Footwear Companies look at Breakthrough Innovations as New Revenue Stream Generators

The global footwear market is constantly evolving in line with the consumer's' express requirements & has embraced innovation as a means to grow & profit.

Like any other apparel, footwear has transformed tremendously through time and across cultures. From a compelling product for the protection of one’s feet to a significant fashion apparel, the footwear industry has come a long way and has become highly dynamic. With a remarkable improvement in the demand for fashionable footwear among the female population and athletic footwear among males, the industry is flooded with lucrative opportunities.

Fast fashion : A challenge for the footwear industry?

Fashion, it largely fueling the rise in the footwear related trends, as many millennials prefer pairing their footwear with their regular outfits. While the changing consumer preferences for trendy footwear comes as an indispensable opportunity, it also poses some serious challenges for companies in terms of innovations and meeting the customer’s express requirements.

Before the manufacture of a range of products to meet the demand, the vendors need insights pertaining to the new trends and preferences of consumers. No easy task by any stretch of an imagination.

With an aim to adapt with the changing trends, companies are game to making some up-to-the-last-minute changes as well as sit atop long-term innovations. In a quest to master this, footwear manufacturers like Nike, Adidas Group, and PUMA are experiencing extreme fluctuations in their profit margins. Unsurprisingly, this is mainly due to the fluctuating raw material prices and intense competition amongst the various vendors.

The challenges for footwear companies continue with the ever-rising labor costs in several countries. This is triggering an alarming cost issue for companies that are already investing heavily on innovation and the development of technology.

Emerging technologies to beat the challenges afoot

With the growing demand for better and more sustainable manufacturing options for different footwear, vendors are seen venturing into different and varied footwear designing and production techniques. The science of shoemaking has highly evolved with a scientific approach, which allows vendors to take into consideration primary consumer requirements like comfort, style, and performance enhancement.

Shoe knitting technology is one of the latest trends in the footwear industry and is being adopted by several prominent manufacturers like Nike and Adidas. The technology is currently being touted as a revolutionary shoe making experience which results in less waste generation and decreased use of labor.  This turns out as a boon for companies that are battling high labor costs and other expenses.

Apart from the technologies to enhance productivity, social media plays a pivotal role in creating new products, understanding latest trends and interests, along with tracking consumer experiences, brand and product reviews, as well as helping launch marketing campaigns.

Stamp a mark of authority with market insights from Technavio

The challenges for the global footwear industry includes the rising cost of raw materials, economic uncertainty, and an always competitive market, that aren’t going away anytime soon. However, this resilient segment can get the most out of the enduring athleisure trends, and the companies that can keep up with the ever evolving consumer demands will always stay a step ahead.

A reliable and prudent way to be aware of the latest and upcoming market trends is through a comprehensively researched market report. Technavio’s effort in this regard delivers valuable and timely insights with an aim to boost productivity and confidence of companies in the global footwear market.

Check out the Technavio report featured in this article :

Global Footwear Market

Global Footwear Market 2017-2021

July 2017

87 Pages


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