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E-commerce Fashion Accessories Products Market Size, Share, & Trends Analysis Report (2023 – 2030)
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Report Overview
The global e-commerce fashion accessories market was valued at USD 89.4 billion in 2022 and is projected to expand at a CAGR of 12.2% from 2023 to 2030. The market is driven by a surge in the popularity of e-commerce websites and increasing internet penetration across the world. The market players are investing in technological advancements to gain a competitive edge. For instance, in October 2021, Amazon announced the launch of StyleSnap, a feature that enables customers to shop for fashion accessories by uploading a photo or screenshot. Furthermore, the increasing penetration of mobile phones and smartphones is expected to support the growth of the market.
The increasing demand for convenience and the availability of fashionable and stylish fashion accessories are driving the market. Moreover, technological advancements, such as the launch of virtual reality and augmented reality platforms, are providing customers with a realistic experience and are expected to further drive the market. For example, in October 2021, Myntra, an Indian e-commerce platform, launched the virtual reality platform Myntra 3D Try-On, which allows customers to virtually try on fashion accessories, such as sunglasses and watches. This is expected to fuel the demand for e-commerce fashion accessories.
The growing popularity of influencers and celebrities is driving the demand for fashion accessories. For instance, in October 2021, Kylie Jenner, an American social media celebrity and businesswoman, collaborated with Quay Australia to launch a collection of fashion accessories, such as sunglasses and eyeglasses. The increasing demand for exclusive fashion accessories is driving the market. For instance, in October 2021, Christian Dior launched its new collection, Dior Stellaire, a range of fashion accessories, such as jewelry and watches. This is expected to further drive the market.
Furthermore, the increasing demand for personalized fashion accessories is fueling the growth of the market. For instance, in October 2021, Zazzle, an American online marketplace, launched a new platform that allows customers to customize fashion accessories, such as clothing and bags, with their own text, images, and designs. Moreover, different online payment modes, such as credit/debit cards, net banking, wallets, and cash on delivery, are increasing the convenience of customers, which is expected to further drive the market.
Product Insights
The jewelry segment held the largest market share in 2020 and is expected to dominate the market during the forecast period. Increasing disposable income, growing fashion trends, and the introduction of new fashion accessories are some of the major factors driving the growth of the jewelry segment. According to a report published by Statista, in 2020, the average spending on jewelry in the U.S. was estimated at over $3,000 per person. Furthermore, the introduction of luxury and designer jewelry brands is another factor driving the growth of the market.
The footwear segment is expected to register the fastest CAGR of 8.85% during the forecast period. Growing e-commerce sector and the availability of a wide range of designs, sizes, and colors of footwear products are some of the major factors driving the growth of the market. Additionally, the introduction of eco-friendly and affordable products is another factor driving the demand for footwear products. Moreover, rising fashion trends and the emergence of various footwear e-commerce platforms are driving the growth of the market.
Distribution Channel Insights
The online segment captured the major share of over 43.5% in 2022. The growth of the segment is mainly driven by the rapid expansion of e-commerce platforms, which offer a wide range of fashion accessories to customers. Furthermore, the growing penetration of the internet, especially among the young population, has led to the increased adoption of online shopping for purchasing fashion accessories. Furthermore, the rising number of online promotional activities, such as discounts and offers, has further augmented the growth of the online segment.
The supermarkets and hypermarkets segment is anticipated to expand at the highest CAGR of 10.6% over the forecast period. Supermarkets and hypermarkets provide a wide range of fashion accessories, such as bags, wallets, and jewelry, to customers. In addition, they also assist customers in making quick purchasing decisions, as most customers prefer to touch and feel the product before making a purchase. Moreover, the availability of a wide range of fashion accessories in supermarkets and hypermarkets has encouraged customers to visit these establishments for purchasing fashion accessories.
Type Insights
The clothing segment accounted for the largest revenue share of 70.1% in the year 2022. The growing demand for fashion accessories such as clothing, bags, scarves, and other accessories is driving the growth of this segment. The increasing trend of online shopping, especially in developed countries such as the U.S., U.K., and Germany has led to the growth of the clothing segment. Moreover, the introduction of new fashion trends by celebrities and influencers via social media is driving the demand for clothing and accessories.
