July 19, 2024
US Fashion Ecommerce Market

Apparel & Footwear is the largest segment driving the growth of US Fashion Ecommerce Market

The global US Fashion Ecommerce Market is estimated to be valued at US$ 248.07 Bn in 2023 and is expected to exhibit a CAGR of 12% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

The US fashion ecommerce market consists of online retailing and purchasing of apparel, footwear, and accessories. The online platform offers wide variety of options with convenience of home delivery and easy returns which drives its demand among consumers.

Market key trends:

One of the key trends in the US fashion ecommerce market is growing popularity of influencer marketing. Influencer marketing leverages the popularity and authority of social media influencers to promote brands, products, and services. Many fashion retail brands partner with popular bloggers and social media personalities on platforms such as Instagram and YouTube to promote their new lines and collections through sponsored posts and stories. This helps companies to gain traction among younger target audience and boost online sales. Influencer marketing is efficient in terms of costs compared to television or print advertisements. Thus, it is widely adopted in the competitive US fashion ecommerce industry.

SWOT Analysis:

  • Strength: The US fashion ecommerce market benefits from a high smartphone and internet penetration. Online shopping offers consumers convenience and access to a wide range of fashion products.
  • Weakness: Customers still prefer to touch and feel clothing and other fashion products before purchase. Online retailers also face high customer return rates for fashion products.
  • Opportunity: Emerging technologies such as virtual and augmented reality can enhance the online shopping experience. Live shopping and social commerce are growing trends that can boost sales.
  • Threats: Stiff competition from existing and new online retailers. Customers can easily switch to better deals. Rising transportation and labor costs can squeeze margins.

Key Takeaways:

The Global US Fashion Ecommerce Market Growth is expected to witness high, exhibiting a CAGR of 12% over the forecast period, due to increasing smartphone penetration and growing preference for online shopping among millennials and Gen Z. The COVID-19 pandemic has further accelerated the shift to online platforms.

Regional analysis: The US represents the largest and fastest growing market for fashion ecommerce, driven by high levels of digitization. California and New York dominate US fashion ecommerce sales due to high population and spending power. Europe and China also offer lucrative opportunities for market expansion.

Key players operating in the US fashion ecommerce market are Amazon, Walmart, Ebay, Macys, Gap, Nike, Target, Nordstrom, JCPenney, Kohls, Wayfair, Best Buy, Home Depot, Sephora, Ulta Beauty, Forever 21, H&M, Zara, Urban Outfitters, ASOS. Major players are investing in technologies and personalization to improve customer experience and retain their market share. Newer entrants are focusing on niche segments and private labels.

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