India’s apparel market is projected to grow at 15 per cent CAGR till 2022. Seven in 10 fashion accessory purchases in India will be influenced by mobile phones. Nearly half of those mobile-influenced purchases will be driven by Facebook, amounting to a 110 billion dollar sales opportunity. Additionally, the mobile will influence two in three apparel purchases, amounting to a 66 billion dollar opportunity for brands, half of which will be driven by Facebook.
Friction occurs when consumers dropout during purchase due to unnecessary additional effort, incremental step or inconvenience. Friction accounts for 19 per cent of consumer dropouts in the apparel category, and in the accessories category, friction accounts for 22 per cent of consumer dropouts.
Top friction areas for different demographic cohorts vary and hence marketers need to customize their marketing strategy accordingly. For example, men and women display different drivers for entering the purchase funnel. Fashion brands need to adopt relevant marketing strategies and reduce friction in consumer journeys across multiple touch-points, leading to improved conversion rates and increased revenue opportunity.
The fashion spectrum in India has evolved so considerably that the apparel and accessory market is projected to reach $102 billion and $155 billion by the year 2022.