- Angela Gonzalez-Rodriguez |
New York – A new report by Persistence Market Research forecasts womenswear will impel the global online apparel market in the future.
The e-commerce sector has observed substantial growth over the past few years, primarily driven by the rapid adoption of technology and an explosion of new generation tablets and smartphones. The advent of 3G and broadband ultimately resulted in a predisposition in the online consumer base.
Womenswear is forecast to impel the global online apparel market in the future. Rising preferences to shop online through tablets and smartphones as well as the 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 are expected to drive the global online apparel market in the years to come.
Per Persistence’s report, 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 utilisation of mobile devices for shopping
Progress in cross-border online purchase
Utilization of alternative payment methods by online shoppers all over the world
Data shows 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. Innovative visualisation tools, as well as the rise of customer reviews, have rapidly become a boon for the apparel industry.
Apparel is the main driver for e-commerce growth in the U.S.
As a matter of fact, 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 are anticipated to observe stupendous CAGR till 2024 with major stimulus from developing economies.
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.
Geographically speaking, 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 retail market in terms of sales volume.
Meanwhile, China is anticipated to be the highest online apparel market by 2025 exceeding the U.S. market. Indeed, China’s online retail sector marking close to a third of all business to commerce e-commerce 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 induce the growth of global online apparel market over the next few years. The major players identified in this report span the value chain of global online apparel market and include Amazon, Gap, Walmart, ebay, Staples Inc., Apple Inc, Kroger, Alibaba Group Holdings.
Amazon.com Inc is the market leader in the overall global online apparel market capturing significant share in the overall market. In the past few years, companies such as Alibaba based in China has also marked its significant presence in the overall global online apparel market.
Photo credits: Image by Justynafaliszek for Pixabay