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LONDON, GREATER LONDON, UNITED KINGDOM, September 20, 2024 /EINPresswire.com/ -- The online fashion retail market has experienced robust growth in recent years, expanding from $38.88 billion in 2023 to $45.6 billion in 2024 at a compound annual growth rate (CAGR) of 17.3%. The growth in the historic period can be attributed to increasing global internet usage, the rise of e-commerce, the proliferation of smartphones, social media influence, and rising disposable incomes.
What Is The Estimated Market Size Of The Global Online Fashion Retail Market And Its Annual Growth Rate?
The online fashion retail market is projected to continue its strong growth, reaching $86.62 billion in 2028 at a compound annual growth rate (CAGR) of 17.4%. The growth in the forecast period can be attributed to omni-channel retail strategies, global market expansion, continued e-commerce growth, sustainability initiatives, and the and the rise of social commerce.
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Growth Driver Of The Online Fashion Retail Market
A shifting preference towards digital shopping for convenience and safety is expected to propel the growth of the online fashion retail market in the coming years. Digital shopping, often known as shopping online, is the process of buying products or services via an internet connection using a mobile app or a website. The convenience of shopping from home drives the shifting preference towards digital shopping, the wide variety of online products, and the ability to easily compare prices and find deals, making it a more appealing and efficient option for consumers. Digital shopping in fashion retail offers convenience, extensive product selection, and personalized shopping experiences enabled by advanced technologies such as artificial intelligence and virtual try-ons.
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Which Market Players Are Driving The Online Fashion Retail Market Growth?
Key players in the online fashion retail market include Amazon.com Inc., Alibaba Group Holding Limited, Adidas AG, H & M Hennes & Mauritz AB, Nordstrom Inc., Levi Strauss & Co., Flipkart Private Limited, Saks Fifth Avenue LLC, Farfetch UK Limited, Ssense Inc., YOOX Net-a-Porter Group S.p.A., Depop Limited, Myntra Designs Private Limited, Shoppers Stop Ltd., Lane Crawford Joyce Group, MATCHESFASHION Limited, Smilegroup Entertainment Ltd, LimeRoad, Lyst Ltd., Paytm Mall, Yebhi, Styletag, Koovs plc, Yepme.
What Are The Emerging Trends Shaping The Online Fashion Retail Market Size?
Major companies operating in the online fashion retail market are integrating virtual reality (VR) and augmented reality (AR) technologies, such as augmented reality filters, to enhance the online shopping experience and gain a competitive edge. Augmented reality filters are digital overlays or effects applied to real-time camera feeds, typically used in apps or social media platforms to alter or enhance the user's appearance or surroundings.
How Is The Global Online Fashion Retail Market Segmented?
1) By Product Type: Cloths, Footwear, Jewelry, Cosmetics, Bag And Accessories
2) By Model Type: Business To Business, Business To Consumer
3) By End User: Children, Men, Women
Geographical Insights: North America Leading The Online Fashion Retail Market
North America was the largest region in the online fashion retail market in 2023. The regions covered in the online fashion retail market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Online Fashion Retail Market Definition
Online fashion retail refers to the business of selling fashion products such as clothing, accessories, shoes, and cosmetics through internet platforms. It allows customers to browse, select, and purchase items from a wide range of brands and designers without visiting physical stores. It often includes features such as virtual fitting rooms, detailed product descriptions, customer reviews, and convenient payment options, making it a popular choice for shopping among consumers worldwide.
Online Fashion Retail Global Market Report 2024 from TBRC covers the following information:
•Market size data for the forecast period: Historical and Future
•Macroeconomic factors affecting the market in the short and long run
•Analysis of the macro and micro economic factors that have affected the market in the past five years
•Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
•Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
An overview of the global online fashion retail market report covering trends, opportunities, strategies, and more
The Online Fashion Retail Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on online fashion retail market size, online fashion retail market drivers and trends, online fashion retail market major players, online fashion retail competitors' revenues, online fashion retail market positioning, and online fashion retail market growth across geographies. The online fashion retail market report helps you gain in-depth insights into opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.
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