New York, Feb. 17, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Fashion E-Commerce Global Market Report 2023" - https://www.reportlinker.com/p06282520/?utm_source=GNW
Major players in the fashion e-commerce market are Amazon, Flipkart, Alibaba, Snapdeal, eBay, Myntra, ShoClues, AliExpress, HomeShop18, and Jabong.
The global fashion e-commerce market will grow from $744.4 billion in 2022 to $821.19 billion in 2023 at a compound annual growth rate (CAGR) of 10.3%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, causing inflation across goods and services effecting many markets across the globe. The fashion e-commerce market is expected to grow to $1,222.32 billion in 2027 at a CAGR of 10.5%.
The fashion ecommerce market includes revenues earned by entities by several online platforms and tools for trading fashion products.The market value includes the value of related goods sold by the service provider or included within the service offering.
Only goods and services traded between entities or sold to end consumers are included.
Fashion ecommerce is the online buying and selling of clothing and accessories. Fashion goods include fashion accessories, clothes, shoes, bags, jewelry, cosmetics, and other luxury goods.
Asia Pacific was the largest region in the fashion e-commerce market in 2021.Western Europe was the second largest region in the fashion e-commerce market.
The regions covered in the fashion e-commerce market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
The main products of fashion e-commerce are apparel and clothing, accessories, footwear, cosmetics, and other products.Accessories refer to items of equipment that are not usually essential, but which are used with or added to something else to make it more efficient, useful, or decorative.
The different model types are business to business (B2B) and business to consumer (B2C). The various end-users involved are men, women, and children.
The increasing use of the internet and smartphones is expected to contribute to the expansion of the fashion e-commerce industry. According to the DataReportal, the number of smartphone users in 2020 reached 5.22 billion which was about 66% 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.
Rules concerning website content and the 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 mandating the use of local languages on their websites, as in countries with more than one local official language, it results in a higher cost for the companies dealing with online retail. 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.
Technological innovations are a leading trend in the fashion e-commerce industry.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 experiences.
Moreover, many fashion companies are launching new apps to sell their products online in order to reach a large consumer base.For instance, in April 2022, The Folklore Group, a New York-based fashion e-commerce startup launched ‘The Folklore Connect’.
The new offering is a fashion B2B wholesale platform to connect brands in emerging markets to bulk retailers in North America and Europe.
In October 2022, V-mart, a Mumbai-based value retail chain, acquired LimeRoad for an undisclosed amount.The acquisition would combine expertise of both the companies and deliver trending fashion offerings to their consumers.
LimeRoad is a Delhi-based online Fashion marketplace.
The countries covered in the fashion e-commerce market are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.
The market value is defined as the revenues that enterprises gain from goods and/or services sold within the specified market and geography through sales, grants, or donations in terms of currency (in USD ($) unless otherwise specified).
The revenues for a specified geography are consumption values – that is, they are revenues generated by organizations in the specified geography within the specified market, irrespective of where they are produced. It does not include revenues from resales either further along the supply chain or as part of other products.
The fashion e-commerce market research report is one of a series of new reports that provides fashion e-commerce market statistics, including fashion e-commerce industry global market size, regional shares, competitors with a fashion e-commerce market share, detailed fashion e-commerce market segments, market trends and opportunities, and any further data you may need to thrive in the fashion e-commerce industry. This fashion e-commerce market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
Read the full report: https://www.reportlinker.com/p06282520/?utm_source=GNW
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