The online fashion retail market has experienced rapid growth, increasing from $38.88 billion in 2023 to $45.6 billion in 2024, with a compound annual growth rate (CAGR) of 17.3%. This growth is driven by rising global internet usage, the expansion of e-commerce, the proliferation of smartphones, the influence of social media, and increasing disposable incomes. Looking ahead, the market is projected to reach $86.62 billion by 2028 at a CAGR of 17.4%. This anticipated growth is supported by omni-channel retail strategies, global market expansion, ongoing e-commerce growth, sustainability initiatives, and the rise of social commerce. Key trends for the forecast period include personalized shopping experiences, technological advancements, the adoption of digital platforms, augmented reality, and digital payment systems.
Global Online Fashion Retail Market Key Driver
The shift towards digital shopping for convenience and safety is expected to drive the online fashion retail market's growth. Digital shopping, or online shopping, provides convenience, a wide range of products, and easy price comparison. This shift is particularly prominent in fashion retail, where advanced technologies enhance the shopping experience. According to the European ecommerce report 2022, internet users purchasing goods online increased to 74% in 2021, with projections reaching 76% in 2022. Therefore, the trend towards digital shopping is propelling the growth of the online fashion retail market.
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Global Online Fashion Retail Market Segments
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
By Geography:The regions covered in the online fashion retail market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
North America was the largest region in the online fashion retail market in 2023.
Major Online Fashion Retail Industry Players
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
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Online Fashion Retail Market Overview
Online fashion retail refers to the business of selling fashion products such as clothing, accessories, shoes, and cosmetics through internet platforms. It allows customers to browse, select, and purchase items from a wide range of brands and designers without visiting physical stores. It often includes features such as virtual fitting rooms, detailed product descriptions, customer reviews, and convenient payment options, making it a popular choice for shopping among consumers worldwide.
Online Fashion Retail Global Market Report 2023 provides data on the global online fashion retail market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The online fashion retail market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
