Online Apparel Retailing Market size is set to grow by USD 278.8 billion from 2024-2028, Rising popularity of digital payment system boost the market, Technavio

NEW YORK, July 10, 2024 /PRNewswire/ -- The global online apparel retailing market size is estimated to grow by USD 278.8 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of  15.2%  during the forecast period. Sustainability is increasingly pivotal in the global online apparel retail market, as consumers prioritize eco-friendly and ethically sourced products. Major players like Adidas AG and ASOS Plc are integrating sustainable practices into their supply chains, aiming to reduce carbon footprints and promote fair labor practices. Despite challenges such as counterfeit products, the market's robust growth, driven by digital payment systems and mobile commerce trends, underscores the industry's shift towards more environmentally conscious consumer choices. Alibaba Group Holding Ltd., Amazon.com Inc., and JD.com Inc. are also leveraging network marketing to expand their sustainable product offerings.

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Market Driver

The rise in mobile commerce is primarily driven by the growing number of consumers purchasing new mobile devices and retailers creating more shopping opportunities. Major players in the online apparel retailing market, including Amazon.com, Flipkart, Alibaba Group, and L'Oreal, have launched mobile applications in addition to their websites. This trend is expected to continue as consumers become more accustomed to shopping via mobile devices. Retail sales through mobile devices, particularly for apparel, are projected to increase significantly. To cater to this trend, most online retailers have developed mobile versions of their shopping portals. Key vendors like Amazon.com and eBay offer mobile applications compatible with various operating systems, enabling seamless shopping experiences for users. The increasing adoption of mobile wallets is also expected to fuel market growth during the forecast period. 

The online apparel retail market is experiencing significant growth with statistical data showing a steady increase in e-commerce sales. Consumers value the convenience and accessibility of shopping for clothes online via ecommerce platforms and mobile shopping. Wide product selection, personalization, ease of returns, and cost savings are key drivers. Social media influences purchasing decisions, and sustainability and ethical shopping are emerging trends. Global expansion, subscription services, free shipping, and customer reviews also contribute to the market's growth. Brands focus on consumer trust, reverse logistics, product quality, and inventory management. Shipping costs, last-mile delivery, and rising advertising costs are challenges. Changing consumer trends, regulatory compliance, and market saturation are factors to watch. Online retail services on the internet through websites and mobile applications facilitate B2B and B2C sales of apparel, clothes, accessories, and more, making online shopping an authentic and convenient alternative to brick-and-mortar stores. 

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Market Challenges

• The online apparel retailing market faces several challenges. Rent for physical locations and production costs are rising, making it harder for fashion firms to maintain profitability. The coronavirus epidemic forced many consumers to shop for essential products online during the lockdown period. Retail therapy shifted from physical stores to e-commerce platforms. However, challenges remain, such as time-consuming processes like physical verification and received product inspections. Fashion firms must adapt to consumer buying habits and preferences using AI and machine learning. American apparel production firms like INSPR offer limited-edition collections and collaborate with influencers for brand development and marketing services. E-commerce giants like Draper focus on digital sales, specialty markets, and innovative technology for automation and doorstep delivery. Microeconomic factors like multinational offshored apparel production and restocking facilities require complex data analysis using PORTER analysis. Decision-makers must navigate these challenges with simple language and innovative technology to stay competitive. The market for jeans, sportswear, and protective clothing remains strong, with consumers seeking essential products and fashion decisions made online.

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Segment Overview 

This online apparel retailing market report extensively covers market segmentation by  

1. End-user 
• 1.1 Men apparel
• 1.2 Women apparel
• 1.3 Children apparel
2. Product 
• 2.1 Upper wear apparel
• 2.2 Bottom wear apparel
• 2.3 Others
3. Geography 
• 3.1 North America
• 3.2 Europe
• 3.3 APAC
• 3.4 South America
• 3.5 Middle East and Africa

1.1 Men apparel-  The men's apparel market is witnessing a notable increase in sales due to the growing acceptance of business casual attire in corporate settings. Men's clothing, including hats, scarves, gloves, and a variety of tops, bottoms, coats, jackets, suits, intimates, and sleepwear, is becoming increasingly popular. Lifestyle shifts, a growing cosmopolitan culture, and rising affluence are driving significant changes in men's wardrobes. Fast-fashion brands are introducing Western fashion trends to emerging markets, expanding the influence of fashion into men's clothing. In the coming years, the luxury apparel sector is projected to grow, particularly in developing markets where opportunities for expansion remain. Although mature markets will continue to contribute to market growth, the pace of growth is anticipated to be more moderate.

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Research Analysis

The online apparel retail market is experiencing exponential growth, driven by various factors. Statistical data shows that ecommerce platforms have become the go-to destination for consumers looking for clothes and accessories. Mobile shopping, with its convenience and accessibility, is a major contributor to this trend. Wide product selection, personalization, and ease of returns are key advantages of online apparel retail. Consumers can save costs by comparing prices and avoiding travel to physical stores. Social media plays a significant role in marketing and promoting online apparel sales. Sustainability and ethical shopping are becoming increasingly important considerations for consumers. Global expansion and subscription services are other emerging trends in the online apparel market. With increased digitization, internet access, smartphones, and digital literacy, online buying of clothes and accessories is set to become the norm. Even luxury brands like Finettchi are joining the bandwagon, offering their collections online.

Market Research Overview

The online apparel retail market has seen significant growth in recent years, driven by various factors. Statistical data shows that ecommerce platforms have become increasingly popular for clothing and accessory purchases, with mobile shopping accounting for a large portion of these sales. Consumers value the wide product selection, convenience, and ease of returns offered by online retailers. Cost savings, personalization, and sustainability are also key factors driving growth. Social media plays a significant role in marketing and influencing fashion trends. Ethical shopping and global expansion are also important trends. Subscription services, free shipping, and customer reviews are essential features that help build consumer trust. Reverse logistics, product quality, and inventory management are critical challenges for online apparel retailers. Shipping costs, last-mile delivery, and rising advertising costs are other significant issues. Changing consumer trends, regulatory compliance, and the coronavirus epidemic have also impacted the market. The increasing digitization and digital literacy, as well as internet access and smart devices, have made online buying more accessible to people. However, challenges such as physical verification, time-consuming processes, and seller expenses persist. Artificial intelligence and machine learning are being used by e-commerce giants to improve fashion decisions, buying habits, and preferences. The market includes various players, from luxury brands like Finettchi and Gucci to production firms like American Apparel. The market is expected to continue growing, but competition and changing consumer trends will remain key challenges.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• End-user
• Men Apparel
• Women Apparel
• Children Apparel
• Product
• Upper Wear Apparel
• Bottom Wear Apparel
• Others
• Geography
• North America
• Europe
• APAC
• South America
• Middle East And Africa

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com/

SOURCE Technavio

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