01 November 2023, Mumbai
Y India
COVID-19 accelerates digital transformation
The COVID-19 pandemic has quite certainly accelerated the digital transformation of the Indian fashion industry across the board, with brands investing aggressively in e-commerce, social media marketing, and virtual try-on experiences.
This trend is expected to continue, with more brands adopting innovative technologies to reach and engage customers.
E-commerce is on the roll
Online fashion sales in India are anticipated to hit $14.4 billion by 2023, striding at a compound annual growth rate (CAGR) of 18.5%.
What solely drives growth today is the convenience of online/digital shopping, attractive discounts, promotions, value propositions, and a vast range of choices.
Social media marketing is essential
Social media has become an essential tool for fashion brands to market their products and engage with customers.
Brands are using social media to share new collections, run promotions, and build relationships with their followers.
Virtual try-on experiences become popular
Emerging technologies such as augmented reality (AR) and virtual reality (VR) are enabling consumers to virtually try on clothes and accessories, reducing the need for physical trials.
This is especially popular among younger consumers, who are more comfortable shopping online.
More and more brands will embrace and adopt innovative technologies
Operating efficiency for the overall enterprise health: In the future, we can expect to see very aggressive Indian fashion brands adopting innovative technologies to enhance their operational efficacy and reach a wider audience, improving customer satisfaction to her delight.
For instance, brands may use artificial intelligence (AI) to personalize recommendations and improve customer service.
5 key insights:
- COVID accelerates digital transformation
- E-commerce booms, online sales to hit $14.4B by 2023
- Social media marketing becomes essential
- Virtual try-on experiences gain popularity
- Brands adopt innovative technologies
