How Has the Online Fashion Retail Market Size Evolved in Recent Years?
The online fashion retail market has seen considerable growth due to a variety of factors.
• The online fashion retail market has experienced significant growth in recent years. It is projected to increase from $45.6 billion in 2024 to $53.61 billion in 2025, with a compound annual growth rate (CAGR) of 17.6%.
The growth is driven by higher global internet usage, the rise of e-commerce, the proliferation of smartphones, social media influence, and increasing disposable incomes.
What Are The Predictions for The Online Fashion Retail Market in the Coming Years?
The online fashion retail market is expected to maintain its strong growth trajectory in upcoming years.
• The online fashion retail market is set to grow rapidly, reaching $101.52 billion by 2029 with a CAGR of 17.3%.
This growth is driven by omni-channel retail strategies, global market expansion, e-commerce growth, sustainability initiatives, and social commerce. Key trends include personalized shopping experiences, technological advancements, digital platforms, augmented reality adoption, and digital payments.
Which Drivers Are Accelerating Growth In The Online Fashion Retail Market?
The impending surge in online fashion retail is anticipated due to the shifting consumer preference towards the safety and ease of digital shopping. Digital shopping, also referred to online shopping, is when products or services are purchased over the internet using a mobile application or a website. The main drive behind this shifting preference is the ability for consumers to shop from the comfort of their homes, the vast range of products online, and the ease of price comparisons and deal finding, making it a more desirable and efficient choice. The digital shopping experience in fashion retail provides convenience, a wide array of products, and a personalized shopping journey powered by technologies like artificial intelligence and virtual try-ons. For instance, as per the European ecommerce report 2022 from a Europe-based organization for the retail and wholesale industry, 74% of internet users made online purchases of goods or services in 2021. This number is predicted to rise to 76% in 2022. Therefore, the changing inclination towards digital shopping due to its convenience and safety contributes to the growth of the online fashion retail market.
What Are The Core Segments Of The Global Online Fashion Retail Market?
The online fashion retail market covered in this report is segmented –
1) By Product Type: Clothes, Footwear, Jewelry, Cosmetics, Bag And Accessories
2) By Model Type: Business To Business, Business To Consumer
3) By End User: Children, Men, Women
Subsegments:
1) By Clothes: Women's Apparel, Men's Apparel, Kids' Apparel, Sportswear, Lingerie And Sleepwear, Outerwear (Jackets, Coats), Swimwear
2) By Footwear: Women's Footwear, Men's Footwear, Kids' Footwear, Sports Footwear (Running Shoes, Sneakers), Casual Shoes, Formal Shoes, Boots
3) By Jewelry: Necklaces And Pendants, Earrings, Bracelets And Bangles, Rings, Watches, Brooches And Pins
4) By Cosmetics: Skincare, Makeup (Face, Eyes, Lips), Haircare Products, Fragrances, Nail Care Products, Beauty Tools And Accessories
5) By Bags And Accessories: Handbags, Backpacks, Wallets And Purses, Belts, Sunglasses, Scarves And Shawls, Hats And Caps, Gloves, Travel Bags
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Which Emerging Market Trends Are Altering The Online Fashion Retail Industry?
Leading businesses in the online fashion retail market are combining enhanced reality (AR) and virtual reality (VR) technologies, including augmented reality filters, to improve the experience of online shopping and stand out amongst competitors. Augmented reality filters function as digital enhancements or modifications that are added to real-time camera captures, commonly used on apps or social media networks to distort or enrich a user's environment or appearance. For example, H & M Hennes & Mauritz AB, a clothing corporation based in Sweden, introduced five augmented reality filters on its app as part of its mix of innovative metaverse design stories in November 2022. This was done in partnership with the Institute of Digital Fashion, a design agency located in the UK. These AR fashion overlays, made possible by Snap, allow for virtual try-ons, thus diminishing the distance between the physical world and the digital space. This approach gives consumers the medium to demonstrate their fashion sense both online and in reality, thus boosting their engagement and interaction with the brand.
Who Are the Key Players In The Online Fashion Retail Market?
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
What Are The Regional Insights Into The Online Fashion Retail Market?
North America was the largest region in the online fashion retail market in 2024. The regions covered in the online fashion retail market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
