Fashion Online - UK - August 2009
Despite the economic downturn, the online fashion market continues to boom. Mintel forecasts it will reach £4.1 billion in 2009, up by 26% on 2008. Fashion retailers’ websites are now the favourite destination for online shopping, whereas in October 2008 and January 2009, books were the most popular category.
The market is still extremely dynamic, with recent new internet launches by retailers such as Asda (George), TK Maxx and Matalan. Further launches are planned for 2009 and 2010, including Sainsbury's, Tesco and Selfridges. Existing retailers like Asos.com and Johnlewis.com are widening their product ranges as well.
However, there are signs that growth may be slowing from 2008’s boom levels of 38%, as the economic downturn hits consumer spending and internet penetration levels off. The future for the market is therefore one of further growth, but of considerably greater numbers of retailers fighting it out for a share of online spending.
For already existing players in online fashion, the influx of new competitors may be helping to grow the size of the market, but it is also diluting their shares. They face the question of how to tune in to the wants and needs of their particular audiences by improving their websites and its services. The message from this report is that those requirements will vary dramatically according to age, gender and even a person’s consumption ‘mode’ (eg, are they in a hurry or shopping for leisure).
How big is the market and what are its prospects for growth in the future?
What are the key factors driving growth in the market?
What are the most important innovations by retailers in this sector?
Who are the leading players in online fashion and how are they growing their businesses?
Which consumers are taking to online shopping and which ones find it less appealing?
What is their experience of online fashion shopping?
What do they like or not like about retailers’ websites?
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