LONDON--(BUSINESS WIRE)--Technavio analysts forecast the global online apparel retailing market to grow to USD 167.25 billion by 2021, at a CAGR of close to 14% over the forecast period, according to their latest report.
The research study by Technavio on the global online apparel retailing market for 2017-2021 provides a detailed industry analysis based on the product (upper wear and bottom wear), end-users (women, men, and children), and geography (Europe, North America, APAC, and ROW).
Online women's apparel is the largest segment of the global online apparel retailing, contributing more than three-fourths of the global online apparel market’s revenue. Tops and bottom wear are the two biggest segments and are expected to have continual growth over the forecast period, thereby retaining their leading positions in the market.
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Technavio analysts highlight the following three factors that are contributing to the growth of the global online apparel retailing market:
- Growing online seasonal sales
- Demand for trendy apparel
- Rising popularity of digital payment system
Growing online seasonal sales
Heavy discounts and end of season sales contribute a large part of the revenue generated by the online retail market. The Black Friday sale, promotional sales, stock clearance sales and end of season sales lure in customers by offering heavy discounts.
“India, one of the fastest growing economies, is witness to the Flipkart Big Billion Day sale and Amazon sale during Diwali, attracting huge online traffic. The growing popularity of such sales increases the revenue, and thereby drives the market growth,” says Brijesh Kumar Choubey, a lead analyst at Technavio for apparel and textile research.
Demand for trendy apparel
The progressing economy and rising standards of living have elevated apparel from being a basic necessity to something that helps bring out a person’s individuality. Consumers buy apparel according to the setting, such as professional setup, special occasions, or social gatherings. They opt for event-suitable apparel to appear presentable and fashionable.
Vendors in the market are capitalizing on the demand for trendy apparel by focusing more on brand attachment and engagement with consumers through advertisements and product promotions by celebrities. The rising demand for trendy apparel acts as a key market driver in the growth of the online apparel retailing market.
Rising popularity of digital payment system
“The easy availability of a wide range of merchandise, online payment options, real-time tracking of shipments, 24/7 customer support, larger internet reach, and cheaper costs have increased the demand for online shopping among people,” says Brijesh.
Currently, customers have several secure payment options such as credit cards, cash-on-delivery (COD), internet banking accounts, demand drafts, and cash-on-order. Consumers also rely on payment service providers such as PayPal, which allow them to pay without revealing their personal information. The hassle-free nature of payments is encouraging more consumers to adopt online retail channels for their apparel needs.
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Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, resellers, and end-users.
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