How Can Custom Shoe Designs Help Footwear Businesses Soar Digital Sales?
After Facebook announced it would rebrand itself as Meta to focus more on the metaverse where people could meet and discuss various topics virtually, many leading names in the fashion and luxury industries are jumping in the pool to leverage the transforming landscape of the market. Some are trying to partner with companies that already hold digital expertise, while some are navigating their way to this new way of shopping and selling. Our custom shoe designing is here for all footwear brands and retailers that are willing to leverage the changing scenarios of the footwear market. Its customization and digitization solutions enable footwear companies to display their collections through a digital platform and let your buyers take inspiration from them to design their footwear. It helps them make all the necessary changes in the product through 3d and head to the final payment gateways. It enables brands and buyers to establish transparency by using the latest technologies that also assist in providing an exceptional shopping experience to buyers.
Custom Shoe Designs Better Equips Brands to Become Digitally Proactive
Facebook changing its name and status-quo to announce a slew of new features to its platform have compelled other tech giants, such as Microsoft, to introduce their version of the virtual technology. Microsoft has announced it would create its own digital virtual universe called “Microsoft Mesh” in direct competition to Facebook’s metaverse. The company is set to introduce new features to Microsoft Teams like 3D avatars and virtual meeting rooms as a part of its digital offerings. The idea behind offering these virtual solutions is that all the industries have realized that virtual showrooms are here to stay, and the pandemic has only accelerated its implementation. People were initially scared to step out for shopping as not many brands and stores had digital facilities to prevent social contact; however, with the advancement in technology, their fear turned into convenience, and as a result, the fashion industry and its various segments have caught on well with the new trend, especially the footwear segment. This segment never witnessed a dark period, even when the pandemic was at its peak. Customers would buy only essential commodities, but footwear never slid from their minds, and thanks to fitness consciousness people, the demand for footwear during the pandemic soared from one to another. Therefore, it wouldn’t be an exaggeration to say that not just footwear giants, such as Adidas, Vans, and Sketchers, seek new ways to entice their audience. Start-ups, too, are changing the game by pushing the industry forward with new tech, including from sneakers to wear in the metaverse to 3D-printed shoes that can be remoulded again. Digital solutions have the power to reach billions of people at once and host hundreds of billions of dollars of digital commerce.
Digital technology helps footwear companies to re-design reality because the latest collection of sneakers and shoes comes in NFT variety and is more in 3d. Despite the procedure to manufacture the products has largely remained 2d and often begins with pencil sketches and photoshops, the trend to display collections in 3d is exponentially rising. Many fashion-tech companies are working with footwear brands and retailers to create software that let sneaker companies design in virtual reality, meaning the shoes are 3D from the outset. Using these solutions and platforms, designers can navigate around 3d objects to draw and sketch directly on products. It means designers can sketch around the ergonomics of the foot more easily. Adidas, a pioneer in the footwear and sportswear industry, uses one such platform and has released a shoe designed in VR. Using the 3d platforms means that Adidas’s international workforce can see the shoes in 3D earlier than they could have. It is observed that during the pandemic, people would jump into these virtual studios and work on their own to create some magnificent products. The novel technology helps in mimicking the in-person design studio experience. These technologies are expected to gain traction from buyers further as Christmas is approaching, and the fear of new COVID-19 Omicron is making people extra cautious and proactive. Therefore, in these conditions, having digital technology and playing with its new features will help brands and retailers to expand their business.
Using novel solutions, such as virtual platforms, artificial intelligence, and other technologies will enable brands and retailers to meet the demands put forth by clients. We have seen in the past that without proper data and information supply chain collapse at the last minute, and brands wouldn’t want to repeat the mistake. As we are approaching the end of the year, when holiday sales and shopping reigns are supreme, footwear companies need to be proactive and implement strategies that maximize inventory or else they will once again have to face margin-crushing supply challenges. Artificial intelligence can be of great help to footwear companies as it helps in streamlining inventory, combating issues of sizing variability, and identifying return patterns. AI can transform how footwear companies resolve these challenges by helping them manage inventory, forecast market demand and monitor profit margins. If one thinks of forecasting as a puzzle, one should think of sales forecast as its edges and return forecast as its centre. One can never completely understand retail forecasting without both sales and returns data. Unfortunately, most forecasting systems anticipate sales and neglect returns, likely because returns analysis is far more complex. For instance, before the pandemic outbroke, for the majority of footwear brands, the return rates were as high as 40 per cent, thus, relying alone on sales forecast would limit the understanding of any company, and it wouldn’t know anything about its overall activity. And since the 2020 lockdowns, online sales and returns have only increased.
