India Online Retail Market to be Dominated by Apparel & Footwear Segment during the Forecast Period
India Online Retail market is
experiencing a surge due to the increasing convenience of shopping and
availability of diverse range of products on a single platform.
According to TechSci Research
report, “India Online Retail Market– By Region, Competition, Forecast
& Opportunities, 2019-2029F,” the India online retail market is
expected to grow during the forecast period due to the increasing penetration
of rural areas and rising investment of e-commerce sector.
In India, the online retail
market has seen a significant growth over the past few years due to reasons
such as changing consumer buying habits, growing internet users, and
technological changes in the country. Individuals have access to a wider range
of items at reasonable prices due to the expansion of e-commerce across the
nation. This trend is most likely driving the significant transformation in the
online retail industry and is expected to continue in the coming years. With
the rising growth of online retail in India, many of the luxury brands are
expanding their presence in the Indian market through the use of online luxury
retailers and collaborations with Indian conglomerate companies.
Moreover, private labels are
becoming increasingly popular as they provide retailers with a higher margin of
return than traditional brands. As consumers become increasingly aware of the
importance of well-being and the need for healthier alternatives, private label
brands that provide quality, cost-effective, and distinct products are in a
significant position to succeed.
The rapid growth of the online
retail sector can be largely attributed to the return policy, discount offer,
and bundling pricing. However, many e-commerce companies have adopted new
technologies called augmented reality to enhance the shopping experience for
customers. This is further contributing to the growth of online retail market
in India over the forecast period. For example, the virtual try-on feature
allows customers to try out various accessories in augmented reality to help
their purchase decision by displaying real-time shopping experiences.
Similarly, one-click checkout eliminates the need to enter basic information
repeatedly and saves customer’s valuable time. Investing in these technologies
will enable online retail companies to continually enhance their customer
shopping experience, further boosting market growth in the coming years.
The COVID-19 pandemic has
resulted in several unprecedented events such as closure of physical stores in
the country, led to consumer preference towards online retail. Thus, these
factors have contributed to the growth and development of online retail and
e-commerce platforms to new level, from being an alternative to a preferred
option of purchasing goods and services.
Customers are often attracted to
clothing on online channels, purchasing from both established brands and
private labels sourced from the market. Private labels have provided a platform
to make fashion accessible to the public, and these price fluctuations are
driving more customers to platforms such as Myntra, Ajio, and Limeroad. Other
factors that drive customers to these channels include convenience and variety.
In addition to that, event marketing initiatives of online retailers are also a
major attraction for customers, as they provide attractive offers around
festivals and other major occasions.
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The India online retail market
is segmented based on product category, region, and competitional landscape.
Based on product category the
market is further fragmented into food & beverages, personal care, apparel
& footwear, electronics & appliances, home & furniture, and others.
Among these, the apparel & footwear segment dominate the market, due to the
availability of the latest fashion at discounted prices, which is expected to
expand the market throughout the projected period.
However, the purchasing power of
consumers has risen due to the development of the middle class, which is
characterized by a higher proportion of disposable income, more accessible
financial resources, etc. The current generation of consumers is more educated
and well-informed, making them to experiment more and willing to try new
products and purchasing methods.
Key market players in the India
online retail market include:
- Flipkart
Internet Private Limited
- Myntra Designs
Private Ltd
- Amazon Retail
India Private Limited
- Reliance Retail
Limited
- Snapdeal
Private Limited
- Tata UniStore
Limited
- Nykaa E-Retail
Pvt Ltd
- Brainbees
Solutions Pvt Ltd (Firstcry.com)
- Clues Network
Private Limited (ShopClues)
- Fashnear
Technologies Private Limited (Meesho)
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“Technology-enabled innovations
such as online transaction payments, digital advertising, and inventory
management systems, are helping in the market growth over the forecasted
period. Moreover, shift in consumer buying habits and the preferences of the
general public to conduct their transactions online through the utilization of
smartphone applications is further contributing to the expansion of the online
retail industry in India, resulting in saving time, effort and cost.”, said Mr.
Karan Chechi, Research Director with TechSci Research, a research-based global
management consulting firm.
India Online Retail
Market, By Product Category (Food & Beverages, Personal Care, Apparel
& Footwear, Electronics & Appliances, Home & Furniture, Others), By
Region, Competition, Forecast & Opportunities, 2019-2029F, has
evaluated the future growth potential of India online retail market and
provides statistics and information on market structure, size, share, and
future growth. The report is intended to provide cutting-edge market
intelligence and help decision-makers take sound investment decisions. Besides,
the report also identifies and analyzes the emerging trends along with
essential drivers, challenges and opportunities present in the online retail
market in India.
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