LONDON--(BUSINESS WIRE)--E-commerce is thriving around the world, and textile and fashion markets in many countries are taking full advantage of it. Details on these developments and more can be found on BizVibe. BizVibe is the world’s smartest B2B marketplace and allows users to discover high quality leads, contact prospects, and source quotes. Register today to connect with over seven million companies around the globe.
Online Apparel Market Grows Rapidly
Online apparel is a booming industry, particularly in the United States. Between 2011 and 2016, online apparel sales rose from 11% of total US apparel sales to 19%. Asia-Pacific countries are also embracing online apparel, and the region is currently the fastest-growing market for this sector. This is largely coming at the expense of brick-and-mortar sales, which are growing at a considerably slower rate.
While this growth in online sales is eating away at sales from physical stores, it isn’t hurting online sales from clothing stores that also have a brick-and-mortar presence. In fact, according to Internet Retailer, the top 9 American department stores together hold the largest share of the online apparel market. Online-only clothing stores may still be seeing healthy growth, but they have strong competition from other retailers.
Indonesia’s Textile Sales Grow with the Help of E-commerce
Indonesia’s textile and apparel market has seen strong sales growth through e-commerce in recent years. More and more textile companies are adopting this platform, and this is expected to contribute to a 10% rise in textile sales in 2017. The rise in textile e-commerce is due partly to the government’s restriction of textile imports, which has forced retailers to enter the market online instead.
According to technology media company TechCrunch, the Indonesian e-commerce market is expected to reach USD 130 billion by 2020, which would make it the third-largest e-commerce market in Asia. With an increasing middle class, growing number of internet users, and improving infrastructure, e-commerce sales in Indonesia are expected to see strong growth in the coming years.
Online Fashion Retail Market in India Set to Grow Substantially
India’s online fashion retail market is on the rise, with a value of over USD 1.8 billion in 2015. According to market research firm Technavio, the market is expected to grow at a CAGR of 63% by 2020. The main factors contributing to this are the country’s huge population, increasing internet penetration, developing infrastructure, and increasing purchasing power.
The availability of a wide array of payment options is one of the major factors for the market growth. Consumers can currently choose between many options: debit cards, credit cards, cash on delivery (COD), electronic wallets, smart cards, internet banking, demand drafts, and cash on order. Unlike the US, Indian consumers are cautious of making prepaid orders, and tend to prefer alternatives.
In addition to companies from the countries and industries listed above, BizVibe is home to a total of over 100,000 textiles companies. The BizVibe platform allows you to discover the highest quality leads and make meaningful connections with your companies of interest in real time. Claim your company profile for free and let BizVibe connect you with potential business partners.
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