Online Apparel Market: Overview
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.
Online Apparel Market: Competitive Scenario
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.
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Online Apparel Market: Key Trends
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.
Online Apparel Market: Regional Assessment
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.
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This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.