February 25, 2024
UK Fashion Ecommerce Market
Ict

The UK Fashion Ecommerce Market Is Driven By The Rising Popularity Of Online Shopping For Fashion Goods

The UK fashion ecommerce market has experienced tremendous growth over the past decade driven by the rising popularity of online shopping for various fashion goods such as apparel, footwear and accessories among consumers. As brick-and-mortar clothing retailers face challenges in the form of high rents and maintenance costs of physical stores, many fashion brands and retailers have shifted their focus to online selling platforms which provide cost advantages as well as ability to reach a wider customer base globally. Online shoppers can choose from a massive selection of fashion styles and brands sitting in the comfort of their homes, get goods delivered to their doorsteps and can return unwanted items with ease.

The global UK fashion ecommerce market is estimated to be valued at US$ 35.94 Mn in 2024 and is expected to exhibit a CAGR of 5.5% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

One of the key trends driving growth in the UK fashion ecommerce market is the increasing adoption of mobile devices and apps for shopping. According to statistics, over 80% of online fashion shopping in the UK is currently done on smartphones and tablets due to their convenience and portability. Leading fashion retailers have optimized their websites and developed engaging mobile apps to provide seamless omni-channel shopping experiences to customers on the go. Additionally, the use of social media platforms by fashion brands and retailers as marketing channels to target younger consumers is another significant trend shaping the UK fashion ecommerce industry.

Porter’s Analysis

Threat of new entrants: The threat of new entrants is moderate as the fashion ecommerce market in UK is fragmented with presence of many established players. However, startups face challenges to attain necessary resources and gain customer acceptance.

Bargaining power of buyers: The bargaining power of buyers is high given the availability of variety of fashion products across different websites. Buyers can easily compare prices and choose from multiple options.

Bargaining power of suppliers: The bargaining power of suppliers is low since there are many apparel manufacturers and suppliers. Switching between suppliers is easy for online retailers.

Threat of new substitutes: The threat of new substitutes is moderate as customers have option to purchase fashion products from bricks and mortar stores as well as international ecommerce sites.

Competitive rivalry: The competitive rivalry is high among key players to gain higher market share through strategic marketing campaigns, brand promotions and offering wide assortment at competitive prices.

Key Takeaways

The Global UK Fashion Ecommerce Market Demand is expected to witness high growth. Eastern Europe region is dominating the market currently while Asia Pacific region is expected to grow at fastest pace over the forecast period. The global UK fashion ecommerce market is estimated to be valued at US$ 35.94 Mn in 2024 and is expected to exhibit a CAGR of 5.5% over the forecast period 2024 to 2031.

Regional analysis: The UK fashion ecommerce market currently dominates in Eastern Europe region accounting for over 35% of the total market share. Factors such as growing Internet penetration and increased usage of smartphones for online shopping are driving growth in this region. However, Asia Pacific region is expected to emerge as the fastest growing market going forward mainly due to rising middle class population and their increased spending on fashion items in countries like India and China.

Key players: Key players operating in the UK Fashion Ecommerce Market are Eaton Corporation, Philips Lighting, Hubbell Incorporated, Zumtobel Group AG. Eaton Corporation is currently the leading player with over 15% market share in UK. Philips Lighting and Hubbell Incorporated hold second and third position respectively in terms of revenues.

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