The global online apparel retailing market size is expected to grow by USD 80.45 billion during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. We expect the impact to be significant in the first quarter but gradually lessen in subsequent quarters with a limited impact on the full-year economic growth.
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Technavio has announced its latest market research report titled Global Online Apparel Retailing Market 2020-2024 (Graphic: Business Wire)
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The availability of a wide range of merchandise, online payment options, online tracking of shipments, 24/7 customer support, larger internet reach, and cheaper costs have increased the demand for online shopping among people. Currently, customers have several payment options such as credit cards, cash-on-delivery (COD), internet banking accounts, demand drafts, and cash-on-order. In addition, digital payment systems are gaining popularity as they allow consumers to make payments through mobile devices. Digital payment applications are also being used to improve consumer experience. Large players like Amazon.com, Google, MasterCard, and PayPal are investing heavily in technology. Mobile wallets such as Apple Pay, Android Pay, and Samsung Pay will become a standard feature on new smartphones. The increased convenience and security offered by digital payments build up consumer confidence in online retailing, thereby driving the market growth.
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As per Technavio, technological advances 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 Retailing Market: Technological Advances
Technological advances are expected to be one of the key online apparel retailing market trends. Vendors in the market are adopting new technologies such as 3D printing, interactive product configurators, flexible sizing, and pricing algorithms that help them to incorporate customization in their e-commerce models. Customized apparel with immersive and attractive designs is a trend that most manufacturers have adopted to attract customer attention. Several manufacturers allow users to upload images and create their own clothing design and consequently offers digital printing and other personalization techniques for the designing process. Such adoption of new technologies is expected to fuel the growth of the market during the forecast period.
"Factors such as the rise in online spending and smartphone penetration, and the growth in e-commerce industry will have a significant impact on the growth of the online apparel retailing market value during the forecast period," says a senior analyst at Technavio.
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Global Online Apparel Retailing Market Analysis Highlights the Impact of COVID-19 2020-2024| Rising Popularity of Digital Payment System to Boost Market Growth Technavio
This market research report segments the online apparel retailing market by product (upper wear apparel, bottom wear apparel, and others) and geography (Europe, North America, APAC, South America, and MEA).
The European region led the online apparel retailing market share in 2019, followed by North America, APAC, South America, and MEA respectively. However, during the forecast period, the APAC region is expected to register the highest incremental growth due to factors such as the rising urbanization, the prevalence and adoption of different lifestyles and cultures, and the growing purchasing power.
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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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