Published on : Jul 11, 2017
Albany, New York, July 11, 2017: The internet is fast becoming the destination of choice for shoppers, and due to this, online shopping has become increasingly popular amongst busy consumers over the past decade. Market Research Hub (MRH) has recently announced the inclusion of a new study to its wide portfolio, which offers precise information about the U.K. online fashion market along with the clear study on the consumer’s trends and demand, issues and insights; and key leading players. The report is titled as “Fashion Online - UK - June 2017”, which estimates market size and forecast in terms of US$ million for each segment in fashion online for the forecast period of 2017 to 2022. Moreover, historical year-on-year growth has been taken into consideration while estimating the market size.
People of today are very much aware of the fashion. And needless to say, there are plenty to collect and choose from the market. Customers are increasingly shopping for the latest fashion items online. As per the report, in U.K. most of the millennial prefer to buy most fashion online, research finds that almost 48% of millennials use smartphones for fashion and there is no end to the variety of ladies fashion clothing options. Due to this, online shopping has a significant contribution to the highly diversified and fast changing fashion trends. As per the findings, by the end of the year, this sector is expected to become the UK’s largest online market and online fashion sales is estimated to grow 17.2% in 2017.
Moreover, the report analyzes the market scenario on the basis of best and worst case forecast of online sales of clothing, accessories and footwear, present in a variety of types. At present, online fashion accounts for 24% of the total sales. The major market drivers for the growth in U.K. market of online fashion include the growth in smartphone and tablet ownership, social media usage, leisure prioritized in spending and population trends. As consumers crave experiences, retailers will also need to elevate the online shopping experience and make it more entertaining through the use of the latest technology such as live video on social media platforms, virtual reality and personalized customer service and stylish options. Delivery is becoming a key online battleground and the use of delivery passes and more dynamic delivery options could increase loyalty towards a specific retailer.
The key findings section included in the report would promote existing market players in escalating their market shares, and new companies in establishing their presence in the U.K. market. Moving further, advertising and marketing activity, competitive strategies of the leading players are also mentioned. All these factors would help market players to take strategic resolutions in order to reinforce their positions and expand shares in the global market also. Currently, Amazon is the leading online fashion ad spend.
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