|Apparel Is Leading the Online Retail Category in the Asia Pacific Region|
Recently, a market research firm based out of Germany, named Ystats.com unveiled a detailed report on the subject of 'Asia-Pacific Clothing B2C E-Commerce Market 2016'. As per the inferences of this report, apparel seems to be the pioneer when it comes to the online retail category across the Asia-Pacific Region. In fact, a whopping 40-50% of the online shopping enthusiasts within the region have made online purchases pertaining to the fashion segment in the year 2015.
As per the findings of the research organisation, fashion ranked number one in terms of both, online shopping via desktops and that through mobile phones and other hand held devices. In fact, it was clothing and apparel that topped the list with respect to Business-to-Consumer sales in China. In South Korea, this product category ranked second, while it gained the third position in Japan. According to the report, over 10% of the total retail sales in South Korea pertaining to clothing was done via various online channels. Even the statics for purchase patterns in Japan indicate similar figures.
China, India and Indonesia, among others are seen to be the fastest emerging online marketplaces and have all recorded double digit growth rates, with respect to purchase of apparels in the online arena. What appears to be the most striking is the fact, that India recorded an unparalleled growth rate of a staggering 50% in the year 2015. If a forecast cited in the same report is to be believed, India will most probably overtake Japan to emerge as the second largest market for online retail market with respect to clothing and apparels, and that too in a span as short as 5 years, i.e. by 2020.
As per the report, the factor that will have the most lasting impact on the market trends is the cross border shipping, which is speculated to bring about a radical shift in the way online shopping for fashion and clothing functions across Asia-Pacific. This might actually be in line with the trend that has been followed in Australia, wherein the bulk of men’s apparels are purchased from Non-Australian online stores. Given the fact that fashion giants such as VIP.com, Myntra, Jabong and Fast Retailing amongst others are fiercely competing for greater share of the fast-growing markets, the intense rivalry amongst them can be easily gauged.
The entire game is now likely to be guided by factors such as quality of the products, promptness in introduction of new trends, logistics such as timely delivery and return pick-ups, ease of returns, and payment options including EMIs. It is only a matter of time, that we will come to know as to who emerges to be a winner and which brand loses out in this intense race.