Global Online Fashion Retail Market (2022-2030) | What Recent Studies Say About Top Companies? - Zara, Asos And Other Key Players

The global online fashion retail market is expected to experience significant growth in 2023, according to a new report released by Market Square Insights.

The report, which analysed market trends and forecasts, predicts that the market will reach USD 3.1 billion by 2030, growing at a CAGR of 8.7% during the forecast period 2022-2030.

The growing demand for online shopping and the increasing penetration of smartphones and the internet are the key drivers of this growth.

With more and more consumers turning to online channels for their fashion needs, the online fashion retail market is becoming increasingly competitive, with established brands and new players competing for a share of the market.



Key Research findings of the market:

• Rapid Growth: The online fashion retail market has seen explosive growth in recent years and is expected to continue to grow at a significant pace over the next few years, driven by factors such as increasing consumer demand for online shopping, the growth of e-commerce platforms, and the changing consumer behaviour.

• Mobile Shopping: The growth of smartphones and the increasing use of mobile devices for shopping has had a significant impact on the online fashion retail market, as more and more consumers prefer the convenience of shopping on their mobile devices.

• Competitive Landscape: The online fashion retail market is highly competitive, with established brands such as Zara, H&M, and ASOS competing with new players and startups. The market is also characterized by the emergence of new business models, such as subscription-based services and personal styling services.

• Changing Consumer Behaviour: The COVID-19 pandemic has accelerated the shift towards online shopping, with consumers seeking safer and more convenient ways to purchase fashion products. This has resulted in a significant increase in online sales for fashion retailers.

• Product Segments: The market is segmented based on product type, with clothing being the largest segment, accounting for over 59.8% of the market share. Women's clothing is the largest sub-segment, followed by men's clothing and children's clothing.

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Market Trends and recent developments:

• Emergence of D2C model - D2C model in fashion industry has been rising due increase in use social media, ecommerce platforms etc. And also youth such as Gen Z and millennials are more comfortable shopping at D2C fashion sites.

• Capitalising on consumer affinity - Consumers no longer have to go here and there to search for their favourite products and post pandemic online shopping has become easy way for them to search for their products and at cheaper prices than stores.

• Shift towards sustainable fashion - Increasing awareness among consumers and producers has given rise to circular fashion which involves sustainable production through recycling and reusing the products.

• Use of Metaverse in fashion retail: Metaverse is to take up the storm in the online fashion retail market as Key players trying to use AR and VR in online shopping experience to make the customers feel the product in real before buying it.



Case studies of companies in the online fashion retail market:

• Zara: Zara which is a Spanish fashion retailer that operates in over 96 countries, with a strong online presence, increased its online sales by 94.5% during the COVID-19 pandemic, as more consumers shifted to online shopping. The company's success can be attributed to its fast-fashion business model, which allows it to quickly respond to changing trends and consumer demand. It is recently involving technology and A.I. in online fashion to keep itself ahead of the competitors

• ASOS: ASOS is a UK-based online fashion retailer that specializes in fast fashion and offers a wide range of products, including clothing, footwear, and accessories. ASOS has been successful in targeting millennials and Gen Z consumers through its social media marketing campaigns and influencer collaborations. In 2020, ASOS reported a 18% increase in revenue, driven by its strong online sales performance.

• Rent the Runway: Rent the Runway is a US-based online fashion rental company that offers designer clothing and accessories for rent. The company's subscription-based model allows customers to rent clothes and accessories for a fraction of their retail cost. Rent the Runway has been successful in targeting millennial and Gen Z consumers who are looking for affordable and sustainable fashion options.



The Key Market segments are:
By Market Players:
LVHM
Kering
Lane Crawford
Barneys
Bergdorf Goodman
H&M
Levis
Adidas
Zara
Ssense
Matchsfashion
Farfetch
Nordstrom
Lyst
Net-A-Porter
ModCloth
Luisa Via Roma
Selfridges
Neiman Marcus
Asos
Tengelmann
Gap
Saks Fifth Avenue
I.T.
Alibaba Group
Supreme

By Type:
Bottom
Top
Coat
Bags
Accessories

By Application:
Man
Woman

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Expert's view on the Market:
In a recent interview with the Head of Consumer Discretionary research at RBC Capital Markets Europe. Alfonso Segura replied to a question that "Whether In a consumer downturn did he expect retailers to slow down their spend on technology and business transformation, or to accelerate this to differentiate themselves more from the competition?"
And he replied "When I published Fashion Goes Tech, I commented that becoming a data driven company was key to adapt to omnichannel, but also to permanent volatility. Fashion companies didn't spend much on technology apart from legacy systems like big ERP software. Retail has changed a lot. Today, doing a great marketing campaign and having a high gross profit margin is not enough. All the value chain should be efficient and fast enough to deal with uncertainties.
Technology is not only about moving faster but being more flexible and agile. Having the right data to make the right decision, on time. Companies that invest in technology are the ones that are better adapted to the current scenario.
We can see improvements in technology every year, and more and more startups are enhancing circularity, last mile logistics, demand forecasting, virtual reality showrooming, and so on.
Niche players are transforming the industry and this is why LVMH, H&M or Nike are acquiring startups or creating innovation accelerators. Tech transformation is aligned to business transformation, and this is about continuous improvement."



Conclusion:
In conclusion, the global online fashion retail market is experiencing significant growth and is expected to continue to do so in the coming years.

The increasing penetration of internet and smartphones, the growing popularity of e-commerce platforms, and the rising demand for fast fashion are some of the key drivers of this growth. However, the market is also facing challenges such as increasing competition, concerns regarding the authenticity of products, and rising environmental concerns.

Nevertheless, the market is expected to continue to grow, and companies in this space will need to keep innovating and adapting to changing consumer trends in order to remain competitive.




Topics Covered in The Report:

• The factors which are mentioned in the document are the major market players that are involved in the market such as market players, raw material suppliers, equipment suppliers, end users, traders, distributors etc.

• The entire profile of the organisations is mentioned like the capacity, production, price, revenue, cost, gross margin, income volume, income revenue, consumption, increase rate, import, export, supply & strategies. The technological tendencies that they're making are also covered inside the document. This document analysed 12 years of data history and forecast.

• Data and information by market player, by region, by type, by application and custom research are added according to specific requirements.

• The Report incorporates the SWOT analysis of the market. Finally, the Report incorporates the belief element and conclusion part in which the evaluations of the economic professionals are covered.



Key Reasons to Purchase:
• To know insightful analyses, comprehensive understanding of the global market and its industrial landscape.

• Assess the manufacturing processes, foremost issues, and answers to mitigate the development risk.

• To recognize the maximum affecting and restraining forces within the market with its effects on the international market.

• Learn the market strategies which are being followed by leading respective organisations.

• To recognize the future outlook and prospects for the market.

• Besides the standard reports, we additionally offer customisations with unique requirements.


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Market Square Insights is a market research and consulting firm.

At Market Square Insights, we understand research requirements and help a client in taking informed business-critical decisions. The company focuses on helping the clients achieve transformational growth by helping them make crucial business decisions. At Market Square Insights, we diligently study emerging trends across various industries at global and regional levels, to identify potential opportunities for our client.

This release was published on openPR.