Press release
Soaring Demand Set to Propel Online Fashion Retail Market to $1180.34 Billion by 2029
Online Fashion Retail
What Is the Expected CAGR for the Online Fashion Retail Market Through 2025?
The size of the online fashion retail market has seen a swift increase in recent years. Its growth is projected to rise from $705.73 billion in 2024 to $776.6 billion in 2025, with a compound annual growth rate (CAGR) of 10.0%. Factors contributing to this growth over the historical period include increased global internet usage, the surge in e-commerce, the widespread use of smartphones, the influence of social media, and an increase in disposable incomes.
What's the Projected Size of the Global Online Fashion Retail Market by 2029?
The size of the online fashion retail market is predicted to undergo swift expansion in the coming years, reaching $1180.34 billion in 2029, with a compound annual growth rate (CAGR) of 11.0%. This predicted growth during the forecast period can be attributed to strategies such as omni-channel retail, expansion into global markets, sustained growth in e-commerce, initiatives around sustainability, and the increased prominence of social commerce. The forecast period is also expected to see significant trends such as personalized shopping experiences, technological advancements, the increasing use of digital platforms and augmented reality, as well as a rise in digital payment systems.
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Top Growth Drivers in the Online Fashion Retail Industry: What's Accelerating the Market?
The expected surge in the online fashion retail market in the coming years is attributed to the increasing inclination for digital shopping due to its convenience and safety. Digital shopping, alternatively known as online shopping, involves purchasing goods or services over the internet through a mobile app or a website. This shift in preference can be credited to the ease of shopping from home, an expansive range of online products, and the accessibility to effortlessly compare prices and snag deals, making it a more enticing and effective alternative for shoppers. Digital shopping in the fashion retail sector offers accessibility, a wide product range, and customized shopping experiences facilitated by cutting-edge technologies like artificial intelligence and virtual try-ons. As per the European ecommerce report 2022, a Europe-based retail and wholesale sector entity reported that the proportion of internet users who have shopped online rose to 74% in 2021 and is predicted to increase to 76% in 2022. Therefore, the shift in preferences towards digital shopping for its convenience and safety fuels the growth of the online fashion retail market.
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What Are the Key Trends Driving Online Fashion Retail Market Growth?
Leading firms in the online fashion retail industry are deploying virtual reality (VR) and augmented reality (AR) solutions such as AR filters to improve their online shopping platforms and maintain a competitive edge. AR filters are typically used in apps and social media platforms, digitally overlaying or modifying real-time camera feeds to change or augment the user's setting or look. For example, H & M Hennes & Mauritz AB, a clothing brand from Sweden, launched five AR filters via its app in November 2022 to boost its metaverse design narrative lineup. The project was done in partnership with the Institute of Digital Fashion, a design agency based in the UK. These AR fashion filters, supported by Snap, allow virtual fitting, thereby merging the physical and digital worlds. This innovative tactic allows customers to showcase their fashion preferences in both offline and online settings, thereby increasing brand interaction and engagement.
What Are the Main Segments in the Online Fashion Retail Market?
The online fashion retailmarket covered in this report is segmented -
1) By Product Type: Clothes, Footwear, Jewelry, Cosmetics, Bag And Accessories
2) By Model Type: Business To Business, Business To Consumer
3) By End User: Children, Men, Women
Subsegments:
1) By Clothes: Women's Apparel, Men's Apparel, Kids' Apparel, Sportswear, Lingerie And Sleepwear, Outerwear (Jackets, Coats), Swimwear
2) By Footwear: Women's Footwear, Men's Footwear, Kids' Footwear, Sports Footwear (Running Shoes, Sneakers), Casual Shoes, Formal Shoes, Boots
3) By Jewelry: Necklaces And Pendants, Earrings, Bracelets And Bangles, Rings, Watches, Brooches And Pins
4) By Cosmetics: Skincare, Makeup (Face, Eyes, Lips), Haircare Products, Fragrances, Nail Care Products, Beauty Tools And Accessories
5) By Bags And Accessories: Handbags, Backpacks, Wallets And Purses, Belts, Sunglasses, Scarves And Shawls, Hats And Caps, Gloves, Travel Bags
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Which Top Companies are Driving Growth in the Online Fashion Retail Market?
Major companies operating in the online fashion retail market are 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
Which Regions Will Dominate the Online Fashion Retail Market Through 2029?
North America was the largest region in the online fashion retail market in 2024. The regions covered in the online fashion retail market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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