Indian fashion e-commerce market to cross $18.76 billion by 2030: Coherent Market Insights report

Global market intelligence company Coherent Market Insights expects India’s fashion e-commerce market to cross $18.76 billion by 2030. The business also predicted that the market will grow at a compound annual growth rate of 34% in its new report ‘India Fashion E-commerce Market’.

Coherent MI valued the Indian fashion e-commerce market at $14 billion in 2023 and expects numerous factors to contribute to exponential growth, according to its new report, accessed on Globe Newswire. Market opportunities such as an increasing demand for diverse fashion products, changing lifestyle trends, and increasing purchasing power mean that there exists numerous spaces for brands to focus on for growth. 
 
The report named rapid urbanisation, increasing penetration of the internet and smartphones, favourable demographics, and growth in the organised retail sector as major growth drivers for the Indian e-commerce industry. Major challenges were identified as logistics and delivery issues, under-penetrated rural markets, and concerns surrounding data privacy.

“The convenience of browsing through a wide range of fashion products from the comfort of their homes and the option of cash on delivery has further fuelled the growth of the fashion e-commerce market in India,” read the report. “Additionally, the rise of social media platforms and the influence of fashion influencers have significantly impacted the purchasing decisions of consumers, driving the growth of online fashion sales. Furthermore, the COVID-19 pandemic has accelerated the shift towards online shopping, as people are opting for contactless transactions and avoiding crowded physical stores. These factors together create a favourable scenario for the growth of the India fashion e-commerce market.”