Fueled by the rising penetration of internet and smartphones in the country, India's online fashion market is projected to grow by 34 per cent CAGR from 2023-2030 to reach $18.76 billion by 2030. As per a report by CoherentMI, this growth will be driven by fashion influencers dictating trends and influencing millions with their curated feeds driving sales sky-high.
Giants like Myntra, Ajio, Flipkart, and Amazon are ruling the roost, offering a vast array of products to cater to every taste and budget. They're also getting creative, with Myntra's monthly ‘funfair’ deals and Ajio's ‘Gold’ loyalty program keeping customers hooked.
The market is diversifying with footwear, accessories, beauty products, and even jewelry. Catering to a wider range of consumers, the market opens up exciting new avenues for growth.
The future is bright for those looking to tap into the specific needs of different customer segments. With men's fashion leading the charge, there's immense potential in women's, unisex, and kids' fashion, catering to evolving lifestyles and growing purchasing power.
