The ecommerce sector have observed extraordinary growth over the past few years. The growth was primarily driven by prompt adoption of technology led by inclining use of devices such as tablets and smartphones as well as access to internet through 3G and broadband which ultimately resulted in inclination in the online consumer base. The growth showcased by some of the players such as snapdeal and flipkart exhibited immense potential of the market. Some of the major trends adopted in this sector include rising utilization of mobile devices for shopping, progress in cross-border online purchase and utilization of alternative payment methods by online shoppers all over the world.
It has been noticed that apparel is one of the industries gaining the most from the online shopping boom, being among the highly purchased product categories in online retail segment all over the world. The apparel has become an online accomplishment majorly due to new and innovative visualization tools as well as the presence of customer reviews. The apparel sector is one of the major beneficiaries of the ecommerce growth. The global online apparel market has showcased remarkable growth in the past few years due to exceptional growth of online retailing across the globe. The market is projected to grow at a very higher pace over the next ten years from 2016-2024. The global online apparel sales is anticipated to observe stupendous CAGR till 2024 with major stimulus from developing economies.
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The global Online Apparel market is segmented on the basis of demographic profile which includes men, women and kids. The global online apparel market is further bifurcated on the basis of men’s apparel and women’s apparel. The men’s apparel is sub-segmented on the basis of shirts, sweatshirts, pants, jeans, blazers, shorts, suits, coats, sleepwear and others. On the other hand, women’s apparel is segmented by pants, tops, jeans, shorts, skirts, coats, swimsuits, sleepwear and others. The global online apparel market is also segmented on the basis of price segments such as premium, mid and low.
Rising internet penetration, technological advancement and rapid communication to drive the global online apparel market. The increase in number of smartphone users, higher convenience, affordability factor and variety of products offered that play a significant role in determining the sales amount will foster the growth of global online apparel market over the next 10 years till 2025. Women’s wear is forecasted to impel the global online apparel market in future. Rising preferences to shop online through tablets and smartphones as well as launching of innovative sales strategies by major companies such as the concept of flash sales and daily deals in different regions have been substantially changing the market and is expected to drive the global online apparel market in the years to come.
Geographically, the Global Online Apparel industry can be divided by major regions which include North America, Latin America, Western and Eastern Europe, Asia-Pacific region, Japan, Middle East and Africa. North America captured the highest share in the global online apparel market. In North America, particularly in the U.S. apparel is the second largest product category in online retails market in terms of sales volume. China is anticipated to be the highest online apparel market by 2025 exceeding the U.S. market. China consists of biggest online retail sector marking close to a third of all business to commerce ecommerce sales and booming at double-digit numbers. Amongst all the region, Asia-Pacific is the rapidly growing market and is projected to showcase highest CAGR till 2025 surpassing Europe in terms of total online sales by 2025. Improvement in internet penetration as well as infrastructure in the emerging markets such as India and China will impel the growth of global online apparel market over the next few years.
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The major players identified across the value chain of global Online Apparel market include –
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