China Fashion Ecommerce Market is Estimated to Witness High Growth...

China Fashion Ecommerce Market is Estimated to Witness High Growth Owing to Cross-Border Shopping Trend

Posted 2024-01-30 11:07:57

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The China fashion ecommerce market plays a vital role in increasing sales in the fashion industry. With increasing internet and smartphone penetration, Chinese consumers prefer to shop online for apparel and accessories. Various local and global fashion brands provide a wide range of products on their own ecommerce platforms as well as third party websites.

The global China fashion ecommerce market is estimated to be valued at US$ 744.01 Bn or Mn in 2023 and is expected to exhibit a CAGR of 13% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics:

Cross-border shopping trend and increasing disposable incomes are the key growth drivers of the China fashion ecommerce market. Consumers are exploring international fashion brands owing to exposure to western culture trends. This has boosted online shopping from international fashion retailers and marketplaces. According to China's national bureau of statistics, the average disposable income of Chinese residents grew by over 8% in 2021. The rising purchasing power is encouraging more consumers to spend on luxury and premium fashion brands available online. Furthermore, expanding logistics and payment infrastructure across China has made online shopping convenient even in remote areas. Leading ecommerce platforms focus on fast and reliable delivery services to meet rising consumer demands. However, low product adoption in rural areas remains a challenge for market growth.

SWOT Analysis
Strength:
- China has a vast population with a growing middle class and disposable income, providing a large customer base for fashion ecommerce.
- Online retail penetration is increasing rapidly in China as more people adopt online shopping. Chinese consumers especially the youth are more open to ecommerce and digital platforms.
- Many Chinese fashion retailers have established strong online presence and logistics capability to capture this fast growing ecommerce market.

Weakness:
- Fierce competition from other players limits the market share of individual companies. Domestic players face competition from international companies as well.
- Problems of counterfeit products and issues regarding privacy and data security on some platforms can undermine customer trust.

Opportunity:
- Growth of mobile commerce as more customers switch to purchasing fashion products on smartphones and tablets. Livestreaming and social commerce also provide new opportunities.
- Expanding into lower tier cities and rural areas where online penetration is increasing at a faster pace compared to top cities.
- Potential for multi-channel selling by integrating online and offline channels.

Threats:
- Slowdown in China's economic growth could impact consumer spending power.
- Strengthening of regulations around data privacy and security would require compliance costs for companies.

Key Takeaways
Global China Fashion Ecommerce Market Size is expected to witness high growth.

Regional analysis related content comprises the China ecommerce market dominates the Asia Pacific region and accounts for more than half of the region's overall ecommerce sales. The pandemic has further accelerated online adoption in China.

Key players operating in the China Fashion Ecommerce Market are MaritzCX Research LLC (Inmoment LLC), Adobe Inc., Medallia Inc., Oracle Corporation, Clarabridge, SAP SE, Sitecore, IBM Corporation, Zendesk, Avaya Inc., Open Text Corporation, Verint Systems Inc., and Tech Mahindra.

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