GlobalFashion Industry particularly the apparel market is valued at 3 trillion dollars, and is considered in the 2 percent of the world's Gross Domestic Product (GDP). The fashion industry includes many sub industries, such as menswear, womenswear and sportswear.Individual Statistics of which are provided below:
- Womenswear industry values at 621 billion dollars
- Menswear industry is valued at 402 billion dollars
- Luxury goods market's retail value is 339.4 billion dollars
- Children swearhad a global value of 186 billion dollars
- Sports footwear is valued at 90.4 billion dollars
- Bridalwear industry is valued at 57 billion dollars
- China leads the global apparel market with a $30,238 valued business
- USA is ranked second with a $ 287,997 valued industry
- India ranks third with its total revenue of $60,227
- Total exports of textiles, apparel and footwear is valued at 42.2 billion dollars
- Exports of clothing and textiles values 38.7 billion dollars.
- Exports of footwear and headwear accounts 3.5 billion dollars
- Global imports of clothing and textiles is valued at 5.4 billion dollars
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Global demand and potential buyers worldwide
Apparel business also hosts some of the world’s most rapidly growing companies. A number of smaller entrants, both online and offline, are growing at the speed of light, quickly bringing their banner to global scale. The size of the global apparel business is growing and is expected to generate double digit growth between now and 2020. Much of this growth is coming from developing markets, notably from the exploding buying power among Asian consumers, who are migrating into the middle class and starting to view clothes as an extension and expression of their new lifestyle
- Most traded apparel and textile products are non-knit women’s suits, knit sweaters, knit T-shirts and non-knit men’s suits.
- Non-knit women’s suits accounts for 54.6 billion dollars which is 7.5 percent of the total industry.
- Knit sweaters accounts for 52.8 billion dollars which is about 7.3 percent of the total industry.
- Non-knit men’s suits valued at 43.4 billion dollars which is 6 percentof the total industry.
- Knit T-shirts’ revenue value is 36.9 billion dollars which is 5.1 percentof the total industry.
- Knit Women’s suitsaccounts 28.2 billion dollars which is 3.9 percentof the total industry.
- Light rubberized knitted fabric values 23.9 billion dollars, which is 3.3 percentof the total industry.
- Synthetic filament yarn woven fabric: 20.9 billion dollars, which is 2.9 percentof the total industry.
- Raw cotton is valued at 18.9 billion dollars,which is 2.6 percentof the total industry.
- Non-retail synthetic yarn industry values 18.8 billion dollars, which is 2.6 percent of the total industry.
Opportunities & recent trends
If you are in the know about current fashion trends and have an eye for style or the drive with a desire to turn your passion into a profitable and rewarding career, then perhaps a career in the fashion industry is the right path for you.
Many aspiring fashionistas are attracted to pursue a career in the fashion industry as it is exciting and extremely fast-paced. Fashion industry is focused on the demand for new designs and is constantly changing as new fashion trends emerge and new designs are created. In fashion, there is always something new for you to create and see. Studying the Diploma of Applied Fashion Design and Technology will supply you with the skills you need to succeed.
Behind all the glitter and glamour of the fashion industry, there are thousands of people working extra hard to make it happen. In order to succeed in the fashion industry, you must take note of the primary needs of your client, the focal point of the design and the design’s appeal to the consumers. Currently, there are a number of fashion careers available. Some of the most popular fashion careers that you should consider are the following:
- Fashion Visual Merchandiser - Average Salary: $44,060
- Fashion Writer/Journalist - Average Salary: $49,899
- Fashion Stylist - Average Salary: $50,364
- Fashion Public Relations - Average Salary: $50,738
Textile and clothing sector is one of the oldest industries in India. According to the Indian Brand Equity Foundation (IBEF) it is the close linkage of the textile industry to agriculture (for raw materials such as cotton) and the ancient culture and traditions of the country, in terms of textiles, that make the Indian textiles sector unique in comparison to the same industries of other countries.The Indian textile industry is estimated around 108 billion dollars and is expected to reach 223 billion dollars by 2021. This industry employs over 45 million people directly, and 60 million people indirectly.
Here are few things you need to consider while building Fashion Accessories eCommerce Business
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1. Keep your site beautiful but simple, design the site in such a way so that it takes minimum loading time, make sure your product picture are clean and appealing.
2. Your website needs to be social media friendly. which means more often and easily you exchange your product information and make the marketing more effective for your fashion accessories.
3. Memory is volatile, So you have to keep saying always about your service/brand/offer etc. otherwise people may forget you! So communicate with your own brand/logo.
4. New customer is required, but Never forget to appreciate and cultivate out existing customers.
5. Don't even think of developing ecommerce website on your own, rather find out right ecommerce vendor
Here are few reasons why you should not develop ecommerce from scratch
1.Building your own ecommerce may be very expensive & time consuming.
2. Maintenance or enhancement may not be easy for you, or you may need to keep permanent resources for the same.
3. It will take your time unnecessary, So, instead You should think of designing your business strategy, marketing, promotion etc.
Online retail is booming in every sector, fashion accessories, handicrafts has a huge marketsize, and becoming more interesting business vertical because the category offers the highest margins in the trade.
