The Impact of Technology and the Digital Economy on India's Fashion Industry

TLDR

This dissertation analyses India's digital economy and how technology has enhanced the marketing strategy of India's fashion brands to create technological methods that revolutionize the way fashion brands market themselves and how consumers purchase products.

Abstract

Digital economy is the activity that results from billions of online interactions among individuals, organizations, and gadgets. The foundation of the digital economy-hyper-connectivity -implies the developing interconnectivity of individuals and associations that emerge from the internet. [1]. As per Statista, India's apparel market made a revenue of $96.47 million in 2023 and will grow by 3.34 % in the next 4 years. India's fashion industry is in an ardent effort to create technological methods that revolutionize the way fashion brands market themselves and how consumers purchase products. With the 'Digital India' program launch in 2015, internet users have grown from 350 million in 2015 to 692 million in 2023[2]. Leading to cost-effective marketing methods as brands sell their goods according to consumer preferences. India's e-commerce has played a role in advancing India's digital economy. With the Indian e-commerce market size growing from$ 20 billion - $74.8 billion in 2022[3], growth in e-commerce allows Indian consumers the comfort of shopping at home and Indian fashion brands to improve supply chains. This dissertation analyses India's digital economy and how technology has enhanced the marketing strategy of India's fashion brands.