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Footwear Business
The footwear industry is one of the fastest-growing industries. It is a multi-billion dollar market. The global footwear market was worth $210 billion in 2016 and is expected to grow at a CAGR of 4.3% during 2018-2025 to reach $284 billion by 2025.
In India, the shoe market size is around $1.6 billion. Still, the demand for branded shoes has increased exponentially over the last few years due to rising disposable incomes and changing lifestyles. To start a footwear business, you must know all the steps involved.
It involves more than just selling shoes; it can become difficult if you don’t know what that entails. You need to keep some crucial things in mind before starting a footwear business.
1. Know about the competing brands and the market for the products
Before you start a footwear business, it is important to know about the competing brands. You can do this by doing research on the market for your products. This way, you will know what type of customers are buying those shoes and from whom they are buying them.
It would also help if you know the industry and identify your footwear market concerning where they live, their age or gender, etc. With a proper footwear market report, you can easily target your audience once your brand is ready to launch its first product.
2. Marketing Strategy
Marketing is the lifeblood of any business, whether you’re selling shoes, cars, or cake. No matter what your product or service is, marketing should be at the forefront of your mind when you’re creating and executing your plan.
In order to market successfully, you’ll need a clear understanding of your customer base and how they want to be reached. You also must know what marketing channels will work best for this endeavor and what won’t. The right marketing strategy can help take an average product and turn it into a thriving brand with loyal customers who return.
3. Product Design
Product design is important in your footwear business. It should be unique, aesthetically pleasing, functional, ergonomic, durable, cost-effective, and environmentally friendly.
The design can be anything that you want it to be, such as shoes or boots with special features like laces or Velcro fasteners; shoes with wheels; sandals with adjustable straps on the sides so that they fit perfectly around your feet; flip-flops made from plastic material that does not melt when exposed to high temperatures, etc.
You must remember that shoe designs may look great on paper, but if they are not practical, customers will not buy them. If you want people to wear your shoes, they must be comfortable because comfort is what makes a person happy about wearing something new for the first time, even if it looks bizarre!
4. Branding is Crucial
Branding is a crucial element of any business. It helps establish a company’s identity, create a positive image, and build customer trust. It also helps in building a loyal customer base. Branding can be done through various means, such as logos, websites, advertisements, and social media posts.
However, when it comes to footwear branding, you need to focus on making sure that your branding is consistent across all platforms so that people know who you are and what type of product/service they will get from you when they buy from your store or contact you for any other reason.
Conclusion
The footwear market is expected to grow higher in the upcoming years. The industry is highly competitive, so it’s important to research and understand the competition before starting a business. The factors in this article might help you start your footwear business perfectly.
