U.S. Fashion Ecommerce Market is Estimated to Witness High Growth Owing to Rapid Adoption of Smart Devices
The U.S. fashion ecommerce market involves the online sale of apparel, footwear, accessories and other fashion products in the United States. The market has grown rapidly over the past decade driven by convenience of online shopping and increasing usage of smartphones and tablets. Customers can now browse catalogues, compare prices and complete purchases for a wide range of fashion items from leading brands within a few clicks on their mobile devices.
The global U.S. fashion ecommerce Market is estimated to be valued at US$ 108.01 Bn in 2023 and is expected to exhibit a CAGR of 6.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Rapid Adoption of Smart Devices: One of the key drivers of growth in the U.S. fashion ecommerce market is the rapid adoption of smartphones and tablets in the country. High internet penetration and availability of affordable data plans have increased the time spent by customers online through their mobile devices. This has made mobile commerce a popular way for brands and retailers to engage customers. According to studies, over 65% of all online fashion shopping in the U.S. is now done on smartphones and tablets. This trend is expected to further accelerate sales in the U.S. fashion ecommerce market over the forecast period.
The growth in adoption of smartphones has coincided with improvements in mobile shopping experiences through innovative technologies like virtual and augmented reality, personalization, social media integration, payment wallets etc. Retailers are leveraging these technologies through their mobile-optimised sites and apps to enhance customer convenience and drive more purchases. This is having a positive influence on market revenues.
SWOT Analysis
Strength: The U.S. fashion ecommerce market benefits from rising internet and smartphone penetration. Younger consumers are strongly preferring online channels for apparel shopping over brick-and-mortar stores. Ecommerce retailers can offer a huge variety of products on their websites and mobile apps at competitive prices.
Weakness: Ecommerce retailers face high distribution and shipping costs. Many small fashion brands have limited resources for marketing and technological upgrades. The threat from counterfeit products sold online can reduce brand trust over time.
Opportunity: Emerging technologies such as virtual try-on, augmented reality, and social media integration provide opportunities for online fashion retailers to enhance shopping experiences. The market also stands to benefit from growing popularity of subscription and rental-based business models for clothing.
Threats: A potential global economic slowdown could decrease consumer spending on apparel. Strict privacy laws and data usage policies pose challenges for digital marketing and customer profiling activities of online retailers.
Key Takeaways
U.S. Fashion Ecommerce Market Demand is expected to witness high growth. The market size is projected to increase from US$ 108.01 Bn in 2024 to US$ 201.36 Bn by 2030 registering a CAGR of 6.2% during the forecast period.
Regional analysis: The Western region currently dominates the U.S. fashion ecommerce market with the highest market share. States like California, Texas and Florida have emerged as major fashion shopping destinations online. Southeast Asia and Latin America are also witnessing rapid growth in online apparel, footwear and accessories sales through domestic and international brands.
Key players operating in the U.S. fashion ecommerce market are AngioDynamics, Inc, C.R. Bard, Inc, Teleflex Incorporated, B. Braun Melsungen AG, Medtronic Plc, Vygon Ltd., Cook Medical, Inc., Argon Medical Devices, Inc.,ICU Medical, Inc.,Theragenics Corporation, Becton, Dickinson and Company,icumedical, Polymedicure, Lepu Medical Technology (Beijing) Co.,Ltd., VOGT MEDICAL, Gilead Sciences, Inc and ZOLL Medical Corporation.
Get More Insights on this topic- https://www.dailyprbulletin.com/fashion-ecommerce-market-value-analysis/
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