Mr. Ambud Sharma is the Founder & CEO of Ligo Group that owns & operates the extreme-luxury lifestyle brand Escaro Royale. Ligo Group is a New Delhi based group of companies specializing in ecommerce, brand management, enterprise software, manufacturing & business consulting domains. Escaro Royaleoffers premium handcrafted men’s footwear, bags & accessories designed for its discerning clientele among the male connoisseurs of luxury. Ambud has an innate understanding of fashion technology, enterprise software, high street fashion design and businessmanagement.
Did you know your shoes are the first thing that people subconsciously notice about you? No wonder why they say ‘wear nice shoes’. Can you imagine your life without footwear today? The answer is, certainly, a big no! Right from being a mere necessity, they have become an important accessory to up our fashion game. In almost every culture, shoes are an extension of one’s self or a representation of social status. Ergo, it’s quite essential to invest in a pair of good quality. After all, the right footwear can instantly make or break your overall appearance.
The impetus to the footwear industry has been given by the Indian fashion and lifestyle market. Let’s dive deeper to discover how the sector is stepping towards a bigger and brighter future:
The market landscape
Regardless of the category, be it men’s or women’s, footwear has evolved to become a necessary style statement for everyone. The market scenario of the Indian footwear industry has been drawing a prominent spotlight. It is soon going to be worth INR 790.6 billion by the year 2023 as per research by Netscribes. The buying patterns of the consumer have been transformed and revolutionized due to the growth in their disposable and per capita incomes. It’s interesting to note that a lot of western influence has also made people inclined towards styles like reliable Oxfords and Derbys made from full-grain Argentinian leather.
The sector is shared between organized and unorganized segments. The former caters to about one-third of the market, while the latter is fetched by the remaining industry players, which essentially falls under micro, mini, small, and medium enterprises. According to another report by Research Dive, the footwear market is expected to grow at 12.83 per cent in the forecast period of 2021 to 2028. Such studies are proof enough that the demand for footwear products in the country is increasing with each passing day. Also, owing to the pandemic and the Government’s ‘Make in India’ initiative, many industry players believe that there is an opportunity to make a stronger pitch for Indian-made footwear on the global stage.
The shift in consumer behavior
There has been a significant change in recent years in the way people spend their money on various products. With internet penetration, the advancements in technology, and the rise of e-commerce, footwear manufacturers are driving the sales. The producers are slowly but surely understanding the behavior of the customers. Undoubtedly, the dramatic pace of industrialization in India is also influencing the lifestyle and buying patterns of consumers. Right from space, ambiance, and convenience to an array of choices under one umbrella can, too, be attributed to the shift. The development of incorporated shopping centers, retail stores, and multi-brand outlets is proof of buyer conduct being ideal for the growth of businesses in the metros. The international firms are gradually betting big on small cities of India.
In a certain manner, the consumers have become quite tech-savvy; they are extensively prone to digital marketing practices, and of course, fashion-conscious, demanding the latest trends in everything that they wear, be it apparel or footwear. A major shift can be seen from being a constraint to only a few styles to a craze of owning different pairs for every occasion. For instance, a fitness fanatic would require sports shoes, Oxfords or Derbys for office purposes, voguish for parties and get-togethers, and casual wear for an easygoing excursion, and so forth.
Besides, with trends and patterns changing quickly, brands are offering different assortments for every season. Thus, when individuals visit retail plazas, they see a wide variety of footwear from various well-established brands, and that’s what incites them to purchase more. A few special offers, discounts, vouchers and so forth, additionally contribute to making their shopping all the more simple and persuading.
Although India is a price-sensitive market, people today do not hesitate even a little in paying more for superior quality, sustainability, and innovation.
The bottom line
Moving forward, with development in the retail space, digital headways, and the key trends being automation and omnichannel strategies, the footwear industry is, certainly, one of the fastest emerging sectors. The future of the sector seems quite bright as the demand in the country will keep on rising. It’s because consumers, here, don’t give a second thought when it comes to choosing comfort and style.
Wear the right shoes and conquer the world!