Global Fashion E-Commerce Market Opportunities And Strategies For Major Players In The Fashion E-Commerce Market 2021-2030
5 Aug, 2021
The fashion e-commerce market consists of sales of fashion goods and its related services through online channels by entities (organizations, sole traders or partnerships) that that are primarily involved in retailing fashion goods through e-commerce. Fashion goods include fashion accessories, clothes, shoes, bags, jewelry, cosmetics, and other luxury goods.
Global Fashion E-Commerce Market Size And Drivers:
The global fashion e-commerce market reached a value of nearly $549,550.39 million in 2020, having increased at a compound annual growth rate (CAGR) of 7.7% since 2015. The market is expected to grow from $549,550.39 million in 2020 to $929,378.49 million in 2025 at a rate of 11.1%. The growth is mainly due to the increasing awareness about e-commerce among the population and increase in mobile phone usage which is expected to drive the demand for fashion e-commerce. The fashion e-commerce market is expected to grow from $929,378.49 million in 2025 to $1,896,829.88 million in 2030 at a CAGR of 15.3 %. The fashion e-commerce market was driven by rapid growth in online mode of payments such as net-banking and E-wallets.
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Trends In The Global Fashion E-Commerce Market
Fashion e-commerce companies are now focused on building personalized experiences for buyers with artificial intelligence-enabled virtual assistants. AI-enabled virtual assistants are software programs with algorithms designed to stimulate conversations with human users over the Internet. These AI-powered virtual assistants are being used to enable one-on-one conversations with the potential buyer and provide style suggestions by using algorithms to suggest products that the customer might like. Major players in the market have started implementing this trend to impact the customer’s buying behavior and increase sales. For instance, Tommy Hilfiger, a USA-based clothing company, uses AI-enabled chatbots to allow shoppers to browse through the collections and provide assistance in selecting an outfit based on the buyer’s style. Further, H&M, a Sweden based clothing company, teamed up with Goggle to provide AI-based style suggestions for every individual by analyzing their activities and interests over one week.
Global Fashion E-Commerce Market Segments:
The global fashion e-commerce market is further segmented based on product, end user, model type and geography.
By Products: Apparel/Clothing, Accessories, Footwear, Cosmetics, Others
By End User: Men, Women, Children
By Model Type: Business to Business (B2B), Business to Consumer (B2C)
By Geography: The global fashion e-commerce market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, Asia Pacific is the largest region in the global fashion e-commerce. market, accounting for 32.0% of the total in 2020.
Read More On The Report For The Global Fashion E-Commerce Market At:https://www.thebusinessresearchcompany.com/report/fashion-e-commerce-global-market
Fashion E-Commerce Global Market Report 2021 is one of a series of new reports from The Business Research Company that provides fashion e-commerce market overviews, analyzes and forecasts market size and growth for the global fashion e-commerce market, fashion e-commerce market share, fashion e-commerce market players, fashion e-commerce market segments and geographies, fashion e-commerce market’s leading competitors’ revenues, profiles and market shares. The fashion e-commerce market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.