by The UK Fashion Ecommerce Market is estimated to be valued at US$ 31.19 Billion in 2022 and is expected to exhibit a CAGR of 15.5% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The UK fashion ecommerce market caters to a wide variety of clothing, footwear and fashion accessories through online platforms. It offers products ranging from casual wear, formal wear, sportswear to kids fashion. Customers can browse through various collections, read reviews, compare prices and get their favorite items delivered at their doorstep.
Market Dynamics:
Rising preference for personalized shopping experience- Customers are increasingly demanding a tailored shopping experience with more options to customize products as per their requirements. This has compelled online retailers to offer features like customized size guides, style quizzes, virtual try-on tools etc. These personalized touchpoints are fueling the market growth.
Improved delivery options attracting more customers- Leadingfashion e-tailers are focusing on expanding their delivery networks and offering diverse options like same-day delivery, click and collect from stores etc. to provide a seamless shopping and checkout experience. The enhanced delivery capabilities are boosting customers’ confidence in online shopping.
Market key trends:
The UK fashion ecommerce market has witnessed rising popularity of fast fashion over the last few years. Fast fashion refers to inexpensive clothing collections that mimic current luxury fashion trends. It allows fashion conscious customers to afford new styles at lower prices. Brands like H&M, Primark, Zalando etc. offer fresh stock and trends at affordable prices in short intervals which has boosted their online sales. Furthermore, growing preference for personalized and customized clothing options have encouraged many etailers to offer services like customized sizing, accessories, prints etc. Customers can now design or tweak basic garments as per their preference, driving more spending on individualized fashion products online.
SWOT Analysis:
Strength: Dominance of global fashion giants like Amazon, ASOS, Boohoo etc. with strong branding, logistics and wide assortments.
Weakness: High return rates and unsold inventory lead to losses for retailers. Smaller brands have limited marketing budgets.
Opportunity: Emerging trends like sustainability, athleisure and plus-size collections present new avenues. Growth of social commerce through influencer marketing.
Threats: Economic uncertainty could dampen discretionary spending. Rising competition from Chinese etailers entering the market.
Key Takeaways:
The UK Fashion Ecommerce Market Demand is expected to witness high growth at a CAGR of 15.5% over the forecast period to reach a value of US$ 92.79 Billion by 2030, driven by rising popularity of online shopping and expanding assortments. The UK has emerged as one of the leading fashion ecommerce markets in Europe supported by higher adoption of smartphones and reliable delivery infrastructure across regions.
Regional analysis:
London dominates the UK fashion ecommerce space contributing to over 35% of the online sales. However, cities in Northern England like Manchester are emerging fast led by increasing youth population and their rising spending power. Scotland also exhibits high potential for fashion brands as customers shift to online platforms for variety and convenience.
Key players analysis:
Key players operating in the UK fashion ecommerce market include H&M, Zalando, Amazon Fashion, Primark, Topshop, River Island, Missguided, PrettyLittleThing, ASOS, Boohoo, Next, Very, Marks & Spencer, John Lewis, New Look, JD Sports, Farfetch, Gymshark, Reiss, AllSaints. H&M and ASOS have leading market shares backed by their extensive private labels and superior user experience on websites and apps. Zalando and Amazon Fashion are also growing robustly through sponsorship of fashion weeks and popularizing new designers.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
