Published Date : May 03, 2016
The global market for footwear has been displaying wide transformation over the past few years due to several reasons. Changing consumer behavior in terms of age and spending power, expanding product line of therapeutic footwear, rapid expansion of the retail industry, and entry of international players in regional market are some of the reasons driving this market. Moreover, the impact of social media marketing strategies and online sales channels are also brining a radical change in the way the global footwear market operates.
Spending on footwear diminished substantially during the economic slump in developed regions such as North America and Europe. In spite of a steady recovery post the recession period in these regions, much of the market’s growth is being contributed by developing countries such as China, India, and other Asian countries. In the developing countries of Asia Pacific, rising GDPs, increasing commercialization of products due to numerous retail channels, and the flourishing industrial segments are leading to favorable growth of the footwear market in this region.
E-commerce offers a host of advantages of buying and payment, the choice of a vast array of products that are displayed in one window, and attractive discounts that are exclusive for this sales channel. Though the e-commerce channel is expected to display a robust growth in the near future, the experience of shopping for comfortable footwear by actually trying it on will bring back consumers to brick-and-mortar retail channels. Nevertheless, the enhanced popularity of e-commerce is expected to have a substantial impact on the retail footwear industry. Thus, in addition to traditional stores, online sales channels will be beneficial for companies to keep up with online purchasing trends and extend strategies for marketing and consumer retention practices. Increasing awareness among consumers around the world for environmentally sustainable products will prompt manufacturers to comply with these practices for manufacturing of products.