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We can see 5 evolving trends in the fashion industry.
- 1.Changing Targets: - Target groups change continuously, but within just a few years, these shifts will spawn great diversity, the likes of which the world has never known.
- 2. Sustainability: - Around the globe, fashion consumers are becoming more environmentally conscious. They expect ecologically unobjectionable fabrics, a conservation-minded use of resources, reduced emission of pollutants, greater social commitment, and fair treatment of employees in production facilities. In many countries, legislators are requiring companies to create more sustainable products, such as by prohibiting certain harmful dyestuffs.
- 3.E-commerce: - Young fashion customers readily use a spectrum of digital platforms to get information on trends, exchange experiences, or compare prices. Within these customer journeys, social media plays a key role. Up to 35 percent of consumers indicate that they rely on recommendations from social networks.
- 4.Urbanization:- Since 2008, half the world's population has been living in cities. Estimate says by 2020, a quarter of global wealth will be concentrated in just 60 mega-cities, some of which will be larger than countries. Future impact of these trends will be even more dramatic in the apparel business than in most others. Emerging markets in Asia and South America currently account for roughly one-third of global revenues for women's apparel. Over the coming 20 years, this share will grow to over half.
- 5.Store function:- For each store, the primary role of is to drive sales and deliver commercial success or to serve as a brand ambassador delivering a unique consumer experience and supporting online sales. Retailers are re-evaluating store locations and sizes, optimize store density, design stores for a lower investment and operational cost, and potentially renegotiate leases.
Different type of business tie-up with big brand or global merchant
Inevitably, the fashion industry has endured many disruptions—and a complete revolution. Today’s consumers define convenience by being able to browse a complete range of items via mobile devices, apps, in store, or desktop computers; access consumer-generated content (CGC); and, finally, choose the best delivery options. Fashion brands and retailers have readjusted their business models considerably, arming themselves with new technology platforms to keep pace with more demanding consumers and stay ahead of aggressive startups competition.
Here are three trends that validate fashion e-commerce’s bright future
- 1. Rise in investor confidence
A London-based fashion e-commerce company, raised $40 million and that Zalando, a German online fashion retailer, is experiencing considerable growth both as a retailer and a financial entity are just a few examples proving that investors are confident in the fashion e-commerce industry.
- 2.Online shopping as a social activity
One hundred years ago, the process of buying something was intimately social. Customers walked into a store and made contact with another human. Thanks to new technologies, online shopping is turning into a social activity too: consumers have plenty of tools to connect with their peers and get instant advice, whether from online customer reviews, visual CGC, or even Q&A support where answers are provided by consumers and not just the brand.
- 3. Sharing economy extending to fashion
The concept of the sharing economy is also extending to fashion. Millennials who are driving this trend of disowner ship might not always have the budget to afford expensive clothes, but they still look for great experiences. Services like Rent the Runway, which offers access to designer clothes, or Le Tote, where users can borrow clothes and accessories indefinitely with the option to buy, become a good alternative to a commitment to purchase. Consumers aren’t the only ones that benefit from this type of service, either. Brands benefit through boosted sales, reduced returns, and newly converted loyal customers.
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Global fashion brands are playing a vital role in the development of India’s e-commerce sector, as online retail platforms seek to differentiate themselves on factors other than price. Jabong has just added two UK high street brands – River Island and Blue Saint – along with Spain's Mango to its catalogue of more than 1,000 brands and is now looking for National Brands to collaborate with.
Increasingly, people are looking for fast fashion and sustainable brands. Myntra,is following a similar path, having recently agreed exclusive distribution deals with brands such as Scotch & Soda, from Holland, and Desigual from Spain.
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Different type of trade show in local and international market for that specific product type
- DG Expo: DG Expo offers a textile and trimmings exhibit for designers and retailers. Expo also offers seminars on business growth and textile classes, and hits New York Jan 18th and 19th, 2017.
- Texworld USA:Texworld USA is North America’s largest sourcing event for designers, fabric buyers, and merchandisers consisting of products ranging across the entire spectrum of fabrics. The next Texworld USA is scheduled in New York January 23rd-25th.
- Sourcing at Magic: Sourcing at Magic is a fashion-sourcing event where attendees have access to global resources, and receive insight into trends and information regarding inventive technology and the industry. It takes place from February 20th-23rd in Las Vegas.
- Kingpins: Kingpins offers a tightly selected list of vendors that including denim and sportswear fabric from all over the world. The show happens at various cities, with the next show in Miami on January 11th and 12th.
- Indigo/ Premiere Vision: This show brings 125 exhibitors including design studios, bookshops, and trend bureaus while showing designs for prints, embroideries, knits and more. Indigo New York will be January 17th-18th.
- L.A. Textile Show: This show is the fashion industry’s premier West Coast destination for textile, design & production resources from around the globe. Showcasing hundreds of international fabric collections and design services, the caliber of resources and fashion direction is presented with West Coast’s Contemporary & Lifestyle designers in mind. They also have a sourcing pavilion for finding factories and other production-related services. This show takes place from February 27th-March 1st.
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All fashion retailers and other associated players, offering very low prices, took the bottom off the business. Lots of aspiring fashion hubs in emerging markets this year 2019
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