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Online Fashion Retail Market Competitive Dashboard, Segmentation, Key Players And Forecast To 2033
Online Fashion Retail Market Trends
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According to The Business Research Company's, The online fashion retail market size has grown rapidly in recent years. It will grow from $38.88 billion in 2023 to $45.6 billion in 2024 at a compound annual growth rate (CAGR) of 17.3%. The growth in the historic period can be attributed to increasing global internet usage, the rise of e-commerce, the proliferation of smartphones, social media influence, and rising disposable incomes.
The online fashion retail market size is expected to see rapid growth in the next few years. It will grow to $86.62 billion in 2028 at a compound annual growth rate (CAGR) of 17.4%. The growth in the forecast period can be attributed to omni-channel retail strategies, global market expansion, continued e-commerce growth, sustainability initiatives, and the and the rise of social commerce. Major trends in the forecast period include personalized shopping experiences, technological advancements, the adoption of digital platforms, the adoption of augmented reality, and digital payment systems.
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Market Drivers and Trends:
A shifting preference towards digital shopping for convenience and safety is expected to propel the growth of the online fashion retail market in the coming years. Digital shopping, often known as shopping online, is the process of buying products or services via an internet connection using a mobile app or a website. The convenience of shopping from home drives the shifting preference towards digital shopping, the wide variety of online products, and the ability to easily compare prices and find deals, making it a more appealing and efficient option for consumers. Digital shopping in fashion retail offers convenience, extensive product selection, and personalized shopping experiences enabled by advanced technologies such as artificial intelligence and virtual try-ons. For instance, according to the European ecommerce report 2022, a Europe-based entity for the retail and wholesale sector, the percentage of internet users that bought goods or services online reached 74% in 2021. It was forecasted to reach 76% in 2022. therefore, shifting preferences towards digital shopping for convenience and safety drives the online fashion retail market.
Major companies operating in the online fashion retail market are integrating virtual reality (VR) and augmented reality (AR) technologies, such as augmented reality filters, to enhance the online shopping experience and gain a competitive edge. Augmented reality filters are digital overlays or effects applied to real-time camera feeds, typically used in apps or social media platforms to alter or enhance the user's appearance or surroundings. For instance, in November 2022, H & M Hennes & Mauritz AB, a Sweden-based clothing company, launched five augmented reality filters through its app as part of its metaverse design story lineup innovation. It was developed in collaboration with the Institute of Digital Fashion, a UK-based design agency. These AR fashion lenses, powered by Snap, enable virtual try-ons, bridging the gap between the physical and digital realms. This initiative empowers customers to express their style both in real life and online, enhancing engagement and interaction with the brand.
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• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
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• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
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• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
Major Key Players of the Market:
Amazon.com Inc., Alibaba Group Holding Limited, Adidas AG, H & M Hennes & Mauritz AB, Nordstrom Inc., Levi Strauss & Co., Flipkart Private Limited, Saks Fifth Avenue LLC, Farfetch UK Limited, Ssense Inc., YOOX Net-a-Porter Group S.p.A., Depop Limited, Myntra Designs Private Limited, Shoppers Stop Ltd., Lane Crawford Joyce Group, MATCHESFASHION Limited, Smilegroup Entertainment Ltd, LimeRoad, Lyst Ltd., Paytm Mall, Yebhi, Styletag, Koovs plc, Yepme
Online Fashion Retail Market 2024 Key Insights:
• The online fashion retail market size is expected to see rapid growth in the next few years. It will grow to $86.62 billion in 2028 at a compound annual growth rate (CAGR) of 17.4%.
• Digital Shopping Trends Driving Growth In Online Fashion Retail
• Enhancing Online Shopping With VR And AR Technologies In Fashion Retail
• North America was the largest region in the online fashion retail market in 2023
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The Business Research Company (https://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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