faces challenges related to the use of synthetic pesticides, fertilizers, and waste, leading to pollution and high water and energy consumption. Key participants include online shopping portals, fashion designers, and key vendors. Omnichannel retailing and performance-focused gear like athletic wear, leisure wear, and formal wear are popular categories. The summation of data from multiple sources indicates a promising future for the industry, with a focus on fair labor practices and functional clothing.
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Segment Overview
This online fashion retail market in India report extensively covers market segmentation by
Product
1.1 Apparel
1.2 Footwear
1.3 Bags and accessories
Gender
2.1 Women
2.2 Men
2.3 Children
Geography
1.1
Apparel-
The online fashion retail market in India is growing rapidly. In 2020, the market size was valued at USD3 billion and is projected to reach USD6.5 billion by 2025. Consumers prefer the convenience and wide selection offered by online platforms. Major players like Amazon, Flipkart, and Myntra dominate the market, utilizing advanced technologies like AI and ML for personalized shopping experiences. The government's push for digitalization further boosts the sector's growth.
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Research Analysis
The online fashion retail market in India is witnessing rapid growth, driven by urbanization, increasing disposable incomes, and a growing urban population. With the rise of nuclear families and the convenience of digital payment systems, e-commerce sales in the apparel industry have grown. Key sectors include Apparel, Footwear, Accessories, Jewelry, and more. Styles vary from traditional to contemporary, with an increasing focus on eco-fashion and ethical fashion. Wardrobe essentials like organic cotton, bamboo, linen, and synthetic-pesticide-free fabrics are gaining popularity. Omnichannel retailing and online shopping portals are key participants, catering to smartphone users with high internet penetration. The market is vibrant and diverse, offering a wide range of choices for fashion-conscious consumers.
Market Research Overview
The online fashion retail market in India is experiencing exponential growth, fueled by urbanization, rising disposable incomes, and an increasing urban population. Nuclear families and the growing trend of personalization and customization are driving demand for various fashion categories, including apparel, footwear, accessories, and jewelry. Urban markets are leading the charge, but there's also a significant opportunity in rural areas. Apparel styles range from eco-fashion and ethical fashion to athleisure, innerwear, ethnic fusion wear, sneaker culture, and more. Sustainability is a key parameter, with a focus on organic cotton, bamboo, linen, and recycled materials. The fashion industry is addressing environmental concerns by reducing the use of synthetic pesticides, fertilizers, and promoting sustainable practices. Technology plays a crucial role, with moisture-wicking fabrics, UV protection, and low-impact dyes enhancing the shopping experience. Online shopping portals, digital payment systems, and omnichannel retailing are transforming the industry, making fashion accessible to a wider audience. Key parameters include logistics, sustainable fashion, and fair labor practices. Athleisure, leisure wear, gym clothing, and performance-focused gear are popular categories, catering to the growing health and fitness trend. Fashion designers are incorporating technology into their designs, creating versatile, functional, and stylish clothing. The future of the online fashion retail market in India is bright, with numerous opportunities for key participants and vendors to thrive.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
Product
Apparel
Footwear
Bags And Accessories
Gender
Geography
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email:
[email protected]
Website:
SOURCE Technavio
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