Amazon accounts for 14% of all UK online menswear spend as it challenges Asos
Amazon is forecast to have accounted for more 13.8 per cent of all online menswear sales in 2019 as analysts warn of its growing dominance in fashion.
GlobalData’s latest report Online pureplays in UK Clothing & Footwear 2019-2024 warned that Amazon’s rapid growth in the sector is a cause for concern for both pureplay online fashion retailers and multichannel fashion retailers who are “lagging behind”.
According to the report Amazon grew 20.7 per cent in the UK last year, marking the highest level of growth in the last five years.
This growth means Amazon is now the second largest online fashion retailer in the UK with a 4.8 per cent market share, coming behind only Asos which has a 6.6 per cent market share.
Despite this Amazon has a dramatically higher portion of the online menswear market, forecast to account for nearly 14 per cent of all online menswear spend in 2019, compared to just 4.1 per cent of womenswear.
Online pureplays are also set to account for 42.5 per cent of all online clothing and footwear sales by 2024, rising from 35.7 per cent in 2019, driven largely by Amazon and Asos but also aided by smaller pureplays like Gymshark and Sosandar.
“Other online pureplays are best positioned to compete with Amazon as online retailers are nimble, allowing for fast adaptation to changing consumer shopping habits and fashion trends,” GlobalData’s retail analyst Emily Salter said.
“Key players in the market such as ASOS and Boohoo.com are often ahead of the curve in terms of introducing new features such as ‘buy now, pay later’ options and new technologies to improve the shopper experience, such as ASOS’ augmented ‘See my fit’ tool.
“Online pureplays are constantly raising consumer expectations of shopping online, and multichannel clothing and footwear retailers, such as Topshop and Marks & Spencer, are lagging behind.”
Salter goes on to argue that Amazon still has room to grow in the market if its able to improve its “clunky” user interface more suited to buying practical goods instead of fashion items.