Retailers to Promote Their Smart Shoe Offerings to Women
Allied Market Research recently published a report, titled, “Smart Shoes Market by Product Type (Smart Walking Shoes, Smart Running Shoes and Smart Sports Shoes), End User (Men and Women), and Distribution Channel (Supermarket/Hypermarket, Specialty Store and Online Store): Global Opportunity Analysis and Industry Forecast, 2019–2026.” According to the report, the global smart shoe market was pegged at $115.3 million in 2018 and is anticipated to garner $223.4 million by 2026, registering a CAGR of 9.1% from 2019 to 2026.
Surge in demand for wearable products, advent of smart shoes for elderly people, emphasis on performance enhancement programs, and increase in demand from the healthcare industry have boosted the growth of the global smart shoe market. However, high marginal price of product and lower product penetration in untapped markets hamper the market growth. On the contrary, the surge in social media marketing and rise in the millennial population are expected to create lucrative opportunities in the near future.
The smart running shoe segment held the largest share in 2018, accounting for more than two-fifths of the market, as they come with options that help the user track distance covered and number of calories burnt. However, the smart sports shoe segment is projected to register the fastest CAGR of 10.4% during the forecast period, as these shoes help optimize the performance while running, facilitate proper thrust, and gain momentum when engaged in any kind of sports.
The women’s segment is expected to manifest the fastest CAGR of 9.2% from 2019 to 2026. However, the men’s segment held the largest share in 2018, contributing more than half of the market, and is expected to maintain its dominance throughout the forecast period.
The specialty store segment held the largest share in 2018, contributing more than two-fifths of the market period, as the stores facilitate a variety of smart shoes for sale that offers large set of options for its target customer. However, the supermarket/hypermarket segment is anticipated to manifest the fastest CAGR of 9.6% through 2026, as consumers can access niche products available in the market.
Women’s Footwear Shoppers don’t just value technology for workout purposes. According to AudienceSCAN, within the last month, they’ve used the internet to research products they were considering, play online games and find coupons or discounts. Additionally, within the last six months, they’ve used their mobile devices to watch online or streamed videos and to search for nearby businesses. They’ve also been driven to action within the last year by digital ads, including email, search, mobile and social.
AudienceSCAN data is available for your applications and dashboards through the SalesFuel API. In addition, AdMall contains industry profiles on shoe stores and women’s apparel stores, as well as lead lists at the local level. Media companies, sales reps and agencies can access this data with a subscription to AdMall from SalesFuel.