Alootechie’s write up prompted me into penning down a few thoughts on this model, something which i had been planning to do for a while.Lets take a look at the industry first before getting into the hurdles, advantages and taking up bigshoebazaar.com to review as well.
Figures for India are not easy to find but one can choose to draw safe inferences from what is happening in other parts of the world , and what appears to be happening is a usage rise.
In 2002 , online footwear sales were pegged at 958 million USD, while the total apparel sales stood at 4.4 Billion USD. Last year it was at 2 .5 billion and the apparel overall was at 9 billion. The increase for 2007 , for footwear, is predicted to be in the region of 20%. which would then translate into a very cool 3 Billion USD or so. If we were to use percentages derived from the US market then we would get :-
In case its not clear, all i have done is deduced the % of apparel and further to footwear in the US markets from the total eCOM business and applied them in the Indian scenario. IAMAI pegs the total eCOM for India at 2300 crores.
This would put the Online footwear market at 50 crores, which is not bad, especially when one considers that