The shoes segment is anticipated to register the fastest CAGR of 8.7% during the forecast period. The growing trend of wearing designer shoes and the increasing demand for branded footwear are driving the growth of this segment. The rising influence of celebrity fashion and the increasing use of social media platforms such as Instagram and Pinterest for marketing are further augmenting the demand for shoes. Moreover, the introduction of new product categories such as sneakers, sandals, and ballet flats is driving the sales of shoes in the fashion accessories market.
Regional Insights
The Asia Pacific region dominated the market and accounted for the largest revenue share of over 42.7% in 2022. Growing demand for fashion accessories, such as bags, belts, and hats, among consumers is a key factor driving the growth of the market in the region. Additionally, the presence of e-commerce giants, such as Alibaba, Flipkart, and Amazon, is further expected to increase product visibility among consumers. For instance, in March 2021, e-commerce giant Flipkart launched a new range of fashion accessories for men and women in India.
Europe is expected to witness the second-fastest growth in the coming years. The presence of prominent online retailers, such as Zalando and ASOS, is expected to drive the growth of the market in the region. Additionally, a rise in disposable income among consumers is further expected to increase the demand for fashion accessories. For instance, in April 2021, ASOS launched a new range of fashion accessories, such as bags, wallets, and caps, for both men and women in Europe.
Financial Projections
In this part of the e-commerce fashion accessories products business plan, we will provide a detailed breakdown of all income and expense categories of the business. These forecasts include cash flow projections and capital requirements for your business. Usually, these projections are drafted for a 5-year period.
Revenue Assumptions
The main source of revenue for an e-commerce fashion accessories business comes from sales of products, such as clothing, jewelry, hats, shoes, sunglasses, and other fashion accessories. This should also include projected profits from sales on other online platforms, such as Amazon, eBay, and Etsy.
Projecting Expenses
In this section, all the regular expenses related to keeping the e-commerce fashion accessories business running will be described. The list of operating expenses includes website hosting fees, payment processing fees, advertising fees, wages, taxes, shipping fees, and other miscellaneous expenses.
Key companies & market share insights
Some of the key companies operating in the e-commerce fashion accessories market are increasingly focusing on product launches and expansion of the distribution channel to gain prominent visibility among consumers. Some of the initiatives are:
– In June 2022, Amazon.com, Inc. launched the Amazon fashion, an online store selling a wide range of fashion accessories for both men and women.
– In August 2022, ASOS PLC launched the ASOS Marketplace, an online store selling vintage and independent fashion accessories from around the world.
– In October 2022, Zalando SE launched the Zalando Marketplace, an online store selling a wide range of fashion accessories from various brands.
Some of the prominent players in the e-commerce fashion accessories market include:
– Amazon.com, Inc.
– ASOS PLC
– Walmart, Inc.
– Zalando SE
– Macy’s, Inc.
– Farfetch Ltd.
– Nordstrom, Inc.
– H&M Hennes & Mauritz AB
– Urban Outfitters, Inc.
– Forever 21, Inc.
Global E-commerce Fashion Accessories Market Segmentation
This report forecasts growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For this study, Grand View Research has segmented the global e-commerce fashion accessories products market based on product, distribution channel, type, and region:
1. Product Outlook (Revenue, USD Million, 2017 – 2030)
– Footwear
– Bags & Wallets
– Watches & Jewelry
– Others
2. Distribution Channel Outlook (Revenue, USD Million, 2017 – 2030)
– Online
– Offline
3. Type Outlook (Revenue, USD Million, 2017 – 2030)
– Luxury
– Mass
4. Regional Outlook (Revenue, USD Million, 2017 – 2030)
– North America
– Europe
– Asia Pacific
– Central & South America
– Middle East & Africa
Frequently Asked Questions
[Q]: What are the Key Drivers of the E-commerce Fashion Accessories Market?
