Shoes are important as clothes! Especially for the woman. Today’s woman is giving equal importance to stylish shoes along with the branded clothing.
The Indian footwear market is segmented between organized and unorganized segment. Earlier women footwear requirements were mostly fulfilled by unorganised segment but today, with the entry of so many international brands, Indian footwear market is witnessing a paradigm shift in shopping trends. With increased household income, shifting consumer behaviour from saving to spending and modern lifestyle, the organized retail in footwear market is rapidly evolving and expected to grow at a higher rate in the future.
Off late, the women shoes industry has seen the entry of many international brands like Cole Haan, Aldo, Zara, Forever New and Carlton London. Indian brands like Bata, Campus, Woodland, Liberty etc. are also focussing more intensely to cater to the female clan. Such competition has placed many options and varieties for women to choose the best for themselves. They can satisfy all the attributes of fashionability, affordability and wearability with so many players offering plethora of products.
Women desire every type of footwear – formal, ethnic, casual, sportswear and daily wear – to be more specific. While brands like Nike, Puma and Adidas majorly cater to sportswear segment, there are Indian players like Vansons, Metro, VenusSteps and KalaNiketan acknowledging the need for formal or ethnic wear. People look to the stores of Bata, Liberty apart from street-side footwear (like Sarojini, Lajpat Nagar) for their chic, casual or daily requirements. The major brands present in the formal and party wear segments include Catwalk, Aldo, Charles & Keith, Bata, Red Tape, Metro etc. as well.
Due to the presence of a large number of players, the Indian footwear market demonstrates a highly competitive landscape. To gain an edge in the market, the leading vendors particularly focus on product differentiation and capitalizing on the opportunities in emerging countries. The companies try to woo Indian female clan on the attributes of style, comfort and looks.
Moreover, there is a burgeoning momentum in online shopping. Females today are not hesitant to shop online from marketplaces like Amazon, Voonik, Flipkart, Snapdeal and so many others. The branded footwear is available on such portals and that too on great discounts and good deals. Along with the metros, the trend is catching up in Tier II and Tier III cities as well.
The major growth accelerator is the increase in career women (doubled from 5 to 10 million in the last decade). The number of career women is pegged to increase fourfold to an estimated 45-50 million working women in the age group of 20-40 years in urban India by 2020. So basically, there is no reason for which the brands – national and international – should not focus their efforts and resources to woo Indian women. There is humungous scope of growth – given the changing population mix, enhancing working class and favourable Government policies (Relaxed FDI norms, ‘Make in India’ campaigns and many more).