Indian fashion e -commerce has risen strongly, and low prices become competitive ace
Fashion category strong leading
In the past, many people’s impression of the Indian fashion market still stayed in a single moment and small market demand.However, as the potential of the Indian e -commerce market continues to emerge, the fashion e -commerce market has risen from the wind.
The recently released “Report on the In the first quarter of 2024” released by Inc42 shows that the Indian e -commerce market is growing with a compound annual growth rate of 19%. It is expected that the market size will exceed the US $ 400 billion mark by 2023.in,The Indian fashion e -commerce market has increased significantly, and the market size will exceed 112 billion US dollarsEssence
Fashion e -commerce market value expansion. Source: INC42
In the context of the rapid rise of the local fashion e -commerce market,Women’s assembly categories will lead the market share of 50%and $ 56 billion in market size.Followed by men’s and children’s clothing and accessories, accounting for 29%and 21%of the market share, respectively.From the perspective of consumer groups, it mainly comes from the generation of the second and above cities.
In fact, in recent yearsIncreased disposable income and increased employment for women, The Indian women’s clothing market has developed rapidly.In addition, India’s religious and cultural diversity is one of the main drivers of the women’s clothing market because they need to design different styles to celebrate different festivals.
However, it should be pointed out that from the perspective of the entire fashion e -commerce market, consumers are very sensitive to product prices.In addition, India ’s online shopping return rate is as high as 80%, which is the market with the highest return rate in the world. Among them,The return rate of Indian clothing category is almost 30% higher than the United StatesEssence
Indian online shopping return rate Source: Statista
It can be said that although the Indian fashion e -commerce market has developed well, the challenges in front of them have continued, and the low -cost and high return rate has made many sellers discouraged.
Specializing in the sinking market
However, the dividend of Indian fashion e -commerce also exists.In order to seize market resources as soon as possible, many e -commerce platforms have the following sedimentation markets as cuts.
As one of India’s largest e -commerce platform, Flipkart has long been laid out in the fashion field.
Year 2014,Flipkart acquired Myntra, known as “Indian Fashion Portal” for 2 billion rupeesThis is one of the most downloaded vertical e -commerce applications in India.Beginning in 2019, Myntra has followed the market trend and consumption trends, and has successively launched user interaction and live broadcast functions such as Myntra Studio and M-Live, hoping to make efforts in social e-commerce.
In August last year, Flipkart launched an emerging fashion shopping platform “Spoyl” in its application.It is reported that,This platform is specially built for generations ZDifferent from traditional fashion sales pages, the page design is very avant -garde and bold. The product covers all categories from clothing, accessories to shoes, and the price is also very considerable.
Spoyl Shopping page Map Source: Flipkart
In addition to the continuous cultivation of local e -commerce such as Flipkart, foreign e -commerce platforms such as SHEIN and Amazon are also “seeing”.
Last June,Shein cooperates with India’s largest local retailer Reliance Industries to enter the Indian market againEssenceThis means that the competition in the Indian fashion e -commerce market will be more intense. You must know that SHEIN has always captured consumers in many global markets at low prices and styles.
Facing the actions of other platforms, Amazon did not sit still.In March of this year, Amazon announced that it will launch a low -priced vertical website called “BAZAAR” in India.Product prices are less than 600 rupeesEssence
Bazaar sales page Map source: bazaar
Obviously, the Indian e -commerce battlefield is very crowded on the low -cost fashion track.However, the current price -sensitive Indian consumers generally have no “loyalty” on the platform. Therefore, factors such as various types of clothing and accessories and good user experience may become the core competition point for the future to snatch users’ minds.
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