Global Smart Shoes Market: Overview
Product innovation and cutting-edge technologies have been at the forefront of driving the trend of smart wearables. It has thus been quite influential in driving the growth of the global smart shoes market as well. The concept of ‘convenience’ has been added to the traditional footwear features such as comfort and fashion. Smart shoes allow accurate calculation of steps and burning of calories. They help in proper navigation as well. Smart shoes have several new features such as Wi-Fi hotspot, self-lacing technology, and GPS among others. With such ‘larger than life’ features, smart shoes have certainly moved on from being just regular footwear.
Global Smart Shoes Market: Notable Developments
Some of the key players in the global smart shoes market include names such as Adidas AG, TRAQShoe, Xiaomi Corporation, Nike Inc., Salted Venture, and Puma SE among others.
Some of the notable developments in the global smart shoes market are listed below:
- In June 2019, Nike launched a new series of shoes in the market called the ‘Adapt BB’ The shoes have features such as self-lacing that can be controlled through an app on the user’s smartphone.
- In February 2019, Xiaomi Corporation announced that the company is now ready to launch its highly anticipated smart shoes series in India. The expected launch date is yet to be revealed. However, it is largely projected that the series will be a successor the hugely popular Mijia Sneakers. The current smart shoes series Mijia Sneakers 2 is readily available in the China market.
- In January 2019, Puma SE announced that it was launching self-lacing training shoes. The company used the brand new Fit Intelligence (Fi) technology platform to fine-tune and automate the Puma footwear for enhanced performance.
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Global Smart Shoes Market: Drivers and Restraints
Some of the key driving factors for the growth of the global smart shoes market are listed below:
- Increasing health awareness: People across the globe are becoming more and more health-conscious. This has led to a large number of people adopting a strict workout regime and fitness programs. This has ultimately led to increasing sales of shoes across the globe. Naturally, such a trend is also helping to fuel the growth of the global smart shoes market.
- Technological Advancements: Continuing from the point above, people are also more inclined towards keeping track of their fitness activities and workout programs. This trend coupled with constant technological advancements has helped in increasing the popularity of smart shoes among the masses. Users can now track their position, calorie meter, and steps with the help of smart shoes.
- Brand awareness and changing lifestyles: Key players in the market have been able to establish a loyal consumer base for themselves. Growing brand awareness activities, promotions, and product launches are helping to keep customers enticed and curious. Coupled with this, the changing lifestyles of the end-users and rise in their disposable income have also helped the notable brands to market their new products. This has thus helped in fueling the growth of the market.
Global Smart Shoes Market: Geographical Outlook
The global smart shoes market can be segmented into key regions such as Asia Pacific, North America, Europe, Latin America, and the Middle East and Africa. Of these, the global market has been primarily dominated by North America. The key reasons behind this the early access to the latest technologies and products and growing health awareness among the end-users. The Asia Pacific market is expected to show a high growth rate in the coming years on account of the rapidly evolving lifestyles in emerging economies such as India and China.
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Smart Shoes Key Market Segments:
By Product Type
- Smart Walking Shoes
- Smart Running Shoes
- Smart Sports Shoes
By End Use
By Distribution Channel
- Specialty Store
- Online Store
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
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- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
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The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
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