Is There a Viable Market for the Fashion Industry?

Fashion industry is boomingly attractive because of the constant trends in demand for the fashion products in the industry. Because people are always interested in the business of improving their looks, they can go to any length and breadth to make sure they appear in their best style and costume in every of their social gathering they are involved in—on and offline. That can be seen on the recent social media trends and on so many dress codes: the office dress, at home dress, in the party and wedding dress, meeting attire, etc. In fact, some consumers are willing to pay the price to achieve their best looks—looking trendy and appealing to the next beholder.

Clearly, fashion sells. Because using the consumer response data in the global fashion ecommerce industry, there is a huge market for it and anyone who wants to get into the industry can benefit in the predictable increase in its compounding growth. All you need to do is make proper research and know the numbers, then choose your niche market and products within the industry—you are set!

In this report, we try to provide firsthand data and insights for the online strategists, entrepreneurs, digital marketers, vendors and store managers, who are interested in selling fashion products online with the vital information they need to assess and tap into the global ecommerce fashion market.

How Much Is the Fashion Industry Worth in 2021?

We will compare different data result from two reputable sources about the potential increase evidenced in the fashion industry.

According to the data released by BusinessWire: The global fashion market is expected to grow from $25.09 billion in 2020 to $30.58 billion in 2021 at a compound annual growth rate (CAGR) of 21.9%. The growth is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $39.84 billion in 2025 at a CAGR of 7%.

According to Shopify data released on Mar 29, 2021, on the fashion Industry Insight and Trend, the global fashion ecommerce industry was expected to decline from $531.25 billion in 2019 to $485.62 billion in 2020. And the data further revealed that the negative compound seen in the annual growth rate (CAGR) of -8.59% was largely because of the coronavirus pandemic. Yet, the fashion ecommerce market is set to recover and hit $672.71 billion by 2023.

Record shows that in the US alone, the ecommerce fashion industry was accounted for 29.5% of fashion retail sales in 2020. Even though the value of the US market is projected to increase to take a sizable chunk out of global predictions, reaching $100 billion by 2021.

What are these two data telling us?

It means that there is potential market growth in the fashion industry, with increase in the buyer’s demand for all line of fashion products. So, how does one leverage on this to tap on the huge gain the industry presents? Well, the answer could be found on your ability to find your niche market within the fashion industry.

There are different niche markets you can choose to focus on if you are interested in selling online. They include children apparel, men apparel, and women apparel.

1.       You can choose to sell children clothing: Find manufacturers you can buy from, or you can dropship if you so wish to sell online—it depends on what you want. There are varieties of places you can get children cloths online, in a wholesale price and retail them online as well or through a storefront. The demand for children clothing is pretty huge.

2.       You can choose to sell women clothing: In most cases, people tend to sell women apparel as a niche to simplify and identify their own brand. Women apparel has a potential for continuous increase in demand because the consumers are constantly spending to improve their looks either online or social media.

3.       You can sell only men’s clothing: You will have the option to choose from different products within men’s apparel that you want to sell. All men’s apparel you choose here has a potential to sell within the fashion industry with good ROI when you do the work.

These are different types of products you can choose to sell within the different collections in the fashion industry.

WOMEN COLLECTIONS

·       Women Underwear

·       Women Shorts

·       Women Pants

·       Women Activewear

·       Women Blouses & Shirts

·       Women Dress Shoes

·       Women Sports & Active Shoes

·       Women Jeans

·       Women Knit Tops

·       Women Ties & Knots

·       Women Outerwear

MEN COLLECTIONS

·       Men Underwear

·       Men Shorts

·       Men Activewear

·       Men Shirts & Tops

·       Men Dress Shoes

·       Men Sport & Active Shoes

·       Men Jeans

·       Men Knit Tops

·       Men Ties & Knots

·       Men Pants

CHILDREN COLLECTIONS

·       All boys’ clothing

·       All girls’ clothing

·       All kid’s Accessories including sucks, hat, etc.

There are other products that are not included on here. But you can make your own research to find what works best for your business needs.