GlobalData, a leading data and analytics company, has said that the Indian apparel and footwear market is expected to grow at a compound annual growth rate (CAGR) of 21 per cent to reach Rs. 2,020 billion (US $ 25.8 billion) by 2025.
A report by the company also said that the overall e-commerce sales from the India are expected to grow by 23 per cent over the next five years to reach US $ 119 billion.
In a survey, GlobalData noted that Myntra is a dominant player in the online clothing and footwear space with 52 per cent, while Nike and Big Bazaar were second and third, respectively.
GlobalData’s survey included 500 Indian consumers aged over 16 years and was conducted in early July 2021.
In a statement, Ankita Roy, Retail Analyst at GlobalData said: “The rapid growth of the online channel shows further potential as shoppers are sticking to habits formed during the pandemic.”
She further added that although online shopping for apparels has been deterred by a lack of uniform sizing and complicated return policies, these issues have been addressed by online specialists like Myntra through a locally driven supply chain and ‘Style Exchange’ technology that helps shoppers find an accurate size and fit. With a growing demand for the online channel, brands/retailers must ramp up their digital operations to make headway in the market.
