Led by spurt in smartphone penetration, improved logistics infrastructure, convenient payment gateways, and the evolved online shoppers, the domestic online fashion market is estimated to reach $12-$14 bn level by 2020, according to a new report.
While online fashion shoppers will more than double to touch the 130 million mark, fashion e-commerce will constitute 11-12 per cent of the total domestic fashion market, a joint study by the global Boston Consulting Group (BCG) and social media giant Facebook said. Currently, 55-60 million consumers are buying fashion products online.
While fashion market in India is currently estimated at $70 billion where online contributes five per cent at around $4 billion $30bn of this market will be digitally influenced by 2020. "Fashion is at the forefront on Facebook in India. It dominates the top 10 interest categories on Facebook and same is true for Instagram," Umang Bedi, Managing Director, India & South Asia Facebook, told IANS.
Bedi added that one out of every two Instagram users in India was interested in fashion. Asked if Facebook was planning to enter the e-commerce industry with opening up related ads on its platform, Bedi said Facebook drove value to top brands and advertisers in the market by connecting them with the people. "We are partners to those companies. Thus, we do not intend to compete with our partners," Bedi said, adding that Facebook was all about connecting and helping people share content.
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