The online apparel market is predicted to continue to chart a notable growth trajectory over the 2020 – 2030 forecast period. The severe impact of COVID-19 that led to strict lockdowns in most parts of the world for few months beginning in March, forced consumers to resort to online shopping for essentials as well as non-essentials. Online sales of most consumer goods such as apparel, electronics shot up along with essentials such as food and cleaning supplies. Individuals spent considerable amount of time browsing online apparel stores to break the boredom of staying indoors for days together.
Excessive penetration of the Internet and emergence of online apparel stores are some key factors behind the growth of online apparel market. Online apparel stores offer wide selection same as brick and mortar stores, competitive prices, and the convenience of shopping from indoors.
The report is a valuable instrument for an exhaustive analysis of the online apparel market for the 2020 – 2030 forecast period. The report covers demand dynamics, trends, and opportunities that stakeholders can leverage to formulate informed business decision for the assessment period.
The online apparel market is partially consolidated with a mix of both large and small players. However, large players hold considerable share in the online apparel market with their earlier presence and wide selection, sound logistics, and favorable return and exchange policy.
On the other hand, small apparel e-tailers gain from affordable price range of products that caters a larger population base. With the penetration of the Internet among individuals of various socio-economic classes in developing countries, online sales of consumers goods has increased considerably in the past few years. This extends competition to large players for the market to feature a competitive vendor landscape.
Some prominent companies in the online apparel market are Amazon.com Inc., ASOS plc, Boohoo.com, and StitchFixInc.
First and foremost, surge in the number of smartphone users across the world is accentuating the online apparel market. Internet users across the world spend considerable amount of time browsing shopping portals using their phones. Attractive prices, wide selection, and convenience of shopping are some reasons that result in impulsive shopping from smartphones, thereby stirring the online apparel market.
On the flip side, rapidly changing consumer preferences due to changing fashion and price point are some factors that slow the growth of online apparel market. High risk of inventory write offs, and vulnerability of failure of online stores to technological disruptions are some other factors hampering the online apparel market.
Nonetheless, increasing preference for the experience of personalized shopping, splurge on clothing from Generation Z, and launch of private label brands are some factors that extend demand in the online apparel market.
North America is one of the prominent regions in the online apparel market. Excessive consumerism and excessive use of the Internet for shopping are some key factors behind the growth of online apparel market in the region. Common habit of consumers of browsing online apparel stores on-the-go such as when on the train or bus results in impulsive shopping of several consumer use commodities.
Asia Pacific is another key region in the online apparel market. Rapid penetration of the Internet in developing countries of the region and rising disposable income are some key factors behind growth of the online apparel market in the region. The emergence of several indigenous online stores that offer wide selection of apparel at reasonable prices has led to spurt in online sales over the last couple of years. Office-goers, college students, and young adults are key shoppers of online apparel stores for the selection and price range of products.