The U.S. fashion ecommerce market is primarily involved in the online sale of apparel, footwear and accessories. Ecommerce fashion platforms provide consumers the convenience to choose from a wide variety of products from the comfort of their homes and schedule doorstep delivery. The U.S. fashion ecommerce market is characterized by growing penetration of smartphones and internet with over 95% of the population in the country having access to the internet. Products sold through online fashion stores offer several advantages such as competitive prices, latest trends, 24/7 availability and easy return policies among others. Owing to attractive offers and better shopping experience, there has been a increasing consumer preference for online shopping over traditional retail channels in the country.
The global U.S. Fashion Ecommerce Market is estimated to be valued at US$ 108.1 Bn in 2023 and is expected to exhibit a CAGR of 4.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights. Market Opportunity: Growing preference for online shopping presents a major market opportunity for players in the U.S. fashion ecommerce market. According to a recent survey, over 70% of consumers in the country said they plan to do most of their gift shopping online this holiday season. This is indicative of increased comfort with online shopping even for important purchases. Ecommerce fashion brands can capitalize on this opportunity by strengthening their digital presence, enhancing product catalogs, ensuring seamless payment options and offering lucrative promotions. Investing in customer experience initiatives like speedy delivery, easy returns and round the clock support will help brands attract more consumers and increase their market share in the favorable online retail environment of the country. Porter’s Analysis Threat of new entrants: The U.S. fashion ecommerce market has many established brands that have strong brand recognition and reputation, making it difficult for new entrants to acquire market share. However, the relatively low entry barriers allow new startups to enter the market. Bargaining power of buyers: Buyers have significant bargaining power due to the availability of many alternatives from various fashion ecommerce platforms and brands. Buyers can also easily compare prices online. Bargaining power of suppliers: A few key fashion brands and designers hold a large share of the market, giving them strong bargaining power over fashion ecommerce platforms. However, there are also many smaller designers and suppliers. Threat of new substitutes: New emerging shopping trends like renting or buying second-hand clothing on online platforms pose a threat of substitution to new fashion purchases on ecommerce sites. Competitive rivalry: The market is highly fragmented and competitive due to many international and domestic players. Sustaining competitive pricing and tailoring personalized experience for customers are challenges. SWOT Analysis Strengths: Growing prominence of online channels for fashion shopping. Wide range of domestic and international brands. Easy payment options and flexible exchange/return policies attract customers. Weaknesses: High inventory and operating costs. Vulnerability to changes in consumer spending patterns and trends. Difficulty maintaining competitive edge over global players. Opportunities: Emerging sectors like athleisure and wellness fashion present new growth avenues. Rising mobile commerce provides an engaged customer base. Personalization through advanced analytics enhances customer experience. Threats: Intense competition from offline retailers expanding their online presence. Susceptibility to geo-political issues and trade restrictions impacting global supply chains. Digital disruption through new forms of virtual and augmented reality shopping. Key Takeaways The global U.S. Fashion Ecommerce Market Share is expected to witness high growth over the forecast period supported by rising internet and smartphone penetration. Regional Analysis: The Asia Pacific region accounted for the largest market share due to the expanding middle class, increasing disposable incomes, and growing acceptance of online shopping in countries like China and India. The increasing focus of large offline retailers like Walmart and Target on expanding their online businesses through partnerships and acquisitions is also fueling regional market growth. Key players operating in the U.S. fashion ecommerce market are Johnson & Johnson Vision Care, Inc.ESSILORLUXOTTICACooperVisionCarl Zeiss AGBausch & Lomb Inc.Safilo Group S.p.A.Charmant GroupChemilens (CHEMIGLAS Corp.)CIBA VISIONDe Rigo Vision Get More Insights On This Topic: https://www.newsanalyticspro.com/u-s-fashion-ecommerce-market-demand-analysis/
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November 2023
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