Online shoe shopping is a significant segment that is fast emerging in terms of footwear sale and currently accounts for about eight per cent of the overall industry and is expected to reach about 20 per cent by 2015. Number of footwear worn by an individual is currently about 2.5 shoes per year, as per a study conducted by the Associated Chambers of Commerce and Industry of India (Assocham).
Driven by larger penetration into tier II, III cities and growing rural market various premium footwear brands are foraying into India’s etail market and non-metro market which holds enormous growth potential and account for about 55 per cent of the overall footwear industry. Indian footwear market is dominated by men’s segment which accounts for about 55 per cent followed by ladies’ and kids’ segment which account for about 30 per cent and 15 per cent respectively.
India’s online retail market is valued at Rs. 2,000 crore and projected to rise to Rs. 7,000 crore by 2015, according to Assocham. The Internet and Mobile Association of India has listed an estimated 110 million Internet users, growing at 13% overall year-on-year. Analysts say that anywhere from 10-20% of these users shop online.
At the same time, The Census Guide 2011 by eBay observes that consumers are buying not only low involvement products but are also buying luxury high end cosmetics, jewellery, watches, fashion clothing, electronic gadgets & fitness equipment online. However, the global footwear market which is growing at a compound annual growth rate (CAGR) of about five percent is currently estimated at about Rs 10.15 lakh crore is likely to reach Rs 12.34 lakh crore by 2015, said ASSOCHAM study.