By 2024, the fashion market will reach $123.8 billion, of which online fashion will contribute $33.9 billion
India’s fashion economy is exploding, and it will only get bigger. By 2024, the fashion market will reach $123.8 billion, of which online fashion will contribute $33.9 billion. This presents a clear opportunity for new fashion labels and fashion-tech companies. However, new entrants will be required to innovate on their offerings by developing unique value propositions. Today, Indian consumers, specifically millennials and Gen Z, demand easy access, quick delivery, diverse optionality, great value, and sustainable practices. While India is home to many brands, few actually address the needs of the new-age consumer.
Beyond just finding a distinct value proposition and the right target demographic, entrepreneurs will need to decode how to truly create a unique brand. In a country with a complex fashion ecosystem where heritage brands have always prevailed, whether it be Manish Malhotra in the luxury space or Manyavar in the mass market, new entrants will need to prove themselves. They’ll need to imbibe trust and convince users that their product is worth the social switching cost.
The real challenge lies in how brands can stay relevant for consumers. To do this, they must be customer-obsessed, and understand them inside-out. Thankfully, this has become easier in today’s data-centric world, where there is access to more information than ever before. From developing targeted marketing tactics with the right customer groups to using historical data to inform product development, the brands that will have a competitive edge will be those that use data intelligently. In a country where people are so rapidly evolving, the answer is not, and undeniably cannot be, so simple. Static, one-size-fits-all solutions always fizzle out. Businesses that survive will be those that are considerate of the personalization that the diverse Indian diaspora requires.