Increasing internet penetration and use of smart phones in the country owing to the elevating disposable income coupled with the improving lifestyle and rising awareness about domestic and international brands is the major factor driving online fashion market in India
Increase in disposable income of the growing population of India coupled with the westernization is attracting people towards foreign brands like Tommy Hilfiger, Gucci, Armani, and others. Many online market players have considered this an opportunity and offer foreign brands on their websites to reach out to the customers through online stores for easy availability to the prospective buyers. Majorbrands.in is the major example of Indian online store that deals primarily in international brands in fashion category. The international footwear brand including brands such as Aldo, Charles & Keith, and Call it Spring are now available in India through this shopping sites, which were not easily available on the offline market. Such online websites acts as an easy platform to the customers where they can purchase foreign brands which are not easily available at physical stores due to their limited presence in Indian markets. Furthermore, this outlook and trust of Indians towards foreign brands has resulted in increasing the sales and customer base for these foreign players which aim to spread their market across the country.
The online fashion market in India witnessed entry of several corporate players, which has influenced the market share of the existing players. Since buyers are adapted to the changing technology and shifting from brick to click stores, corporate view this as an opportunity to gain in such a scenario. The entry of new players in the online fashion market has given a wide choice of customers both in terms of product variety and price. These new entrants are entering the market with new business models to attract more number of people towards the website. For instance, Street311.com is specialized in offering casual wear and does not offer formal wear, which makes selection of website easier for casual wear shopper.
Market leaders in fashion e-commerce came up with their respective private labels products to penetrate the online fashion market in India. Jabong has Sangria in ethnic wear, and Miss Bennett and Lara Karen among its western wear labels. On the other hand, Myntra has 11 private labels namely Dressberry, Anouk, Roadster, and HRX among them. It has been estimated that private labels accounts for more than 50% sales in India and this share is bound to increase by 2020
The report titled “India Online Fashion Market to 2021 – Elevating Sales in Tier II and Tier III Cities is Expected to Fuel the Market in Future” provides a comprehensive analysis of the online fashion market in India. The report includes the cumulative GMV generated by the market players from the sales of online fashion products, including apparel, footwear and accessories. Further, the market in the study is differentiated on the basis of tier cities into tier I, tier II, and tier III cities. The market is also segmented by four price segments – economy, mass, premium, and elite. The stakeholders of this report includes the online fashion market players, online sellers, logistics companies involved in online logistics business, and new entrants who wish to invest in the market in future.
Topics Covered in the report
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Ankur Gupta, Head Marketing & Communications