The sneaker resale market, which was forecast to reach $6 billion by 2025, is proving volatile in the pandemic as demand drops. The industry was accounted for $2 billion in 2019 and anticipated would triple by 2025, is seeing falling prices for top-selling sneakers. Consumers are tightening their discretionary spending on almost everything but essential items during the COVID-19 pandemic. But don't worry, online shoe design software has got shoe selling manufacturer's back. We provide modern customization solutions that will help them keep the business model ready for any problems in the future.
How Customized Footwear is Changing landscape of the Fashion Industry?
According to Derek Lew, the founder of sneaker resale platform Sole Supremacy, "Online sales over the past two weeks have been consistent, but the market value on the majority of inventory has dropped. Lew estimates the depreciation to be between 10 to 20 percent. New releases technically don't drop in value, but if COVID-19 didn't happen, they would be trading or selling at a higher price point." According to a report published on Vogue Business, of the 500 most popular sneakers last month, 300 have seen a decrease in their resale price while 200 have increased, according to data from StockX. Jesse Einhon, a senior economist at StockX's, says that the sneaker market is less volatile than the stock market. As per him, the size of the decline is less because it registered for about a 4% decrease across all sneakers in late March from the month prior — compared to the S&P 500, which is down more than 25 percent from its February high.
The small-sized business and sellers had to pay the highest price in the current scenario. The marketplaces rely heavily on sellers as much as they do buyers, and while sneakerheads might be looking to sell off shoes to make quick cash, there are signs inventory could stall. Eddy Lu, the founder of Goat, observes "sellers and small businesses are being hit especially hard by store closures due to stay-at-home orders. They depend on our platform. In some cases, we're their primary source of income." But all is not lost in the current battle; the leading brands have come up with solutions that are keeping their businesses steady. Consider the case of Adidas, who have also started launching products directly on these sites, demonstrating the value a resale platform can bring to its brand partners. Similarly, online footwear design software offers various business strategies that can help you to revamp your business model.
Here are two efficient ways customized shoes can get your business back in the trend:
· Engage the Audience
Since people are maintaining social distancing and are locked down in their homes, the best they can do is physical exercise. In some areas, though people are not going to offices, they are allowed to go to grocery stores or for a walk. In such cases, people won't be demanding expensive shoes, but they will need something to wear. In response to the current situation, StockX has realigned its messaging. From March to April, it will be promoting #FlexFromHome, an interactive social campaign encouraging people to show off their best at-home looks.
· Cater Digital Community
If only COVID-19 has done some good in the fashion industry, it has transformed the way this sector used to function. The landscape of the retail sector would wholly be altered after the end of this pandemic. They will not emphasize on the digital community and online platform. People won't leave their houses even if the lockdown is lifted from the cities; it will take time for customers to recover and feel comfortable going out. The key stakeholders will be looking for investment options, specifically in the augmented and virtual reality software. These two technologies will govern the consumer's shopping behavior.
To conclude, it would be superfluous to say that the custom footwear design software by iDesigniBuy offers shoe selling companies an opportunity to stay ahead and mark their presence across the globe. By now, you must have been convinced with the advantages the tool provides and takes your sales and revenue higher and higher.
Planning to revamp business with personalization solutions,
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