Fashion E-Commerce Global Market Report 2020-30: Covid 19 Growth and Change

New York, July 09, 2020 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Fashion E-Commerce Global Market Report 2020-30: Covid 19 Growth and Change" - https://www.reportlinker.com/p05930662/?utm_source=GNW
25 billion in 2019 to $485.62 billion in 2020 at a compound annual growth rate (CAGR) of -8.59%. The decline is mainly due to the COVID-19 outbreak that has led to restrictive containment measures involving social distancing and remote working, and the closure of industries and other commercial activities. The entire supply chain from production to international trade has been impacted. The market is expected to recover and reach $672.71 billion in 2023 at a CAGR of 11.48%.

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.

North America was the largest region in the fashion e-commerce market in 2019. Asia Pacific is expected to be the fastest-growing region in the forecast period.

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.

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.

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.

In June 2018, the online retailers Media24 and Takealot.com announced that they will merge their online fashion brands, Spree and Superbalist, creating an exciting online fashion platform for South African consumers. The merger of Superbalist and Spree provides an opportunity to accelerate the growth of online fashion retail in South Africa.

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. The smartphone users increased from 2.5 billion in 2016 constituting 33.58% of the year’s global population to 3.5 billion in 2019, which was 45.04% of the world’s population. 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.



Read the full report: https://www.reportlinker.com/p05930662/?utm_source=GNW

About Reportlinker
ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need - instantly, in one place.

__________________________