Entrepreneurship is about creating opportunities from the problems that people face. Indian startup ecosystem has seen a great growth in past few years because of several reasons. The footwear industry is one such segment which was lacking creativity from the national brands but things have been changing quickly. The scope of this industry can be imagined by knowing the fact that Indian footwear industry is the 2nd largest market in the world both in terms of sales and manufacturing.
Also Read: 8 Most Popular Footwear Brands In India
Market scenario
India’s domestic footwear market is at its peak. Rising incomes, globalization, improved living standards in bigger cities have led to the expansion in the size of this market. The change in the lifestyle of Indians has made a complete shift in the type of footwear customers demand. This is mainly due to westernization and companies are using latest technologies to satisfy customers. There are many entrepreneurs who are trying their best in making the shoes smart which many conventional shoe brands failed to achieve.
Indians are now comfortable in buying a different pair of shoes for different occasions such as gym, party, office and casual wear at home. Earlier, one pair was used for all these situations. Also, promotional offers and creative digital marketing has made the online audience to buy more products than ever before.
Innovations in products
Fashion lovers these don’t like traditional designs in footwear, they want to wear the latest style. For this, several brands have made the option of offering products which look exactly like the description buyers send them. These are called specially customized footwear and a customer can give an idea by sharing pictures of similar shoes. This has got a great response from the people who follow celebrities blindly and want to look like them by following certain fashion trends.
Youngsters are not willing to compromise on both designs and comfort level a deep research is done these days keeping Indian feet shape in mind to create the best experience for the buyer.
Challenges for start-up in footwear industry
E-commerce has opened the eyes of the customer, the need for a variety of footwear has grown immensely. Products which were seen as basic-needs in footwear are now seen with the eyes of fashion and style and this has helped to earn heavily from this industry.
Brands such as Bata, Clarks, and Aldo are leading the industry which makes the entry of a new player very difficult in this competitive market.
There are many problems for the footwear companies such as managing the operational cost, meeting the demands, and delivering the products at the right time. With the launch of so many new local and international brands, the footwear industry in India is very competitive but looking at the size of the industry and the scope of making profit, these challenges should be faced with courage.
The experiments are leading to better quality products at affordable prices and that is beneficial for the customer.
