Monday 26, Oct 2020, Delhi (India)
Jabong, Ajio, Flipkart, Koovs – these are a few of the e-commerce sites that have become household names in the fashion industry in India. The country has become the world’s fifth-largest global destination in the retail space. It is growing at a rate of 51 % annually. E-commerce has revolutionized the fashion scene in India, taking it to new heights. E-commerce will be the engine of the next level of Indian consumer growth in 2019 according to Deloitte.
According to research by Myntra, the number of online shoppers is at an estimated 60 million. It is projected to increase to 120 million by the year 2020. With the emergence of online shopping, India has seen a shift in the market dynamics for fashion businesses. Innovation in business, fierce competition in the market, more variety of products. These are some of the things that e-commerce has brought to the table.
CHANGES IN FASHION LANDSCAPE
The fashion landscape has undergone big changes. Consumers belonging to small towns and semi-urban India have arrived. Access to affordable internet data plans and vernacular content has made them less skeptical about shopping online. Being exposed to new media, the masses now have an inspirational approach to fashion. Consumers are increasingly looking at using online channels for shopping.
As e-commerce is available to every consumer, the fashion and lifestyle industry has seen a meteoric rise in the demand for premium brands. Higher disposable incomes and exposure to media have led the contemporary consumer to evolve and be ready to purchase global and luxury brands. Also, because half of the country’s population is under 25, consumers are engaging in online shopping more than ever before. However, the Indian consumer remains value-conscious. For this aspect, there are mega discounts, offered by most e-commerce sites.
The fashion industry has shifted to solutions based on artificial intelligence. Personalization and curation based on personal taste have become important on e-commerce sites. “It’s not about having the largest selection; it’s about presenting the most appropriate selection to the customer involved”, says Ananth Narayanan, Myntra’s ex-CEO. Social commerce has also become a thing in the fashion industry which refers to the sales redirected through social media channels like Instagram.
India is a key point for the fashion industry, reflecting a rapidly growing middle class and powerful manufacturing sector. These factors, combined with strong economic fundamentals and growing tech-savvy consumers, make India too important for international brands to ignore. In the current era, the Indian fashion industry is joining hands with technological advancements.