Press release
Fashion E-Commerce Market Report 2024: Key Trends, Size, and Growth Analysis
Fashion E-Commerce Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.
The Market Size Is Expected To Reach $1356.74 billion In 2028 At A CAGR Of 10.6% :
The fashion e-commerce market size has grown rapidly in recent years. It will grow from $821.19 billion in 2023 to $905.62 billion in 2024 at a compound annual growth rate (CAGR) of 10.3%. The growth in the historic period can be attributed to increase in online mode of payment, rise in disposable income, increased internet penetration and low interest rate environment.
The fashion e-commerce market size is expected to see rapid growth in the next few years. It will grow to $1356.74 billion in 2028 at a compound annual growth rate (CAGR) of 10.6%. The growth in the forecast period can be attributed to increasing new payment modes, rising awareness about e-commerce, global economic growth, increasing mobile phone penetration, changing customer preferences, and rapid urbanization . Major trends in the forecast period include use of artificial intelligence (ai) powered virtual assistants, use of augmented reality, increasing demand for sustainable and ethical fashion. companies should also look at investing in social media marketing tactics to increase profits.
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Fashion E-Commerce Market Major Segments
The fashion e-commerce market covered in this report is segmented -
1) By Product: Apparel/Clothing, Accessories, Footwear, Cosmetics, Other Products
2) By Model Type: Business to Business (B2B), Business to Consumer (B2C)
3) By End User: Men, Women, Children
Key Driver - Digital Transformation Driving Growth In The Fashion E-Commerce Industry
The increasing use of the internet and smartphones is expected to contribute to the expansion of the fashion e-commerce industry. For instance, in February 2023, according to Uswitch Limited, a UK-based financial conduct authority, beginning in 2022, there were 71.8 million mobile connections in the UK, a 3.8% (or around 2.6 million) increase over 2021. The UK population is expected to grow to 68.3 million by 2025, of which 95% (or around 65 million individuals) will own a smartphone. This has also led to an increase in the number of online shoppers. This scenario is anticipated to boost demand for fashion and other e-commerce markets, generating higher revenue for the online fashion industry over the forecast period.
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Prominent Trend - Ai-Driven Personalization And Customer Experience Enhancements Transform The Fashion E-Commerce Market
The integration of artificial intelligence in fashion e-commerce is a key trend gaining popularity in the market. Companies in the market are focusing on building personalized experiences for buyers. The integration of AI with algorithms is designed to stimulate conversations with potential buyers and provide style suggestions by using algorithms to suggest products that the customer might like. For example, in 2022, Sweden-based clothing company H&M Group partnered with US-based cloud computing services provider Google Cloud to enable stronger customer experiences and optimize internal supply chains with advanced machine learning (ML) and artificial intelligence (AI) capabilities. The collaboration includes an enterprise data backbone with a core data platform for enhancing H&M's customer experience and supply chain enablement. Earlier, the company teamed up with Google to provide AI-based style suggestions for every individual by analyzing their activities and interests over one week.
Fashion E-Commerce Market Players
Major companies operating in the fashion e-commerce market report are Amazon, Zalando, Alibaba, eBay, Flipkart, ASOS, Stitch Fix, Boohoo.com, Global Fashion Group, Farfetch, Myntra, Jabong, Snapdeal, PayTM, Shopclues, Ajio, MERCARI, Zozo Town, Mash Style Lab, Trinity Arts, FIVEFOXes, F.O. International, Onwards Kashiyama, Origami, H&M, Zara, JD.com, Meituan, Bestseller Fashion Group China, Jack & Jones, Hodo, Threegun, Saint Angelo, LILANZ and Mercury Home Textile, Ted Baker, GAP, zalando.de, bonprix.de, otto.de, eBay Kleinanzeigen, Blisly, RedFox, Oodji, BTC Group, Melon Fashion Group, Aliexpress.ru, Ozon.ru, Eldorado.ru, Dns-shop.ru, Mvideo.ru, Wildberries.ru, Ulmart.ru, eBay.ru, Lamoda.ru, Citilink.ru, Macys, Nordstorm, Revolve, Net-a-porter, Mercadolibre, Amazon Brazil, Americanas, Magalu, Netshoes, Submarino, Shoptime, Noon, Ounaas, Sivvi, Ourshopee, Next UAE, Industrie Africa, Afrikrea, Kisua, The Folklore.
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Largest And Fastest Growing Region In The Market
Asia-Pacific was the largest region in the fashion e-commerce market in 2023. Western Europe was the second largest region in the global fashion e-commerce market share. The regions covered in the fashion e-commerce market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Fashion E-Commerce Market Report Structure
3. Fashion E-Commerce Market Trends And Strategies
4. Fashion E-Commerce Market - Macro Economic Scenario
5. Fashion E-Commerce Market Size And Growth
…..
27. Fashion E-Commerce Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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