July 15, 2024
Asia Fashion Ecommerce Market

Projected Growth In Cross-Border Ecommerce To Boost The Growth Of Asia Fashion Ecommerce Market

Market Overview:

The Asia fashion ecommerce market mainly deals in the online retail of apparel and footwear. Major products in the market include jeans, shirts, t-shirts, skirts, dresses, jackets, coats, shoes, slippers, sneakers and more. The Asia fashion ecommerce market allows consumers to browse through a wide range of fashion products on their mobile phones and computers and purchase them with just a click. This provides consumers with convenience and round-the-clock shopping experience.

The Asia Fashion Ecommerce Market was valued at US$ 521 billion in 2023 and is expected to exhibit a CAGR of 9.5% over the forecast period 2023-2030, as highlighted in a new report published by CoherentMI.

Market Key Trends:

One of the key trends in the Asia fashion ecommerce market is the growing cross-border ecommerce. Major fashion retailers and brands are now expanding their cross-border operations to penetrate deeper into Asian markets. This is allowing international fashion brands to reach out to Asian consumers online. Furthermore, rising smartphone and internet penetration in Asian countries is driving the growth of cross-border fashion ecommerce. Consumers in Asia now have access to a global range of fashion products online at competitive prices.

Porter’s Analysis:

Threat of new entrants: The threat of new entrants in the Asia fashion ecommerce market is moderate. While barriers to entry are low due to low inventory requirements, established players have strong brand recognition and economies of scale which is difficult for new entrants to match.

Bargaining power of buyers: The bargaining power of buyers is high. Buyers have a large number of options to choose from due to presence of many national and international players. Buyers can easily switch between brands if not satisfied with products or services.
Bargaining power of suppliers: The bargaining power of suppliers is moderate. While there are many apparel manufacturers and brands, top players have significant influence over suppliers due to their large scale of operations.

Threat of new substitutes: The threat of new substitutes is moderate. While offline retail stores offer an alternative, ecommerce provides added convenience of huge variety, price comparisons and fast delivery which are difficult to replicate offline.
Competitive rivalry: Competition in the market is high due to presence of global as well as regional players.

Key Takeaways:

The Asia Fashion Ecommerce Market Size is expected to witness high growth, exhibiting CAGR of 9.5% over the forecast period, due to increasing penetration of internet and smartphones.

Regional analysis: China dominates the Asia fashion ecommerce market, accounting for over 50% share. This is attributed to large population size, high literacy rates and increasing spending power of consumers in the country. However, other Southeast Asian markets like India, Indonesia, and Vietnam are expected to be the fastest growing regional markets owing to rising middle class and growing affinity of young population towards online shopping.

Key players: operating in the Asia fashion ecommerce market are Alibaba, Amazon, Flipkart, Myntra, Rakuten, Zalora, Lazada, Shopee, JD.com, Club Factory, Shein, Namshi, Noon, Nykaa, Ajio, Tmall, Farfetch, Asos, Zozo, Ssense. Key players are focusing on expansion of product portfolio, integrating latest technology like AI and AR/VR and enhancing delivery network to gain further edge in the competitive market.

Asia Fashion Ecommerce Market Segmentation

Segmentation in the Asia fashion ecommerce market is vital for businesses to target specific customer groups effectively. It enables them to tailor their product offerings, marketing strategies, and user experiences to meet the unique needs and preferences of different segments within this diverse and dynamic market. The Asia fashion ecommerce market can be segmented into several categories based on various factors.

  • By Product Type
    • Apparel
    • Footwear
    • Accessories
    • Jewelry
    • Bags
    • Watches
    • Others (cosmetics, perfumes, personal care)
  • By End User
    • Men
    • Women
    • Unisex
    • Kids
    • Others (Baby)
  • By Price Range
    • Premium
    • Mid
    • Low
  • By Category
    • Western Wear
    • Ethnic Wear
    • Sports Wear
    • Inner Wear
    • Loungewear
    • Swimwear
    • Others (sleepwear, maternity)
  • By Distribution Channel
    • Company owned
    • Marketplace
    • Multi-brand Retailers
    • Others (flash sales)

[FAQ]:

  1. What is the scope of this report?
  2. Does this report estimate the current market size?
  3. What are the key factors covered in this report?

*Note:
1. Source: CoherentMI, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it