When e-commerce boom started in India, there were a lot of questions that haunted the customer’s mind. He was always curious to know if what he sees is what he would get. Then he was always skeptical about the fit and finish of the product and weather it can be returned if he does not like it.
But over the past few years the online retail business has tested waters and now it is reveled that fashion and lifestyle category has grown to a $575 million category and is estimated to occupy the top slot by touching at least $5.7 billion by 2019. The fashion and lifestyle which includes apparels, footwear, bags, belts, wallets, watches, eyewear, jewellery and personal care, currently occupies 25 per cent of the $2.3 billion e-tail market in India, next only to electronics which has a 30 per cent share.
As per a recent study by Technopak Advisors, e-tailing market will grow to at least $19 billion by 2019 with chances to go up to $38 billion. By then, fashion and lifestyle will have a 30 per cent share of the market and will be a category as big as $5.7billion. Electronics will continue to retain its share in 2019, the study estimates.
The growth in the category will be driven by different kinds of players. There are e-commerce companies like Myntra and Jabong who are focused on multi-brand lifestyle products. Then there are Flipkart, Snapdeal and eBay, which are multi-brand and multi-category e-commerce players. Brick and mortar retailers like Pantaloons and Shoppers Stop and Gitanjali are betting big on e-commerce. Nevertheless most of the national brands in the premium apparel category are offering online shopping comfort to there customers.
This week lot has happened with e-commerce…. fashion has taken a new dimension. From Myntra to Flipkart to the new entrant like Amazon everybody is betting big in online business. Not to miss even brands like Being Human which are charging up to open there own e-commerce store.