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Mobile-focussed fashion accessories market a $110 bn opportunity: FB-KPMG Report

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Seven in 10 fashion accessory purchases in 2022 will be influenced by mobile-focussed marketing in India, creating a US $110 billion sales opportunity by 2022, a report by Facebook and KPMG said today. The report added that higher use of mobile in the media mix can help create about US $14 billion worth of potential revenue for fashion brands by 2022.

“Seven in 10 fashion accessory purchases in 2022 will be mobile influenced, nearly half of which will be driven by Facebook, amounting to a US $110 billion sales opportunity by 2022,” the report said.

Also, marketing initiatives driven via mobile platform are expected influence two in three apparel purchases, amounting to US $66 billion opportunity for brands, it added.

“The fashion spectrum in India has evolved so considerably, that the apparel and accessory market is projected to reach US $102 billion and US $155 billion individually, by the year 2022. Today, mobile has become central to the way brands market and sell their products and engage with customers end-to-end,” Facebook India Director Pulkit Trivedi was quoted by news agency PTI as saying.

The aim of the report is to help fashion brands adopt relevant marketing strategies and reduce friction in consumer journeys across multiple touch-points, leading to improved conversion rates and increased revenue opportunity, he added.

“The fashion consumption story of India is evolving and demand for quality fashion products is on the rise. This phenomenon is not limited to tier I markets, but also tier II and below towns on account of growing per capita income, mass urbanisation and increasing access to digital content,” Sreedhar Prasad, Partner and Head (E-Commerce and Internet) at KPMG in India, was quoted by news agency PTI as saying.

He added that in order to capture a larger share of mind, time and wallet of their target customers, fashion and e-commerce brands should continuously evaluate their marketing mix to ensure presence where the customer is.

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