LatestOne.com targets to process 5, 000 orders per day by 2017
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.BY Indian Retailer Bureau | Dec 20, 2016 | comments ( 0 ) |
LatestOne.com, one of India's famous mobile and tech accessories e-tailers , have announced entry into the fashion accessories segment with the launch of a wide assortment of product like wallets, watches and sunglasses.
The fashion accessories market size of India is estimated to be USD 4.5 Billion while the tech and 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.
Ameen Khwaja, Founder and CEO, LatestOne.com said, "The Indian fashion accessories market is expected to grow to USD 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 and Mobile accessory and fashion accessory space, which led LatestOne to a logical extension of products to add this category.
Khwaja, said, "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."
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.
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