Advent of E-Commerce to Open New Revenue Streams for Footwear Manufacturers

Albany, NY -- (SBWire) -- 07/27/2017 --The global market for footwear is highly dynamic and depends strongly on consumer trends. With the significant upswing in the demand for designer footwear among female population and sports shoes and athletic footwear among males, the market is flooded with lucrative opportunities. With consumers becoming increasingly aware of the latest trends and fashion, thanks to the continual launch of designer footwear, their demand is likely to increase substantially in the years to come.

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According to the Transparency Market Research (TMR), the worldwide footwear market is expected to gain considerably from the rising demand for sportswear in the near future. Boosted by the increasing trend of online retail, the opportunity in this market is estimated to rise at a CAGR of 2.50% from 2015 to 2023, progressing from US$208.72 bn in 2014 to US$258.21 bn by the end of 2023.

In this blog post, analysts at TMR answer important questions about the global footwear market:

What are the main factors that influence the global market for footwear significantly?

The advent of e-commerce is having a prominent impact on the global market for footwear. With online retail, consumers are exposed to a wide array of footwear at a discounted rate, which is reflecting positively on their sales and the trend is anticipated to continue in the near future.

On the flip side, the easy availability of counterfeit products, owing to the presence of a large pool of local manufacturers, is projected to hamper the growth of this market in the years to come. However, the market will benefits remarkably from the technological advancements in production processes over the coming years.

Which of the geographical segments is likely to gain the top position in the global footwear market?

North America, Europe, Asia Pacific, and the Rest of the World have surfaced as the most promising geographical segments of the global footwear market. While Asia Pacific leads this market in terms of volume, North America has acquired the dominant position in terms of revenue and the scenario is expected to remain unchanged over the next couple of years.

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The increasing participation of young adults in sports and athletics and the rising interest of people in gymming and several other fitness-related activities is likely to boost the North America market for footwear while the increasing uptake of e-commerce is anticipated to propel the Asia Pacific footwear market in the near future.

What the key strategies vendors in global footwear market rely upon for their business development?

Nike Inc., Adidas, Bata Ltd., and Puma are some of the most prominent footwear brands across the world. These companies mostly concentrate on product differentiation for business development. They also count on capitalizing on the opportunities in developing economies. Over the coming years, mergers, acquisitions, and partnerships are likely to surfaces as most popular strategies among the leading players in the global footwear market.