February 22, 2024

U.S. Fashion Ecommerce Market Poised for Rapid Growth Owing to Rising Adoption of Smartphones

The U.S. fashion ecommerce market involves online shopping for various apparel and accessories. Key products include tops, bottoms, dresses, footwear, bags, and beauty products. With increasing internet penetration and availability of high-speed internet, more consumers are preferring to shop on their mobile devices and computers from the comfort of their homes. Ecommerce websites and apps offer a wide variety of options from different brands at competitive prices along with easy payment options and doorstep delivery. Fashion influencers and bloggers on social media platforms have also boosted online sales of trendy apparel and lifestyle products among younger demographics.

The global U.S. Fashion Ecommerce Market is estimated to be valued at US$ 124.54 Bn in 2024 and is expected to exhibit a CAGR of 6.2% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics:

As per recent data, over 95% of Americans own a smartphone. With high-speed internet becoming widely available, consumers are increasingly using their phones to browse and shop online instead of desktop computers. Ecommerce apps and mobile-optimized sites have made online shopping very convenient on the go. This is driving more fashion purchases through smartphones.

Increasing preferences for online shopping: The preference for online shopping over traditional retail stores is another major factor propelling the U.S. fashion ecommerce industry. Consumers find it more convenient to browse items from leading brands, compare prices and order from the comfort of their homes without having to visit crowded malls or outlets. Online retailers also offer benefits like easy returns, exchanges and doorstep delivery. This has increased demand for ecommerce fashion platforms.

SWOT Analysis

Strength: The U.S. fashion ecommerce market offers a wide variety of products from various brands at competitive prices online. Customers can easily browse and compare products from different sellers on their mobile devices or laptops from the comfort of their homes. Many fashion ecommerce companies also provide fast shipping and easy return policies which enhance customer satisfaction.

Weakness: The market is highly fragmented with the presence of numerous small and mid-sized sellers. This increases competition and some sellers find it difficult to differentiate their products and brand. Counterfeit products sold online also pose risks to genuine brands. Dependence on third party logistics and warehousing also raises operational challenges for some companies.

Opportunity: The adoption of advanced technologies such as AI, virtual reality, and augmented reality provide opportunities to enhance online shopping experience for customers. Personalized recommendation systems and virtual trial features can boost customer engagement and sales. Companies can also leverage social media platforms to target younger audiences and drive traffic to their websites.

Threats: Stiff price competition from low-cost Asian manufacturers and rising logistics costs threaten profit margins. Data privacy regulations pose compliance challenges. Changing customer preferences and emergence of new shopping trends like resale also threaten existing business models over the long run.

Key Takeaways

The Global U.S. Fashion Ecommerce Market Size  is expected to witness high growth over the forecast period driven by rising internet and smartphone penetration. Younger consumers are increasingly adopting online channels for shopping fashion and apparel needs. The global U.S. Fashion Ecommerce Market is estimated to be valued at US$ 124.54 Bn in 2024 and is expected to exhibit a CAGR of 6.2% over the forecast period 2024 to 2031.

Regional analysis: The western region currently accounts for the largest share led by states like California, New York and Texas. Online spending is highest among urban populations in major cities. However, growth is fastest in the southern region driven by rising incomes in populous states like Florida and expanding warehousing facilities of major retailers.

Key players: AngioDynamics, Inc, C.R. Bard, Inc, Teleflex Incorporated, B. Braun Melsungen AG, Medtronic Plc, Vygon Ltd., Cook Medical, Inc., Argon Medical Devices, Inc.,ICU Medical, Inc.,Theragenics Corporation, Becton, Dickinson and Company,icumedical, Polymedicure, Lepu Medical Technology (Beijing) Co.,Ltd., VOGT MEDICAL, Gilead Sciences, Inc and ZOLL Medical Corporation. Key players operating in the U.S. fashion ecommerce market focus on enhancing their product portfolios as well as bolstering supply chain and logistics capabilities to effectively cater to customer needs online.

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