Existing Products

Industry Trends

Footwear Industry:

Sneakers, once the symbol of athleticism, have transcended their primary function to become commercial and fashionable objects of desire. The global sneaker market valued at approximately US $79 billion (£56 billion) in 2020 and is predicted to reach US $120 billion (£85 billion) by 2026. The last decade has seen a huge shift in how sneakers are worn. Donning a pair is no longer frowned upon in the workplace or on more formal occasions, deeming them socially acceptable for smart casual occasions. Research by the sociologist Yuniya Kawamura on sneakers, defines three waves of the phenomenon. The first wave in the 1970s was defined by an underground sneaker culture and the emergence of hip-hop, through Adidas and Run-DMC. The second wave of the phenomenon began in 1984 with the launch of Nike Air Jordans. For Kawamura the third wave is marked by the digital age and the resulting growth in sneaker marketing and resell culture. (Naomi Braithwaite Senior Lecturer in Fashion Marketing and Branding, 2022)

Commoditizing sneakers works against the very consumers the industry was built to serve. At the peak of the pandemic, resell prices rocketed as high as 54% above retail, fueling a growing frustration among sneakerheads who were tired of taking “Ls” (losses) to resellers who have monopolized the market. The nostalgia that once tied sneaker loyalists to the brands they covet can only go so far without a fair shot at getting them. That’s why the next big boom in the sneaker industry isn’t resale —  it’s customer experience. You may think it’s the shoes, but people are the most important component in sneaker culture. (Pralica, 2022)

Technology Industry:

From self-lacing tech to cushioning systems made from tiny foam particles, brands like Nike, Adidas and others have gone all out trying to change what footwear design means. With examples such as the Nike Joyride Run, filled with small plastic beads, and the re-release of the Puma RS Computer shoe, bluetooth adaptability via smartphone, the industry is already taking strides in tech innovation. (Barajas, 2020)

As we move into the future there are a few key technologies that are becoming prominent and growing. The first, is the use of VR and AR in the industry. From shopping in a virtual store to trying them on virtually, VR and AR could change the shopping experience. Another budding technology is contactless returns when the item is in transportation. A bit of a complicated process, this solution would provide ease for the consumer and more visibility for the merchant. Coincinding with the last solution, we also have supply chain traceability software. Through RFID tagging and a centralized software system, brands can track their product from source material to sale. Lastly, is personalization through the digital world for the consumer to become more connected to the brand and product. (Berg, 2018)