Online Apparel Retail Market Size And Forecast
Online Apparel Retail Market size is growing at a faster pace with substantial growth rates over the last few years and is estimated that the market will grow significantly in the forecasted period i.e. 2019 to 2026.
Development in technology and availability of feasible network connections with reduced costs of labor and personnel as well as minimal costs of physical stores are prime factors for the growth of the Online Apparel Retail Market at a high rate of CAGR. The Global Online Apparel Retail Market report provides a holistic evaluation of the market. The report offers a comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape, and factors that are playing a substantial role in the market.
Global Online Apparel Retail Market Definition
Online retail is selling goods and services on e-commerce platforms through the internet. Online apparel retail is the retailing of apparel on e-commerce or online platforms instead of the traditional brick-and-mortar platforms. Online apparel retailing companies showcase their products on their websites or through mobile apps. It includes B2B as well as B2C modes of sales of the products. This type of retailing includes selling apparel, clothing, and accessories (clothing accessories as well as other fashion accessories).
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Global Online Apparel Retail Market Overview
In the current worldwide situation, consumers have almost everything available at the tip of their fingers with an internet connection and smart devices. The biggest driver for the Online Apparel Retail Market is that there is an advanced technology that allows consumers to pick and choose retail wear at their own leisure as long as they have an internet connection and smart devices. This move towards online shopping has taken over physical stores. The market is growing at a fast pace.
Another driver for the market is the reduced costs of labor and personnel. Since in online stores, there is no need for physical interaction, there is no requirement for labor and personnel and this reduces the costs of sellers. Another cost reduction for sellers is that there is no need for a physical store and they save on that paying for a physical store. Recently, a lot of companies have been closing retail stores since most of their sales have been online. The Online Apparel Retail Market saves time and it is easier to notice consumer trends and behavior and make changes according to that information.
The factors that hamper the growth of the market are that consumers cannot physically see what they are buying and are not always satisfied with the end product that reaches them. Also, the exchange and return procedures for Online Apparel Retail are lengthy processes. This creates dissatisfaction among consumers. Another factor that can hamper the market is that there are a lot of individuals that do not know how to operate smart devices or do not have internet connections. The market cannot make any adjustments for them and loses out on these consumers.
Global Online Apparel Retail Market Segmentation Analysis
The Global Online Apparel Retail Market is Segmented on the basis of Product Type, Application, And Geography.
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Online Apparel Retail Market, By Product Type
• Premium
• Economy
• Low
Based on Product Type, the market is bifurcated into Premium, Economy, and Low. There are all types of products that are available online. In today’s time, consumers are comfortable with buying even premium products online as there is almost always an option to return if they are not satisfied with the product.
Online Apparel Retail Market, By Application
• Men
• Women
• Kids
Based on Application, the market is bifurcated into Men, Women, and Kids. All types of apparel can be found online. The Men segment of the market is a fast-growing segment due to new trends and importance given to their fashion.
Online Apparel Retail Market, By Geography
• North America
• Europe
• Asia Pacific
• Rest of the world
On the basis of Geography, the Global Online Apparel Retail Market is classified into North America, Europe, Asia Pacific, and the Rest of the world. The Asia Pacific is the fastest-growing segment in the market, due to the high population which ends up creating more demand in these areas. North America and Europe hold dominant titles over their market share, but the Asia Pacific is expected to take over both segments in terms of market share.
Key Players
The “Global Online Apparel Retail Market” study report will provide a valuable insight with an emphasis on the global market including some of the major players such as Alibaba Group, Amazon.com, American Apparel Inc., Benetton Group S.r.l., Giordano International Limited, JD.com, Walmart Inc., The Gap, Inc.,eBay Inc., Staples Inc.
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