Download Footwear Market Analysis: Consumer Behavior and Industry Trends in India and more Assignments Management Theory in PDF only on Docsity!
Executive Summary
The internship report stresses on the work experience I have gathered as an entrepreneur in Shoe Palace under the Guidance of my dad Mr. Ramesh K Shah from 2 nd May, 2019. – 31 st July, 2019. I mainly have incorporated my experience at Shoe Palace especially on consumer buying behavior, market trend analysis, gaining orders from hotel industries, gaining orders from schools, stock filling activities, labor management and business development activities. The main objective was to understand the customers, also I was guided in setting up the visual display to attract customers. There are few gaps in our business. Major one is the reach towards the customers. The retail outlet is around 23 years old and we have a huge amount of loyal customers but we are lacking behind for new footfalls. Therefore, we are planning to enter in online selling of products on different websites such as Amazon, Flipkart and many more which will help us to fulfill the gap.
Industry Overview
The footwear industry is one of the most rapidly expanding industries globally. Increasing demand for new and innovative footwear and emergence of various global as well as regional brands across segments in the category is primarily driving the market. Innovative and trendy footwear are being consistently manufactured by leading market players due to advancement in the footwear manufacturing process, technological innovations, and development of new material. India is globally the second largest footwear producer after China. India’s footwear production accounts for approximately 9% of the global annual production of 22 billion pairs as compared to China which produces over 60%. Key production center in the country include Kanpur and Agra in Uttar Pradesh, Ranipet, Vaniyambadi and Ambur in Tamil Nadu. The sector is fragmented and close to 75% production comes from the unorganized sector including very small, small and medium enterprises. Over the past decade, India has been witnessing a rising trend of consumer orientation towards health and wellness. The rapid urbanization is responsible for a hectic lifestyle which has led to rise in the incidence of lifestyle diseases. Voluntarily and mandated by their physicians, the consumers have become more health conscious and have
Article on Global Footwear Market’s Growth
Latest study on industrial growth of global footwear market. A detailed study accumulated to offer Latest insights about acute features of the Footwear market. The report contains different market predictions related to market size, revenue, production, CAGR, Consumption, gross margin, price, and other substantial factors. It also examines the role of the leading market players involved in the industry including their corporate overview, financial summary and SWOT analysis. Some are the key players taken under coverage for this study are Nike, Inc., Bata Corporation, Skechers, PUMA, Adidas AG, Under Armour, Inc., ECCO Sko A/S, Geox S.p.a, TBL Licensing LLC, New Balance, The Aldo Group Inc., WOODLAND WORLDWIDE, JACK WOLFSKIN,
Wolverine World Wide, Inc., Columbia Sportswear Company, ASICS, Crocs Retail, LLC, Hermès, KERING, LVMH, Tapestry. Global Footwear Market is expected to grow with a steady CAGR in the forecast period of 2019-2026. The report contains data from the base year of 2018, and the historic year of 2017. This rise in market value can be attributed to the innovations and advancements regarding the comfort and functionality of the footwear without compensating on their aesthetic appeal.
Ponta Sahib and Roorkee. The company has a production capacity of 50,000 pairs of footwear a day. Liberty shoes markets its products through a channel of 150 distributors, 350 exclusive showrooms and over 6000 multi–brand outlets, with a presence in over 25 countries. Paragon made its humble entry into the Indian market. Kerala, the southernmost tip of the country was home to the young brand. In the year 1982, after gaining popularity in its home state of Kerala, Paragon began its journey to the other Indian states. The company strongly believes that its greatest strength is its staff and its distributors. The company's distribution of footwear is networked through 18 depots across India. Retail shopkeepers are serviced by more than 450 distributors, delivering stocks to every corner of the country in the shortest possible time. Relaxo Footwear Limited is engaged in the manufacturing and trading of footwear and related products. The principal activity of the Company is the manufacture of footwear made primarily of vulcanized or molded rubber and plastic. Its brands include Hawaii, Flite, Sparx, Schoolmate,
Elena, Casuals and Bahamas. It offers a range of Flite slippers that are manufactured using ethylene-vinyl acetate (EVA) technology. Under Flite brand, it offers its products in various categories, such as Flite EVA and Flite Junior. It has manufacturing facilities at Bahadurgarh (Haryana), Bhiwadi (Rajasthan) and Haridwar (Uttarakhand). Red Tape is a brand known for its unparalleled Comfort, International Styles and Finesse. It is the brand for Hi-Fashion & Lifestyle, owing to its unmatched quality, skilled craftsmanship and trendy products. Endorsed in the past by the style icon Salman Khan, Red Tape has become India’s most Loved Premium Lifestyle Brand. Emerging as a leader in the High-End Fashion Footwear segment, the Footwear range is designed in our in-house design studios in UK and Italy, with manufacturing them to International Standard of Quality and Materials. Red Tape forayed into the apparel sector in 2006 and unveiled Men’s Clothing and a line-up of Accessories. This range offers an eclectic mix of Casual & Semi-Formal wear including Shirts, Tees, Trousers, Denims, Sweaters, Jackets and Accessories such as Belts, Socks, Hankies and Wallets. The Red Tape range of Shoes, Apparel & Accessories reflect the latest Fashion Trends for Men across the globe.
