Today, up to $7Billion-$9Billion of the Fashion Market digitally influenced, which is expected to multiply by nearly 4 times as per the report from Facebook.
Facebook report, FashionForward2020 revealed that the Indian Fashion Market will carry a heavy digital influence by the year 2020, and will be among the many industries at the forefront of the digital transformation of the country.
Speaking about the key findings of FashionForward2020, Rohit Ramesh, Partner & Managing Director, The Boston Consulting Group, India, said, “The spurt of new Fashion shoppers will bring with it a fundamental shift in the profile of online fashion shoppers. The 2020 shopper will no longer be the typical young, metro-residing male of today – By 2020, nearly half the shopper base will be women, more than 50% will come from lower tiers (Tier 2 or even lower) and ~37% will be older than 35 years of age.”
A $70bn industry today, digital influences will make up for upto $30Billion of the Fashion Market by the year 2020. Mobile is the place where most buyers prefer to do their shopping, as compared to any other device, mobile dominates as much as 85% of the total number of digital shopping activity.
“This report clearly lays out the pivotal role of digital in the fashion industry, this trend is not limited to urban metros alone but is spreading across geographic and demographic segments. By 2020, 33% of all urban fashion consumers will buy online which means for a mobile first country like India we will witness a high number of purchases taking place on the mobile” said Umang Bedi, Managing Director, Facebook India & South Asia.
He further added, “Mobile has become central not just to the way brands market and sell, but also how they design products, plan merchandizing and engage with customers end-to-end.”
To explore the data further, refer to the slide show.
**The findings in this report are based on qualitative and quantitative research conducted by BCG’s Centre of Customer Insight (CCI). Insights from this research were then combined with BCG’s proprietary models as well as BCG’s industry intelligence.