[A]: Factors such as the increasing penetration of internet and mobile technology, the rising trend of online shopping, and the availability of innovative products are expected to drive the growth of the e-commerce fashion accessories market. Additionally, the growing popularity of social media platforms, such as Instagram and Pinterest, is expected to fuel the market growth.
[Q]: Who are the Leading Players in the E-commerce Fashion Accessories Market?
[A]: The major players in the e-commerce fashion accessories market include Amazon, Walmart, Target, Alibaba, ASOS, and Zalando.
[Q]: Which Regions Offer the Largest Opportunity for Sales?
[A]: Asia Pacific is expected to offer the largest opportunity for sales of e-commerce fashion accessories, owing to the strong presence of major players, such as Amazon and Alibaba, in the region.
[Q]: What are the Trends in the E-commerce Fashion Accessories Market?
[A]: The growing demand for personalized products, the increasing focus on automation, and the emergence of virtual shopping are some of the key trends observed in the e-commerce fashion accessories market. Additionally, the rise of mobile shopping is expected to create lucrative opportunities for the market.
Research Methodology
Impact Analytix employs a comprehensive and iterative research methodology focused on minimizing deviance in order to provide the most accurate estimates and forecasts possible. The company utilizes a combination of bottom-up and top-down approaches for segmenting and estimating quantitative aspects of the market. In Addition, a recurring theme prevalent across all our research reports is data triangulation which looks market from three different perspectives. Critical elements of the methodology employed for all our studies include:
Preliminary data mining
Raw market data is obtained and collated on a broad front. Data is continuously filtered to ensure that only validated and authenticated sources are considered. In addition, data is also mined from a host of reports in our repository, as well as a number of reputed paid databases. For a comprehensive understanding of the market, it is essential to understand the complete value chain and in order to facilitate this; we collect data from raw material suppliers, distributors as well as buyers.
Technical issues and trends are obtained from surveys, technical symposia, and trade journals. Technical data is also gathered from an intellectual property perspective, focusing on white space and freedom of movement. Industry dynamics with respect to drivers, restraints, and pricing trends are also gathered. As a result, the material developed contains a wide range of original data that is then further cross-validated and authenticated with published sources.
Statistical model
Our market estimates and forecasts are derived through simulation models. A unique model is created and customized for each study. Gathered information for market dynamics, technology landscape, application development, and pricing trends are fed into the model and analyzed simultaneously. These factors are studied on a comparative basis, and their impact over the forecast period is quantified with the help of correlation, regression, and time series analysis. Market forecasting is performed via a combination of economic tools, technological analysis, industry experience, and domain expertise.
Econometric models are generally used for short-term forecasting, while technological market models are used for long-term forecasting. These are based on an amalgamation of the technology landscape, regulatory frameworks, economic outlook, and business principles. A bottom-up approach to market estimation is preferred, with key regional markets analyzed as separate entities and integration of data to obtain global estimates. This is critical for a deep understanding of the industry as well as ensuring minimal errors. Some of the parameters considered for forecasting include:
Market drivers and restraints, along with their current and expected impact
Raw material scenario and supply v/s price trends
Regulatory scenario and expected developments
Current capacity and expected capacity additions up to 2030
We assign weights to these parameters and quantify their market impact using weighted average analysis, to derive an expected market growth rate.
Primary validation
This is the final step in estimating and forecasting our reports. Exhaustive primary interviews are conducted, face to face as well as over the phone to validate our findings and assumptions used to obtain them. Interviewees are approached from leading companies across the value chain including suppliers, technology providers, domain experts, and buyers so as to ensure a holistic and unbiased picture of the market. These interviews are conducted across the globe, with language barriers overcome with the aid of local staff and interpreters. Primary interviews not only help in data validation but also provide critical insights into the market, current business scenario, and future expectations and enhance the quality of our reports. All our estimates and forecast are verified through exhaustive primary research with Key Industry Participants (KIPs) which typically include:
Market-leading companies
Raw material suppliers
Product distributors
Buyers
The key objectives of primary research are as follows:
To validate our data in terms of accuracy and acceptability
To gain an insight into the current market and future expectations
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