Several footwear brands and retailers had to introspect and understand that there has been a drastic shift in consumer behavior. Customers are buying three pairs of shoes in different sizes so they can try them on at home and return the two that didn’t fit. This is a huge profit killer because footwear retailers often can’t resell what’s been returned from an online purchase as easily as they can a store purchase. After all, the shoe fitting exercise happens in a more controlled environment. And some customers could have also returned the product they were not happy with the color as it looked different in reality or noticed a small defect in the product or s style that they couldn’t look at before online. Therefore, stores had to start a trend of “open-box”, which sold the returned product at a discounted price. While this strategy has helped to staunch haemorrhaging profits, returns and discounts must be factored into a highly complex math equation, making it nearly impossible to understand the larger inventory picture. And this is where the latest technological solutions, such as AI, changed the game for brands and retailers. They aid retailers and brands to forecast faster and accurately based on available data to predict and plan for the performance of each retail channel, including online, in-store, or a blended buy online, pickup in-store (BOPIS) sale. This incredible wealth of data can be easily managed and simplified through AI as it provides inventory insights down to the store, SKU, size, color, and style. With this degree of detailed information, footwear companies can make accurate predictions about sales and returns and plan inventory accordingly. Likewise, the customized shoes online offer robust business solutions and insights with customization and digitization features. The tool helps brands to let their customers unleash their creativity and offers business insights to brands and retailers so that they can make an informed decision. Since buyers are able to design their pair of funky shoes, brands don’t have to worry about the return rates as buyers will customize designs that suit them. Hence, helping brands to reduce cart abandonment ratio and return rates.
We have seen in the past that seasonality is another biggest factor that prevents brands from flourishing in the footwear market. Nobody will be willing to pay a premium price for sandals in the winter season as the temperature gets low and cosy new boot styles gain more traction. The onset of technology in the footwear industry has also helped brands blur the seasonality trend as buyers can buy any product as per their convenience and payment capacity. For a while, consumers have shifted to a see-now-buy-now mindset making product seasonality less relevant. Though this scenario makes it more challenging to nail product phasing; however, having a digital solution at your disposal, footwear companies can opt for launching seasonless collections, setting the tone for mass-market designs. Using these strategies, retailers can pinpoint demand for footwear styles, shedding light on which trends are ramping up or cooling off or even better by shunning the seasonality trend. This especially escalated during the pandemic, as people had no place to go, and there was enormous uncertainty around when we’d go out again (and where). Thus, the seasonal footwear demand just plummeted. Many experts believe that brands and retailers can take a lesson here and focus on more seasonless, transitional options so that if they again find themselves in a situation where they can essentially miss a season, it won’t have such a negative sales impact or require such heavy promotional activity to move through the inventory. For instance, Diesel has launched Prototype, a new sneaker design that offers a fresh direction for the Italian denim brand’s footwear offering. The new product is named to reflect the start of something new, and it sets the tone for the brand’s digital future. The Prototype was first seen on the Spring/Summer 2022 runway as if it displayed its colorful accents, rubber overlays across its uppers, and asymmetrical lacing. The first batch of the product line was sold for $395 (350 euros), a higher price point for other Diesel sneakers, which typically hover around $200. In addition to the physical shoe, the Prototype sneaker will also be available as a limited-edition nonfungible token (NFT) created by digital fashion house The Fabricant, the brains behind a number of brands’ digital-only clothing and accessories, including Adidas’ recent push to design and auction pieces on the blockchain. The brand’s parent company OTB has been utilizing most of the digital trends in the market.
Recently, the OTB, the Italian fashion group owing Diesel, Maison Margiela, Marni, Jil Sander, Viktor & Rolf and Amiri, debuted Brave Virtual Xperience (BVX), a new business unit dedicated to developing products for the metaverse, or the hypothesized iteration of the internet where NFTs live. Led by Stefano Rosso, who serves as a member of the OTB board of directors and the board of Aura Blockchain Consortium, the venture will help the company generate new business opportunities and connect with younger demographics most likely to spearhead the shift to the digital community.
Many industries, such as retail, fashion, footwear, IT, and gaming sectors, to name a few, have adopted metaverse and the subsequent digital solutions to boost their sales, increase online market presence, expand the customer base, and provide top-notch customer services. It’s time for retailers and footwear houses to invest in a scientific methodology and AI-powered, omnichannel-focused strategies that make their bottom line more flexible. Digital solutions make this possible as these technologies get smarter every day. The custom shoe designing by iDesigniBuy works on similar grounds as it helps brands and retailers to make the most of the current digital wave in the footwear industry. Its customization and digital features allow your buyers to personalize the pair of shoes and make them more fashionable and comfortable. Our experts help footwear companies to make accurate forecasts and maximize profits in times of extreme market volatility with their in-depth market knowledge.