May 22, 2024
Fashion Ecommerce

Fashion Ecommerce in India Is Thriving on Rising Millennial Spending

The fashion ecommerce market in India has witnessed rapid growth in recent years driven by increasing millennial spending and rising internet and smartphone penetration. Fashion ecommerce platforms offer a wide variety of apparel, footwear and accessories from leading domestic and international brands at competitive prices. Customers can browse through multiple brands, styles and designs on these platforms and purchase products with easy return options and cash-on-delivery facilities fuelling their popularity especially among young India.

The Global Fashion Ecommerce Market Size In India Is Estimated To Be Valued At US$ 14 Bn In 2024 And Is Expected To Exhibit A 34% CAGR Over The Forecast Period 2024-2031.

Key Takeaways

Key players operating in the fashion ecommerce market in India are Myntra, Ajio, Flipkart, Amazon India, Nykaa, Meesho, Jabong, Snapdeal, Limeroad, Trendin.

Secondly, the growing disposable income of millennials and rising internet and smartphone adoption is driving strong demand for fashion and apparel products online in India. Millennials are increasingly prefers online shopping over traditional retail stores due to the convenience offered and wide range of options available on these platforms.

Furthermore, Indian fashion ecommerce players are also expanding globally by partnering With International Brands and Entering International Markets like Middle East, Southeast Asia and the US to Tap into the Aspirations of Indian Diaspora Globally. Myntra And Ajio Have Launched International Websites Targeting The US, Middle East And Southeast Asian Markets.

Market Key Trends

The Rising Prominence Of Social Commerce Is A Key Trend In The India Fashion Ecommerce Industry. Social Media Platforms Like Instagram Are Turning Into Major Sales Channels For fashion brands. Players are investing in influencer marketing and leveraging social media platforms to drive higher engagement and sales. Live commerce on these platforms is also gaining popularity with brands offering instant purchases during live video sessions. This emerging format is expected to further fuel growth in the fashion ecommerce industry.

Porter’s Analysis

Threat Of New Entrants: High capital requirements and established network of existing players make entry difficult for new entrants.

Bargaining power of buyers: Large customer base and price comparison gives buyers higher bargaining power.

Bargaining power of suppliers: Popular Domestic & International Brands Give Suppliers Good bargaining power.

Threat Of New Substitutes:
Growing preference of social & video commerce increases threats from substitutes.

Competitive Rivalry: Intense competition among major platforms to acquire and retain high volume customers.

Geographical Regions

The Indian fashion ecommerce market in terms of value is highly concentrated in metros and tier I cities like Delhi, Mumbai, Bengaluru, Hyderabad, Chennai, and Kolkata. These cities account for over 70% of the total market revenues due to higher internet and smartphone penetration with highly disposable incomes.

The western region of India comprising states like Maharashtra and Gujarat is emerging as the fastest growing geographical region for the fashion ecommerce market. Cities like Pune and Ahmedabad are witnessing strong double digit growth rates annually led by rapid urbanization, rising tech-savviness of people and increasing acceptance of online shopping.

What are the key data covered in this India Fashion Ecommerce Market report?

:- Market CAGR throughout the predicted period

:- Comprehensive information on the aspects that will drive the India Fashion Ecommerce Market’s growth between 2024 and 2031.

:- Accurate calculation of the size of the India Fashion Ecommerce Market and its contribution to the market, with emphasis on the parent market

:- Realistic forecasts of future trends and changes in consumer behavior

:- India Fashion Ecommerce Market Industry Growth in North America, APAC, Europe, South America, the Middle East, and Africa

:- A complete examination of the market’s competitive landscape, as well as extensive information on vendors

:- Detailed examination of the factors that will impede the expansion of India Fashion Ecommerce Market vendors

FAQ’s

Q.1 What are the main factors influencing the India Fashion Ecommerce market?
Q.2 Which companies are the major sources in this industry?
Q.3 What are the market’s opportunities, risks, and general structure?
Q.4 Which of the top India Fashion Ecommerce Market companies compare in terms of sales, revenue, and prices?
Q.5 Which businesses serve as the India Fashion Ecommerce market’s distributors, traders, and dealers?
Q.6 How are market types and applications and deals, revenue, and value explored?
Q.7 What does a business area’s assessment of agreements, income, and value implicate?

*Note:
1.       Source: CoherentMI, Public sources, Desk research
2.       We have leveraged AI tools to mine information and compile it