The fashion accessories market size of India is estimated to be USD 4.5 Billion while the tech & mobile accessories market size is USD 3.0 Billion. LatestOne.com’s pan India consumer survey showcases growing fashion awareness in tier-I and tier-II cities, consumers between the age group of 18-34 prefer to buy fashion accessories online and male to female purchase ratio is 4:1.
On the entry into fashion accessories space on LatestOne.com, Mr. Ameen Khwaja, the Founder and CEO of LatestOne.com said, “The Indian fashion accessories market is expected to grow to $ 6 billion by 2019. It is obviously a promising market with strong growth. Fashion consumers are increasingly opting for online fashion accessories. The frequency of purchase by an individual customer has increased and online sites provide a wider choice before making a selection. The accessories market is not limited to urban consumers. With the increase in penetration of internet it is gradually spreading across tier-II and tier-III cities as well.”
There are several similarities and synergies in Tech & Mobile accessory and fashion accessory space, which led LatestOne to a logical extension of products to add this category. “LatestOne.com will invest INR10 million per month and will sell semi-branded/non-branded fashion accessories. Initially, our focus will be on male accessories priced between INR 199 – INR500,” added, Mr. Ameen Khwaja.
Key similarities in Tech & Mobile accessory and fashion accessory space are:
- Similar online buying pattern
- Same customer profile
- Same price range of products
- Procurement channel is similar
- High margin, high volume, low value products
- Products are small in size and amenable to logistics of warehousing & delivery.
In the last 3 months, over 100,000 orders in the category of fashion accessories have been processed by LatestOne.com. The target is to process 5,000 orders per day in this category by next financial year.