Increased Online Shopping of US Fashion Ecommerce Market
The US Fashion Ecommerce market is estimated to be valued at US$ 248.07 Bn in 2023 and is expected to exhibit a CAGR of 12% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
SWOT Analysis:
· Strength: The US fashion ecommerce market has strong brand awareness and reputation for quality products. Many leading brands have loyal customer base. Ease of shopping from home and convenient payment options have made online shopping very popular. There is a wide range of products available on various online platforms.
· Weakness: Rising transportation and logistics costs can impact margins for online retailers. Customers prefer to try clothes before purchase which is not possible for online stores.
· Opportunity: Growing smartphone and internet penetration provides large addressable audience for mobile commerce. Emerging trends like live streaming can engage customers and drive sales.
· Threats: Entry of foreign players can increase competition. Economic downturn may reduce discretionary spending on apparel.
Key Takeaways:
The Global US Fashion Ecommerce Market Demand is expected to witness high growth, exhibiting CAGR of 12% over the forecast period, due to increasing preference for online shopping among millennial population. Wide variety of products available on ecommerce platforms and lucrative offers have boosted sales significantly.
Regional analysis: The US accounts for largest share of the global fashion ecommerce market currently. North America region dominates more than 60% share of the market due to high smartphone and internet penetration. Western European countries like Germany, France and UK also have strong presence due to heavy investments by top retailers in logistics and supply chain infrastructure. Asia Pacific is fastest growing market with countries like China, India and Japan expanding substantially.
Key players operating in the US fashion ecommerce market are Amazon, Walmart, Ebay, Macys, Gap, Nike, Target, Nordstrom, JCPenney, Kohls, Wayfair, Best Buy, Home Depot, Sephora, Ulta Beauty, Forever 21, H&M, Zara, Urban Outfitters, ASOS. These major players are focusing on mergers and acquisitions to improve product portfolio and geographical presence. They are investing aggressively in technologies to enhance customer shopping experience.
Read More - https://www.articledistrict.com/us-fashion-ecommerce-market-is-estimated-to-witness-high-growth/
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