The global custom shoes market is expected to see an influx of start-up consumer packaged goods (CPG) manufacturers in the coming period. Private label products have more than 30% of the market share and the percentage is expected to increase to 60% in the near future. Also, small players can cope due to reduced overheads. This would be the CPG vertical of the future.
The famous French fashion designer Roger Vivier once said: “To wear dreams on your feet is to begin to make dreams come true.” While this may seem like an exaggeration, some people really start to dream when asked about their shoes. Several enthusiasts among us may even own hundreds of shoes because they never want to wear a pair again! While buying shoes from traditional retailers remains popular, a new and emerging trend is custom shoes.
While there is a widespread perception that these products are expensive and only cater to high-end clientele, this is a misconception. The global reach of social media and the common desire among customers around the world for personalized and individual products has expanded the size and scale of the custom shoes market.
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Global Custom Shoe Market: Dynamics
The main drivers of the custom shoe market are the proliferation of e-commerce platforms, fast fashions, the preference for custom designs, and the rise of 3D printing from fiction to reality. Improved internet infrastructure in the developing world, coupled with domestic and international e-commerce players catering to demand, has greatly expanded the market for custom shoes.
People can order the shoes they want when they want from the comfort of their own homes. If they want something extra, they can even design shoes to their exact needs and requirements with the help of 3D printers. These custom shoes can be printed in a matter of hours or days.
There has been a noticeable trend towards customization in almost every industry in recent times and this holds true for this market as well. While millennials are known to have a penchant for individuality, even baby boomers are looking for personalized products like shoes. Designing a product to one’s specific requirements gives people a sense of being part of the process and that expression forms the core of their values or what they buy.
The rise of social media should also boost the market for custom shoes. The so-called ‘selfie’ generation is all about sharing information online. Social media platforms help aggregate individuals into small groups who have the same interest. A simple hashtag in the right place can secure a global audience for any product or service.
It allows sole proprietors and entrepreneurs to challenge the large multinational shoe manufacturing companies. Social media can be used very effectively to generate interest, spread the word and build excitement around a product. Writing about custom shoes on websites, guest posts, blogs, or other portals is another way to drive traffic to the site and increase the size of the overall custom shoe market. Various custom shoe manufacturers have a huge following largely due to their active presence on various social media platforms and some of them even have waiting periods of more than 5 months!
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Global Customized Shoes Market: Regional Perspective
Every coin has two sides and there are certainly some challenges facing this market. Some of the critics include name recognition, limited customization and production, and high prices. While social media and the Internet have enabled entrepreneurs with limited funds to reach potential customers around the world, there may be initial hesitation on the part of potential customers if the business or seller is relatively unknown.
They may be concerned about inferior quality and may prefer a so-called ‘tried and tested’ brand, especially for something as vital to everyday comfort as shoes. While customization is definitely more possible in this market than in the normal market, it is similar to a form of mass customization. Companies are generally limited by a few elements that can be customized and there will be many variants around a few main things that will remain unchanged.
To expand globally, custom shoe manufacturers will need to offer much more variety and choice. Due to the lack of economies of scale, some players in this market may need to charge high prices to break even or make a profit. This makes it challenging for them to expand their market reach to middle-class customers with lower disposable income.
Global Custom Shoes Market: Key Players
Some of the companies involved in the custom shoe market include Alive Shoes, Shoes of Prey, Alfred & Sargent’s, Bionda Castana, Buchanan Bespoke, Buttero, Crockett & Jones, and Edward Green.
The research report presents a comprehensive assessment of the market and contains detailed information, facts, historical data, and statistically supported and industry-validated market data.
It also contains projections using an appropriate set of assumptions and methodologies. The research report provides analysis and information based on market segments such as geographies, types, and applications.
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