LONDON--(BUSINESS WIRE)--The online apparel, footwear, and accessories market in US is expected to grow by USD 86.39 billion during 2020-2024, according to the latest market research report by Technavio. Request a free sample report
In 2018, more than 81% of the population in the US had smartphones. In addition, the country has the third largest base of internet users across the world. The high penetration of smartphones and the internet in the US has encouraged market players to expand their product offerings through digital platforms. For instance, companies such as Nike, Intidex (ZARA), Gap, Calvin Klein, and Tommy Hilfiger have their own online portals and also sell products through third-party e-retailers such as Amazon, Walmart, Macy’s, and JC Penny. Moreover, factors such as the availability of a wide range of products, convenience, secure payment options, free delivery, and other services offered by shopping websites are increasing the number of online shoppers, thereby driving the growth of the online apparel, footwear, and accessories market in US.
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As per Technavio, the availability of multiple payment options for online transactions will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Online Apparel, Footwear, and Accessories Market in US: Availability of Multiple Payment Options for Online Transactions
Cards, e-wallets, bank transfers, direct debits, and mobile payments are some of the payment methods accepted by online retailers. Market players in the US are adopting feature-rich and secure payment solutions to facilitate online sales of their products. In addition, the growing competition in the market is prompting online retailers to acquire additional software and resources to offer customized payment options for secured services. These factors will have a positive impact on the growth of the online apparel, footwear, and accessories market in US during the forecast period.
“Integration of AR into online shopping platforms and the increasing adoption of omnichannel retailing will further boost market growth during the forecast period”, says a senior analyst at Technavio.
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Online Apparel, Footwear, And Accessories Market In US: Segmentation Analysis
This market research report segments the Online Apparel, Footwear, and Accessories Market in US by Product (Apparel, Footwear, and Accessories) and End-users (Women and girls and Men and boys).
The apparel segment led the online apparel, footwear, and accessories market in US in 2019. During the forecast period, the apparel segment is expected to register the highest incremental growth due to the rise in the number of private-label brands in the US.
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Some of the key topics covered in the report include:
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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