by The global UK Fashion Ecommerce Market is estimated to be valued at US$ 31.19 Bn in 2022 and is expected to exhibit a CAGR of 15.5% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The UK fashion ecommerce market provides an extensive range of clothing and fashion accessories to customers through online platforms. Products range from value fashion wear to premium designer clothes and accessories. Consumers in the UK are increasingly adopting online shopping for fashion due to the convenience and availability of a wide range of products on various fashion ecommerce portals and retailers’ websites. The online shopping portals offer attractive discounts, deals, and offers along with cashback and loyalty programs to attract more consumers.
Market key trends:
The UK fashion ecommerce market is witnessing strong growth driven by increasing adoption of smartphones and mobile commerce or m-commerce in the country. According to studies, around 85% of online shopping in the UK is done on mobile phones. Fashion retailers are focusing on optimizing their websites and apps for mobile-friendliness to capitalize on this growing trend. Live streaming of fashion shows and products on social media platforms by key fashion ecommerce players is also gaining traction among young consumers. Personalized recommendation engines and virtual trial features are further enhancing the online shopping experience. These factors are expected to promote continued growth of the UK fashion ecommerce market over the forecast period.
Porter’s Analysis
Threat of new entrants: The UK fashion ecommerce market has moderate barrier for new entrants due to the advanced technology requirement and strong presence of established brands like H&M, Zalando and Amazon Fashion.
Bargaining power of buyers: Buyers have high bargaining power due to large no. of established brands and options available. Switching cost for buyers is also low.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as few big brands work directly with manufacturers while others rely on suppliers for raw materials and designs.
Threat of new substitutes: Threat from new substitutes is moderate as new platforms like hyper-local delivery apps can pose potential threat with innovations in delivery options.
Competitive rivalry: The competitive rivalry is high among existing key players due to strong brand positioning and similarity of product offerings in the UK fashion ecommerce market.
Key Takeaways
The global UK Fashion Ecommerce Market Demand is expected to witness high growth, exhibiting CAGR of 15.5% over the forecast period 2023-2030, due to increasing smartphone and internet penetration along with rise in mobile commerce.
Regionally, the UK fashion ecommerce market is dominated by England with London emerging as the fashion hub for UK. English consumers spend more average per year in online fashion than the rest of UK regions combined. Fashion retailers have also strengthened their presence across major English cities due to high demand.
Key players operating in the UK fashion ecommerce market are H&M, Zalando, Amazon Fashion, Primark, Topshop, River Island, Missguided, PrettyLittleThing, ASOS, Boohoo, Next, Very, Marks & Spencer, John Lewis, New Look, JD Sports, Farfetch, Gymshark, Reiss, AllSaints. Players like ASOS and Boohoo have led consolidation in the market through acquisition of smaller brands to capture more market share.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
