The Indian fashion ecommerce market enables consumers to purchase a wide range of fashion products including apparel, footwear, and accessories online. With rising internet and smartphone penetration in India, ecommerce platforms allow customers to browse through various collections, read reviews, and make purchase decisions from the comfort of their homes. Key players such as Myntra, Ajio, Flipkart, and Amazon India offer fashion products from both international and domestic brands at competitive prices. The convenience of online shopping has made it a preferred channel for the millennials and Gen Z who want to stay updated with latest trends.
The Global Fashion Ecommerce Market Size Is Estimated To Be Valued At US$ 14 Bn In 2024 And Is Expected To Exhibit A CAGR Of 34.% Over The Forecast Period 2024-2031.
Key Takeaways
Key players operating in the Indian fashion ecommerce are Myntra, Ajio, Flipkart, Amazon India, Nykaa, Meesho, Jabong, Snapdeal, Limeroad, Trendin. Myntra and Ajio have emerged as leading players focused exclusively on fashion and lifestyle segment. Flipkart and Amazon have also strengthened their fashion portfolio through private labels and exclusive partnerships. The rise of D2C brands promoting sustainable and localized fashion has also boosted supply on these platforms.
Growing income levels and online spending habits of millennials and Gen Z have accelerated demand for fashion apparel, footwear, and accessories on ecommerce platforms. Their preference for digital-first shopping experience and access to global and niche brands have supported the growth of the Indian fashion ecommerce industry.
Technological developments facilitating quick delivery, virtual try-on, easy payment options and personalized recommendations have enhanced customer experience in the Indian fashion ecommerce market. Advancements in AI and analytics allow platforms to gain better customer insights to drive personalized shopping and hyper-local inventory. Innovation in last-mile delivery operations and supply chain management is also helping sellers provide faster delivery.
Market Trends
Increasing Penetration Of Regional Languages: Major ecommerce platforms are focusing on enhancing their platforms and extending their assortment in regional Indian languages like Hindi, Tamil, Telugu to tap into a larger customer base in Tier 2/3 cities.
Rise Of Resale And Rental Fashion: Sustainable fashion trends are fueling growth of resale and rental models in India as well. Companies are launching resale platforms and rental subscriptions for extending the life of garments.
Market Opportunities
Growing influence of influencer marketing: Fashion and beauty influencers promoting brands, new releases and styling tips on social media have become an integral part of the customer journeys. Platforms are collaborating with more influencers for campaigns.
Mobile-First Opportunities: With over 75% of online shopping occurring via mobile phones, fashion etailers can strengthen their mobile apps, optimize checkouts and focus on Instagram commerce to capture this emerging opportunity.
Impact Of COVID-19 On India Fashion Ecommerce Market
The COVID-19 pandemic severely impacted the India fashion ecommerce market. During the initial lockdown months in 2020, all offline retail outlets were shut leading to decline in sales. However, with restrictions on outdoor movements, people turned to online platforms for purchasing fashion items. Major players in the industry witnessed a surge in demand especially for comfortable clothing, loungewear and other stay-at-home essentials.
Post lockdown, as restrictions eased, demand started recovering slowly. While sales of office wear and formal clothing remain low due to work from home, categories like sportswear, ethnic wear gained traction. Players utilized the opportunities to engage with customers through live commerce and virtual try-ons. They also diversified product portfolio accordingly to cater changing consumer preferences. Going forward, vaccine coverage and normalization of activities is expected to fuel recovery. However, trends like increased comfort focus and hybrid work model will have lasting impacts on demand patterns. Sustained growth in third-tier cities and ability to leverage omnichannel strategies will be key determinants of success for Indian fashion ecommerce players.
Geographical areas concentrating maximum fashion ecommerce market value in India include major metros and tier I cities namely Delhi, Mumbai, Bengaluru, Chennai, Kolkata, Hyderabad, Pune etc. These urban regions account for over 70% of total online fashion spending currently due to higher disposable incomes, ready access to internet and openness towards digital commerce. However, tier II and III cities are emerging as the fastest growing regional markets. Initiatives around enhance logistics, affordable pricing and localized portfolio are enabling players to tap the rising aspirations of fashion consciousness in semi-urban and rural India. West and South regions in particular states like Gujarat, Rajasthan, Tamil Nadu, Karnataka present most potential.
What are the key data covered in this India Fashion Ecommerce Market report?
:- Market CAGR throughout the predicted period
:- Comprehensive information on the aspects that will drive the India Fashion Ecommerce Market's growth between 2024 and 2031.
:- Accurate calculation of the size of the India Fashion Ecommerce Market and its contribution to the market, with emphasis on the parent market
:- Realistic forecasts of future trends and changes in consumer behavior
:- India Fashion Ecommerce Market Industry Growth in North America, APAC, Europe, South America, the Middle East, and Africa
:- A complete examination of the market's competitive landscape, as well as extensive information on vendors
:- Detailed examination of the factors that will impede the expansion of India Fashion Ecommerce Market vendors
FAQ’s
Q.1 What are the main factors influencing the India Fashion Ecommerce market?
Q.2 Which companies are the major sources in this industry?
Q.3 What are the market’s opportunities, risks, and general structure?
Q.4 Which of the top India Fashion Ecommerce Market companies compare in terms of sales, revenue, and prices?
Q.5 Which businesses serve as the India Fashion Ecommerce market’s distributors, traders, and dealers?
Q.6 How are market types and applications and deals, revenue, and value explored?
Q.7 What does a business area’s assessment of agreements, income, and value implicate?
Get more insights on this topic: https://www.pressreleasebulletin.com/india-fashion-ecommerce-market-trend-and-demand/