The phrase “online fashion market” often refers to the online store where customers can peruse, buy, and sell accessories and products related to fashion. This includes a broad variety of goods, such as apparel, accessories, shoes, and cosmetics. There are several factors that influence the online fashion market’s dynamics like E-commerce platform, aggregator platforms, Mobile Apps, Fast fashion and reviews ratings. In recent years, AI bots has been added as well.
According to SPER market research, ‘UAE Online Fashion Market Size- By Type, By Price- Regional Outlook, Competitive Strategies and Segment Forecast to 2032’ state that the Dubai Online Fashion Market is estimated to reach USD XX billion by 2032 with a CAGR of XX%.
Due to their strong brand consciousness and tech knowledge, people in the UAE spend money online to keep up their fashion sense. The highest sales in the UAE were recorded for high-end fashion items. The growing product categories among UAE residents, such as sportswear, plus-size clothing, and maternity apparel, will further expand the industry. Current market participants that offer alternative purchasing experiences, such try-before-you-buy tools, will help the online fashion sector expand even further. The client base for the e-commerce sector will grow, with Dubai and Abu Dhabi accounting for a sizable portion of this growth. Industry will see rapid expansion because the sector has enormous potential and is being supported by a growing number of tech-savvy people and foreign immigrants. The online fashion companies need to focus on preserving their supplier and consumer net promoter scores in the wake of their anticipated massive expansion
Nonetheless, there are issues with the current situation because in the case of UAE, economic cycles are strongly correlated with the price of commodities globally. There has been decline in economic expansion. Reduced energy subsidies and growing labour costs, such as additional administrative and immigration fees, are offsetting the decrease in rents. Another challenge is the geopolitical developments in the area. Business closures have increased significantly during the last few years, particularly in the wholesale and retail industries.
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Impact of COVID-19 on UAE Online Fashion Market
The fashion business has suffered numerous setbacks in the months after the global coronavirus outbreak, much like many other industries. A number of causes have contributed to the industry’s catastrophic losses since the pandemic began. One reason is that the economic collapse that followed the initial worldwide lockdown has led to a great deal of layoffs and pay reductions, which reduced people’s purchasing power and forced them to prioritize only the most essential items, particularly since the health crisis is still affecting millions of people globally. The restricted access to supplies in light of travel bans has severely hurt fashion designers’ revenues, despite the fact that many have been attempting to get inventive with ways to limit the negative impact of COVID-19 on their businesses, such as switching to a digital setting and using e-commerce applications.
Dubai Online Fashion Market Key Players:
Geographically, the fashion business in the United Arab Emirates is flourishing, making it the fashion capital of the region, even with the recent embargo of the region due to a worldwide pandemic. Additionally, some of the market key players are Bershka, Elabelz, MarkaVIP, Namshi General Trading LLC, NextDirect, Noon.com, Sivvi.com and Souq Group.
UAE Online Fashion Market Segmentation:
The SPER Market Research report seeks to give market dynamics, demand, and supply forecast for the years up to 2033. This report contains statistics on product type segment growth estimates and forecasts.
By Type: Based on the Type, UAE Online Fashion Market is segmented as; Apparel, Fashion Accessories, Footwear.
By Price: Based on the Price, UAE Online Fashion Market is segmented as; Economy, Elite, Mass, Premium.
By Region: This report also provides the data for key regional segments of Abu Dhabi, Dubai, Sharjah, Others.
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.
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UAE Online Fashion Market Challenges
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