Promises: -
We promise to serve the best quality products to our customers and customer satisfaction is our utmost priority.
Vision: -
We want to be recognized as a leading provider of comfortable footwear for the ultimate consumer satisfaction.
Mission: -
Our mission is to expand our business widely and also to expand our branches in India. We are dedicated towards our offerings to the customer, the quality; the varieties offered and also after sales service is our core focus.
Firm’s Structure
ANIL
(SALES PERSON)
We provide guarantee over all our products that are offered to the customers. Products are guaranteed for stitching, pasting and molding. The guarantee period is based upon the products. We also provide home delivery to our local customers. If any of the products are defected, we replace the product immediately. Various payment methods are adopted by us so that the customer can use any payment method as per there convenience. For example, (cash, debit cards, credit cards, gift cards, paytm, google pay, phone pe, upi and amazon pay) Seasonal discounts are offered to all our loyal customers.
S.W.O.T ANALYSIS
Strengths: - Weakness: - Goodwill No credit Individually Branded Products Variants available Good Sales team leads to a better sales target Capacity to expand Storage Consumer Behavior Inventory carrying cost High staff cost No E-tailer listing Opportunities: - Threats: - Continued Market Development Increased Product Offerings Online Selling Expanding Customer Base Online sellers Increasing Technology (need to be adapted) Local Retail Shops Shoplifting Security
Overview of the data collected and data used
The study will be both a mixture of quantitative along with qualitative part. A basic overview of the data collected and used to make this report is described below: - A. Data type:-
Like primary source, Secondary source is also major stream of information for the report. List of secondary source are as follows: -
- Internet
- Social media websites
- Articles
- Other sources Sample For this project I have selected a sample of size of 133 from the population. As it was anonymous online survey, the sample was randomly selected. The survey was anonymous because most of the people accessing the online websites are very cautious about their privacy for which they do not want to disclose information to other
people especially while in survey. In this research, the sample is all the people such as students, entrepreneurs, freelancers, part time employees and full time employees. I am using primary data, as the information that has been gathered is specifically for this research. Data Analysis: - Data Analysis is the procedure of efficiently applying measurable and sensible systems to portray, consolidate and recap and assess information. It is an important element. I tried to collect both qualitative as well as quantitative data. Due to time constraint google forms were used to collect and analyze the data on online platform. They have a powerful database system and tools that can make charts out of the collected data and make the analysis. It was handy for analyzing data. Google Forms made my job much easier. These tools were suited in my research as it was a descriptive research. Besides, it worked fine in exporting Google Forms data to Ms Office. I did not have to input the data again. It was all done by Google Forms analysis tool. After exporting, Ms Office was used because it is widely used and also has enough functions for sorting, filtering, removing duplicates, formulas for totals, percentages etc.
I started my work with my dad in our own firm. As I’d worked with my dad prior to this internship I was much aware about the business that my dad runs. So it was a bit easy going with for me but then I faced challenges after I started my work as an intern at our own retail outlet. We use to put stalls in some schools for the means of selling school products such as school shoes, socks etc. As we had tie-ups with 2 schools. At that time we were forced to keep our retail outlet close for 2- 3 days due to which the sale of other footwear products suffered. This was a big challenge faced by us due to lack of availability of workers. I suggested my dad that we can distribute our business cards in the schools to all our customers. My dad permitted me to do so and the school also permitted us to do so. On the day of open house we distributed our business cards. This step was successful as we started selling the school products from our store. We could see our customer base increasing as the customers visited our shop to buy school products and along with that some customers started buying other products as well from our shop. So this helped us in spreading awareness of our shop. We gained many new customers.
This also did not give a negative impact to our sale of other footwear products but our sales increased. Overall this was the first successful step taken by us which helped us in developing business. The main advantage was that our shop was near-by the schools, so it was very easy for the customers to track our shop. b) Supplying shoes to hotel industry. Another initiative that was taken by us was to sell shoes to the service industry. With the guidance of my dad, I started visiting my hotels such as Ginger Mumbai, Grand Homtel, and many more
