In the last couple of decades, the Indian retail market has witnessed a rapid metamorphosis in consumer preference and technological advancement. The online retail market has made a surprise arrival and has expanded tremendously since its inception. According to a statistical report, the global online retail market for fashion and accessories was about USD 332.1 billion in 2016. It is approximately 28% of the entire online retail market which is a huge number. In India, online fashion stores hold a small share in the total online retail sales. In India, online fashion stores hold a small share (approximately 1.7% as documented in 2015) in the total online retail sales. The industry specialists believe that it is too early to predict the sales growth as the industry is still growing, and is anticipated to acquire 4.8% market share in total retail sales by 2019.
The growth of women’s accessories has been in parallel to the exponential growth of the online retail market in India. One major factor that has helped in bringing accessories online is the increase in the use of technology. It has provided vast opportunities to the online vendors for reaching and selling their products to the customer in a much easier and more lucrative manner.
The internet is the reason why the online retail market has grown rapidly in recent years. The fact is that a significant number of people have stopped going to shops physically to buy accessories. The customers that do purchase products offline only do so to examine the quality of the accessory and pay for it once they like it. Today, a customer will only be inclined towards buying an accessory that delivers satisfaction and value to their collection. To give an example, women can buy jewelry online through various sites and get the best design and cut. On the other hand, if you visit a store, you may not have the same extensive collection to choose from.
The women consumers are more likely to buy accessories online mainly because of the sheer lifestyle advantages that come with it. Here’s a look at the important checkpoints that women’s accessories experience from offline to online retail market.
The first and foremost important factor that separates online market from the offline market is convenience. Buying accessories online is much more convenient online because you can shop at any time, from anywhere. It is a hassle-free purchase, and you don’t need to get dressed up to visit a store. Just select the accessory that you want and buy it from the comfort of your home. There is no shop assistant needed to help you with the specifications of an accessory; you can simply check all the information provided on the site. For example, you have come to a shop to buy a bag; now if the salesperson is not available to attend to you, you won’t be able to guess the number of pockets or the material that it is made of. Hence, you will waste time, and you won’t be satisfied either. Online retail helps you save time and avoid the crowd. Best part? You can access it any point of time without any struggle.
With an array of accessories available online, you can easily select the ones you like. Several brands sell women’s accessories like shoes, bags, jewelry, etc., from various retailers at one place. For a woman who plans to buy shoes online, she can get the latest Indian and international collection without spending even a single penny on traveling. The online retail market gives you the liberty to shop from different vendors in the world without the geographical restrictions. Online, you can select from a large number of sizes and colors that suit your need.
Many online fashion stores offer accessories with free shipping and better delivery services. To add to this, one can also use various coupons and discounts that are available to buy an accessory at the best possible price. Online shopping platform means that you can look for the cheapest deal. However, you may spend a little time extra in searching, but it is a great feeling to know that you paid an affordable amount of money for the same accessory that was expensive in the offline store.
Accessories like bags and shoes are an essential part of woman’s lifestyle as they constitute almost 40% of a woman’s wardrobe. These fashion accessories blend well in every occasion for any modern woman. Fashion apparel is incomplete without good accessories, and one can easily access these accessories through the online retail market. There is an expected 13.8% growth by 2021 in the global online retail market, and the total market size will be approximately USD 633.5 billion. It is a significant rise in the global standing for the online fashion and accessory retail market, and it is expected to proliferate in the coming years.