Online Apparel Retailing Market is Anticipated to Undergo a Significant CAGR Through 2025
Thriving e-commerce industry
and increasing smartphone penetration in developing nations are acting as key
growth drivers for global online apparel market.
According
to TechSci Research report, “Global Online Apparel Retailing Market
By Product Type (Upper Wear, Bottom Wear & Others), By End Use (Women, Men
& Children), By Region, Forecast & Opportunities, 2025”, the online
apparel retailing market is anticipated to witness a rapid growth during the
forecast period on account of thriving e-commerce industry and growing number
of online apparel brands around the world. Furthermore, online retailers are
providing security features including online payments and online customer
services which is acting as major growth driver for the market. Also, the
outbreak of COVID-19 has forced consumers to go for online shopping and hence
the global online apparel retailing market is poised to grow in the coming
years. Apart from this, the availability of huge discounts on apparels and free
home delivery on e-commerce sites are attracting new consumers around the
world. Online apparel retailers are also providing several payment options such
as credit cards, internet banking accounts, demand drafts and cash-on-delivery
(COD). The emergence of mobile wallets like apple pay, google pay, Paytm, etc.
are further helping in building consumer confidence in online retailing. Hence,
the growing investment on technology and digital payment methods are expected
to support the growth of global online apparel market in coming years.
Additionally, online apparel retails are coming up
with large number of designs and fits according to customers of all age groups.
Many apparel brands are also introducing their own websites to provide online
shopping experience to the potential customers. With entry of new online
apparel brands, the market is poised to experience rapid growth through 2025.
Furthermore, increasing digitalization in developing economies like India and
rising internet penetration are enabling customers hassle free online shopping
experience.
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Global online apparel retailing market is segmented based on product
type, end user and region. Based on product type, the market can be categorized
into upper wear, bottom wear & others. Among them, the upper wear segment
held the largest market share until 2019 and is further forecast to grow at the
fastest CAGR until 2025. The reasons can be attributed to growing preference of
consumers to follow the latest trends and small replacement cycle.
Based
on end user, the global online apparel market can be segmented into women, men
& children. Among them, the women segment is likely to undergo high CAGR in
terms of revenue during the forecast period on account of increasing
cosmopolitan culture, and exposure to new trends. Moreover, increasing
population of working women and rise in purchasing power are making women the biggest
customer group for online apparel retailing market.
Major players operating in the global online
apparel retailing market are
Alibaba Group, Amazon.com, JD.com, Rakuten, Walmart,
American Apparel, Benetton,a Cotton On, Diesel, Dolce & Gabbana, DKNY,
Giordano International, Levi Strauss, Ralph Lauren, Wovenplay and others.
Leading companies are undertaking several growth strategies such as mergers
& acquisitions, expansions & investments, partnerships, agreements and
joint ventures in order to strengthen their position in global market.
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“Rise in internet penetration and increasing per
capita disposable income in countries like China and India is expected to make
Asia Pacific a lucrative market for online apparel retailers in coming years.
Also, high population and popularity of latest fashion trends are making Asia Pacific
the fastest growing market. With that, retailers are opting for marketing
strategies like promotions and offering
heavy discounts to form new consumer base,” said Mr. Karan Chechi, Research
Director with TechSci Research, a research based global management consulting
firm.
“Global
Online Apparel Retailing Market By Product Type (Upper Wear, Bottom Wear &
Others), By End Use (Women, Men & Children), By Region, Forecast & Opportunities,
2025” has evaluated the future growth potential of online
apparel market and provides statistics & information on market size,
structure and future market growth. The report intends to provide cutting-edge
market intelligence and help decision makers take sound investment decisions. Besides,
the report also identifies and analyzes the emerging trends along with
essential drivers, challenges and opportunities in global online apparel market.
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