LONDON, GREATER LONDON, UK, November 15, 2021 /EINPresswire.com/ — Fashion e-commerce companies are now focused on building personalized experiences for buyers with artificial intelligence-enabled virtual assistants. AI-enabled virtual assistants are software programs with algorithms designed to stimulate conversations with human users over the Internet. These AI-powered virtual assistants are being used to enable one-on-one conversations with the potential buyer and provide style suggestions by using algorithms to suggest products that the customer might like. Major players in the market have started implementing this trend to impact the customer’s buying behavior and increase sales. For instance, Tommy Hilfiger, a USA-based clothing company, uses AI-enabled chatbots to allow shoppers to browse through the collections and provide assistance in selecting an outfit based on the buyer’s style. Further, H&M, a Sweden based clothing company, teamed up with Goggle to provide AI-based style suggestions for every individual by analyzing their activities and interests over one week.
The business to consumer (B2C) market was the largest segment of the fashion e-commerce market segmented by model type, accounting for 85.4% of the total in 2020. Going forward, the B2C segment is expected to be the fastest growing segment in the fashion e-commerce market, at a CAGR of 11.5% during 2020-2025.
The global fashion e-commerce market reached a value of nearly $549.55 billion in 2020, having increased at a compound annual growth rate (CAGR) of 7.7% since 2015. The market is expected to grow from $549.55 billion in 2020 to $929.38 billion in 2025 at a rate of 11.1%. The growth is mainly due to the increasing awareness about e-commerce among the population and increase in mobile phone usage which is expected to drive the demand for fashion e-commerce. The fashion e-commerce market is expected to grow from $929.38 billion in 2025 to $1,896.82 billion in 2030 at a CAGR of 15.3 %.
Read More On The Global Fashion E-Commerce Market Report:https://www.thebusinessresearchcompany.com/report/fashion-e-commerce-global-market
The Business Research Company’s Fashion E-Commerce Market 2021 – Opportunities And Strategies – Global Forecast To 2030
TBRC’s global fashion e-commerce market report is segmented by product into apparel/clothing, accessories, footwear, cosmetics, others, by end user into men, women, children, by model type into business to business (B2B), business to consumer (B2C).
The fashion e-commerce market was driven by rapid growth in online mode of payments such as net-banking and E-wallets in the historic period. The market growth was aided by increased mobile internet penetration, pervasive adoption of online payment applications and introduction of new safer online payment technologies such as e-wallets and other applications.
Major players covered in the global fashion e-commerce industry are Amazon, Zalando, Alibaba, eBay, Flipkart.
Fashion E-Commerce Market 2021 – By Product (Apparel/Clothing, Accessories, Footwear, Cosmetics), By Model Type (Business To Business (B2B), Business To Consumer (B2C)), By End-Use Industry (Men, Women, Kids) And By Region, Opportunities And Strategies – Global Forecast To 2030 is one of a series of new reports from The Business Research Company that provides fashion e-commerce market overview, forecast fashion e-commerce market size and growth for the whole market, fashion e-commerce market segments, and geographies, fashion e-commerce market trends, fashion e-commerce market drivers, restraints, leading competitors’ revenues, profiles, and market shares. Request For A Sample Of The Global Fashion E-Commerce Market Report:https://www.thebusinessresearchcompany.com/sample.aspx?id=5196&type=smp
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