About Online Fashion Retail Market in the US
The retail industry can be divided into two broad segments: brick-and-mortar retail and online retail. Brick-and-mortar retail is also known as offline retail or physical store-based retail. Online retail is a part of B2C e-commerce and typically refers to commerce activities over the Internet.
Online retail revenue contributed 7.29% to the overall retail industry in the US in 2015. This share is likely to reach over 10% by 2020, growing primarily on the back of the rise in Internet penetration rates and smartphone use in the country.
Technavio’s analysts forecast the online fashion retail market in the US to grow at a CAGR of 14.21% during the period 2016-2020.
Covered in this report
The report covers the present scenario and the growth prospects of the online fashion retail market in the US for 2016-2020. To calculate the market size, the report takes into account revenue generated from online retail sales of the following products:
Technavio Announces the Publication of its Research Report – Online Fashion Retail Market in the US 2016-2020
Technavio recognizes the following companies as the key players in the Online Fashion Retail Market in the US: Amazon, Walmart, L Brands, Gap, IKEA, and Macy's.
Other Prominent Vendors in the market are: Academy Sports + Outdoors, ATG Stores.com, Backcountry.com, Best Buy, Costco, CustomInk, Eastern Mountain Sports, Factory Green, Ideel, J.C. Penney, and Target.
Commenting on the report, an analyst from Technavio’s team said: “Social networks are expected to form an essential part of the online retail evolution in the future, as users spend more than 25% of their total time online on social networking websites such as Facebook and Twitter. Social media will soon be a key marketing channel for online retailers to connect with current customers as well as attract new customers to their sites.”
According to the report, the rise in smartphone use has contributed to online retail growth in the fashion segment. This smartphone penetration presents significant growth opportunities for e-retailers in the US. With the increase in popularity of shopping through mobile devices, retail sales through these devices are likely to grow.
Further, the report states that the majority of the population is still reluctant to purchase merchandise online without physically examining it. This lack of the touch element has been one of the factors working against online retail, and continues to inhibit the growth of the market.
Amazon, Walmart, L Brands, Gap, IKEA, Macy's, Academy Sports + Outdoors, ATG Stores.com, Backcountry.com, Best Buy, Costco, CustomInk, Eastern Mountain Sports, Factory Green, Ideel, J.C. Penney, Target.
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