Tasmayee Laha Roy Moneycontrol News
From mid-level to luxury — almost every retail brand in the country is now investing in their digital platform, and not without a reason.
According to Facebook-KPMG's latest Zero Friction Future Report on the Indian fashion industry, two out of three apparel purchases and seven out of 10 fashion accessory purchases will be influenced by mobile by 2022. Nearly half of this will be driven by Facebook, amounting to a $110 billion sales opportunity.
Additionally, the mobile will influence two in three apparel purchases, amounting to $66 billion opportunity for brands, half of which will also be driven by Facebook.
“The fashion spectrum in India has evolved considerably, and the apparel and accessory market is projected to reach $102 billion and $155 billion respectively, by the year 2022. Today, mobile has become central to the way brands market and sell their products and engage with customers’ end-to-end. With our Zero Friction Future report, we aim to help fashion brands adopt relevant marketing strategies and reduce friction in consumer journeys across multiple touch-points, leading to improved conversion rates and increased revenue opportunity,” said Pulkit Trivedi, director, Facebook India.
Interestingly, the study also reveals that mobile-enabled purchase journey is 14 percent and 25 percent shorter than offline journeys for apparel and fashion accessories respectively.
Speaking on the report findings, Sreedhar Prasad, partner and head, e-commerce and internet, KPMG in India, said, “The fashion consumption story of India is evolving and demand for quality fashion products is on the rise. This phenomenon is not limited to Tier 1 markets, but also Tier 2 and below towns, on account of growing per capita income, mass urbanization and increasing access to digital content. Rising affluence of the middle income group is creating demand for aspirational brands. In order to capture a larger share of mind, time and wallet of their target customers, fashion and e-commerce brands should continuously evaluate their marketing mix to ensure presence where the customer is."
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