Online apparel retail referred to the trading of apparels on online or e-commerce platforms in place of the traditional brick-and-mortar platforms. These firms present their products on their sites or via mobile applications. It comprises B2C and B2B sales modes of the products.
The key factors contributing to the growth of the global online apparel retailing market include the progress in technology and accessibility of feasible network connections with decreased labor and personnel costs along with trifling prices of physical stores. Further, the obtainability of a broad array of merchandise, greater internet reach, online tracking of shipments, online payment alternatives, customer support around the clock, and reduced costs have boosted the online shopping demand among people. Also, the numerous available payment alternatives like cash-on-delivery (COD), credit cards, demand drafts, internet banking accounts, and cash-on-order have further surged the product demand.
Additionally, digital payment systems are obtaining traction as they enable customers to make payments via mobile devices. Also, the elevated security and convenience presented by digital payments has increased customer’s reliance in online retailing, thus fueling the market expansion. Furthermore, customized apparel with attractive and immersive designs is an ongoing trend that a majority of companies have implemented to appeal consumer attention. To cite, in December 2020, Amazon Fashion declared the introduction of a custom T-shirt sales portal, “Made for You,” which implements “virtual fit technology” through the Amazon application.
The global online apparel retailing market is bifurcated on the basis of product type, application, and region. The market, by application, is divided into women, men, and kids. One can find all kinds of apparels online. The market’s men segment is projected to be the quickest flourishing segment owing to new trends and prominence set to their fashion. The market, by product type, is segregated into economy, premium, and low. Online, one can get all kinds of products. In today’s world, customers are comfortable with purchasing even premium products online as they always have a choice to return it if they aren’t content with the purchase.
Regionally, the global online apparel retailing market is projected to be dominated by North America followed by Europe. However, Asia Pacific is anticipated to witness the maximum growth owing to factors like the growing commonness & acceptance of diverse cultures & lifestyles, increasing urbanization, and the rising buying capacity. The key players actively participating within the global online apparel retailing market consist of Amazon.com, Alibaba Group, Rakuten, JD.com, American Apparel, Walmart, a Cotton On, Wovenplay Benetton, Dolce & Gabbana, Diesel, Giordano International, DKNY, Ralph Lauren, and Levi Strauss, among others.
