Fashion and lifestyle products continue to rule the heart of online shoppers in India.
Fashion and lifestyle products continue to rule the heart of online shoppers in India. Of the total Indian fashion market which is at present valued at $70 billion, the size of online fashion industry ranges between $7-9 billion, as per a recent report titled ‘Fashion Forward 2020’ released on Thursday by The Boston Consulting Group (BCG) along with Facebook. The report further highlights that the size of online fashion industry is expected to grow four times to $12-14 billion by 2020 accounting for a significant 11-12% share of Indian fashion market. More importantly, it is mobile which is expected to drive shopping online with as many as 85% online apparel shoppers preferring mobile over any other device.
Umang Bedi, managing director, Facebook India and South Asia said, “Mobile has become central not just to the way brands market and sell, but also how they design products, plan merchandizing and engage with customers end-to-end.”
As per the report, nearly 30% of new shoppers are likely to start buying online with apparel and footwear. While large part of the growth will be driven by a spurt in new shoppers, the remaining will constitute of mature existing shoppers.
Rohit Ramesh, partner and managing director, The Boston Consulting Group, India said, “By 2020, nearly half the shopper base will be women, more than 50% will come from tier 2 or even lower and 37% will be older than 35 years of age.”