With the spread of the internet throughout the world, online sale and purchase has seen evident growth.
Today, you can deliver anything to your doorstep without stepping out of your comfort zone. The sale of products and services through online mediums like eCommerce platforms is called online retail.
Similarly, selling apparel or clothing online refers to online apparel retailing. It is one of India’s most popular online retail sectors from buyers’ and sellers’ perspectives.
Eventually, the sector has opened a queue of opportunities. So, let’s understand India’s online apparel retail market with this blog.
Online Apparel Retail Market – Overview
According to an estimation, the Indian online apparel retail market is expected to grow by around 19% between 2022 and 2027. Moreover, the global apparel retail market is estimated to grow by approximately 14% during the same period.
Considering the above stats, the online apparel retail market will grow quickly, and India is expected to do much better.
Online Apparel Retail Market Segment Analysis
There are various ways to segment the online apparel retail market of India. The major factors for segmenting the market are price and gender. Here’s the analysis of various segments of India’s online Apparel Retail Market.
Online Apparel Retail Market Segment Analysis Based on Price
1. Premium Segment: You may not expect it, but India’s premium apparel segment is doing wonders. Premium brands give discounts to cater to loyal customers, allowing people to try their products at affordable prices.
2. Economy Segment: It is the most dominating segment of India’s online apparel retail market. Most people belong to this segment because they think they are getting a value-for-money product without stepping out, which is true in most cases.
3. Low-Priced Segment: The low-price segment doesn’t have enough significance online, and there are some obvious reasons. If you look at these products’ profit margins, there’s little to save for a seller. Moreover, adding up the additional eCommerce charges, the profits almost vanish. Another problem is that increasing the cost in this segment is also not possible as the segment is already price-sensitive.
Online Apparel Retail Market Segment Analysis Based on Genders
1. Men Apparel: Men’s apparel is the top performer segment based on gender. It acquired more than 45 percent of the market share.
2. Women Apparel: Women’s apparel has the lowest share in the market. It has a market share of less than a quarter of the market.
3. Kids Apparel: Kids Apparel is performing well, acquiring around one-third of the market share.
Let’s also talk about some of the online apparel retail market retailers.
eCommerce Market Leaders for Online Apparel Retailers
- Ajio.com
- Zivame.com
- Jiomart.com
- nnnow.com
- Myntra.com
Why Does Segment Analysis Matter?
The analysis of the segment-wise market is an important thing to do if you are thinking about entering the online apparel retail market. It allows you to Get actionable insights about the market. Moreover, it lets you research the opportunities and challenges of any online apparel retail market segment.
The best way to get a detailed market analysis is market research. Market research not only helps you get the above information but also helps you retrieve data about competitors, working strategies, and risk elements.
So, if you want to enter India’s online apparel retail market, you can get help from QDegrees. We offer market research services with benefits like a vertical data view, four research modes, and many more.
How to Know If You Are Moving in the Right Direction?
It is a question that not only the new sellers but also the old ones have. You can start your business well with excellent market research but about the rest. You should know if your customers are getting satisfied with your product.
However, it is about more than just the quality of the apparel. It includes factors like the delivery of the product, customer service experience, and even the price of the product.
But it’s more challenging than it sounds. Auditing all the factors by yourself isn’t a good idea. Here, you can again get help from QDegrees. We offer mystery shopping services, which is an all-rounder to know about your customer’s experience with your brand.
With mystery shopping service, you can get insights about your products, their delivery, and customer service based on the data collected from the Mystery Shoppers.
Wrapping Up
Based on various online analyses, the online apparel retail market will undoubtedly see significant growth. Moreover, it suggests that the upcoming years are best to enter the retail apparel industry.
However, the global insights may vary if you filter out the research based on your reach, the segment you want to target, or any other aspect. That is why having a trusted market research partner like QDegrees is necessary before entering the market. Moreover, you should also opt for the Mystery Shopping service to further gather data specific to your organization.
