Online Clothing
Rental Market: Description
Online
clothing rental comprises services through which individuals
can rent items of clothing for a predefined period. These services
are of benefit to individuals participating in occasionally conducted
events, such as wedding parties, theme parties, corporate parties,
and photoshoots and filmmaking. Fashion-conscious individuals lacking
the financial resources to purchase the clothing of their choice can
also make use of online clothing rental services. Moreover, online
clothing rental services are also of use for individuals going
through temporary changes in their physique, such as pregnant women.
Rental services provide a cost-effective option for these
demographics, which has driven the demand from the global online
clothing rental market.
Online Clothing
Rental Market: Drivers and Restraints
The primary driver
of the global online clothing rental market is the increasing ease of
use of online retail. Thanks to the rapid advancement observed in
telecommunications technology, Internet shopping portals have grown
in popularity rapidly over the last decade. The advancement in mobile
Internet technology has further driven the demand for online shopping
by making the process even more convenient. The rapidly growing
middle class and corporate sector in developing economies has also
expanded the target demographic for the online clothing rental
market. Both these factors are expected to retain a strong influence
on the trajectory of the global online clothing rental market in the
coming years.
Increasing Internet
penetration in developing countries with a promising demographic
breakdown, such as India, China, Brazil, etc. is also helping the
online clothing rental market post a strong growth rate. While mobile
telephony in these countries still lags behind developed regions such
as North America and Western Europe, broadband Internet is becoming
easily available for an increasing portion of the population, which
has driven the demand for online shopping and online rental services.
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The major restraint
on the global online clothing rental market is the lack of
customizability. In contrast to purchased items of clothing, which
can be refitted according to the individual’s measurements or even
customized before buying, rental clothing can’t be adjusted to
precisely fit the customer’s needs. This leaves significant scope
for discontent among users of online clothing rental services. In
response to this, many companies in the online clothing rental market
are starting to offer innovative features. Live chats with stylists
are becoming an increasingly common feature, while some companies
offer the same item in two sizes so that customers may try them on
and choose the better fit. Such innovative solutions are making this
inherent restraint on the online clothing rental market less
cumbersome for market players.
Online Clothing
Rental Market: Geographical Overview
The global online
clothing rental market is led by North America, followed closely by
Europe. Western Europe is by far the dominant segment of the Europe
market, thanks to the high purchasing power and fashion consciousness
of consumers in developed countries such as France, Italy, Germany,
and the U.K. The easy availability of broadband Internet in these
regions has also been a major factor in the growth of the online
clothing rental market.
However, the larger
population of dynamic Asian countries such as China and India is
expected to swing the balance in the favor of Asia Pacific in the
coming years. The purchasing power of APAC consumers is on the rise
due to the growing GDP of developing economies in the region, while
Internet penetration is also increasing at promising rates across the
region.
In Terms
Of Competition,
Rent the Runway, Share Wardrobe, Elanic Services Private Limited,
Secoo Holding Limited, Stylish Play, FlyRobe, Walkin Closet, and
Secret Wardrobe are the major players operating in the global online
clothing rental market.
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