Press release
US Online Fashion Retail Market to Rise at 14.21% CAGR by 2020 owing to Increased Social Media Marketing
According to the research study, the U.S. market for online fashion retail is estimated to register a 14.21% CAGR between 2016 and 2020.
The research study further provides insightful recommendations from industry experts to guide the players operating in the market in designing company policies and strategies in an effective manner. It talks about the competitive scenario of the market and analyzes the prominent players engaged in the online fashion retail market in the U.S. On the basis of product type, the U.S. market for online fashion retail has been divided into home furniture and furnishings, apparel, footwear, and accessories. The market share and estimated figures of the segments have been included in the study.
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The retail industry has been broadly classified into online retail and brick-and-mortar retail. Online retail is considered as a part of business-to-customer (B2C) e-commerce and it specifically deals with commerce activities over the internet. On the other hand, brick-and-mortar retail is known as physical-store-based or offline retail. In terms of revenue, in 2015, the online retail market held a 7.29% share in the overall market in the U.S. and is projected to hold a 10% share in the U.S. market by the end of 2020. The rapid growth of the online retail market can be attributed to the growing internet penetration and widespread use of smartphones in the country.
The growing innovations in the online fashion retail market, the increasing online spending from consumers, and the rising influence of millennials on online fashion are some of the key factors that are estimated to fuel the growth of the market through the forecast period. In addition, the growing influence of fashion shows, customization of products, social media marketing, and visual commerce are the major opportunities for the growth of the online fashion retail market in the U.S.
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On the flip side, increased online product returns, presence of counterfeit products, growing cases of fraudulence, and absence of the traditional feel of shopping are the key factors that are projected to curb the growth of the online fashion retail market in the U.S. in the next few years.
Furthermore, the research report on the U.S. market for online fashion retail covers the competitive landscape of the market and provides a thorough vendor analysis. The prominent players operating in the market include Walmart, Amazon, Macy's, Gap, IKEA, and L Brands. Some of the other key vendors mentioned in the research study are ATG Stores.com, Academy Sports + Outdoors, Ideel, J.C. Penney, Factory Green, Target, CustomInk, Backcountry.com, Eastern Mountain Sports, Costco, and Best Buy.
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