Page 545 - Emerging Trends and Innovations in Web-Based Applications and Technologies

International Journal of Trend in Scientific Research and Development (IJTSRD) @ www.ijtsrd.com eISSN: 2456-6470

The global online clothing rental market size was valued at $1.1 billion in 2022, and is projected to reach $2.6 billion by 2032,
growing at a CAGR of 9.2% from 2023 to 2032.Online clothing rental refers to the service that enables individuals/customers to
rent clothes for a specific time. Generally, consumers seek online clothing rental services to rent designer dresses for several
occasions such as wedding ceremonies, theme parties, birthday parties, corporate parties, and filmmaking. A significant rise in
online retail across the globe has boosted the global online clothing rental market growth. The growth in penetration of the
internet, technological advancements, and the significant growth in popularity of online shopping among global consumers
have triggered the online clothing rental demand among consumers. The rapid growth in youth population with higher brand
consciousness and fashion sense is renting expensive designer clothing without owning it, which is significantly driving the
demand for the online clothing rental services. The rise in consumer expenditure to improve their overall aesthetical
appearance has stimulated them to spend on designer clothes for social gatherings or functions.
Future developments will focus on:
1. Advanced Technologies:
Integrating AI for personalized recommendations and blockchain for secure transactions.
2. Geographic Expansion:
Expanding to new regions and partnering with diverse shops to cater to a broader audience.
3. Enhanced Sustainability:
Introducing features that further highlight the platform’s environmental impact, such as detailed carbon savings reports.
4. Partnerships:
Collaborating with delivery services and sustainability organizations to optimize logistics and environmental outcomes.
By scaling its impact and incorporating innovative technologies, WearItRent aims to redefine the clothing rental market and
contribute to a more sustainable future.
References :
[1] Smith et al., “Sustainable Fashion: The Role of Online [4] K. Brown, “Technology-Driven Approaches to
Rental Platforms,” Journal of Digital Markets, vol. 10, Inventory Management in Online Retail,” Advances in
no. 2, pp. 123–134, 2022. E-commerce, vol. 7, no. 3, pp. 89–101, 2020.
[2] J. Doe, “Digital Ecosystems for Local Businesses: [5] Rent the Runway. "Revolutionizing the Fashion Rental
Challenges and Opportunities,” International Journal Industry." [Online]. Available:
of Business Innovation, vol. 8, no. 4, pp. 56–67, 2021. https://www.renttherunway.com
[3] P. Green and L. Blue, “Consumer Behavior and the [6] R. Schorling, "Sustainability in Fashion: The Role of
Rise of Circular Economies,” Sustainability Review, Collaborative Consumption," Journal of Sustainable
vol. 15, no. 1, pp. 45–60, 2023. Fashion, vol. 12, no. 4, pp. 23-30, 2021.

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