Currently worth $521 billion, the Asia fashion e-commerce market is projected to grow at a 9.5 per cent CAGR to reach $985 billion by 2030.
As per a report by CoherentMi, growth in the Asia fashion ecommerce market during the forecast period will be fuelled by the rising adoption of smartphones and growing internet penetration. Another key driver will be Asia’s rapidly expanding middle class population.
The Asia fashion e-commerce market will also get a boost from the exponential increase in smartphone and internet users in the region over the past few years. With devices becoming more affordable, smartphone adoption in countries like China, India, Indonesia, Vietnam and Philippines has grown exponentially, making e-commerce more accessible to a large consumer base.
One of biggest emerging opportunities in the Asia’s fashion e-commerce market is live streaming. Brands and influencers are using platforms like Twitch, YouTube and Facebook live to host live try-on hauls, tutorials and reviews. This enables customers to engage in real-time through chat features while watching new collections and get their questions answered instantly.
