The seller posts a price of a sneaker on the sneaker trading platform. The product will be photographed if the purchaser believes the price is reasonable. The vendor will then transmit the sneaker to the site to authenticate its authenticity. The platform will be shipped to the buyer once the identification process is finished. One of the key drivers fueling the sneaker trading platform market's expansion is the global spread of internet platforms. All age groups' increasing preference for high-fashion, branded shoes and an increase in disposable money are driving the desire for more comfortable and inventive sneakers, accelerating industry growth. The growing population and health and wellness concerns are driving the sneaker trading platform market. These factors encourage people to engage in different fitness-related activities. Additionally, there is a rise in product demand due to the youthful population's increased interest in sports and fitness. However, the expansion is anticipated to be hampered by the accessibility of locally manufactured products that are duplicated or counterfeit.
The economic crisis, COVID-19, and the lockdowns that followed it resulted in employment losses and affected the middle-class strata. Therefore, it is virtually hard to invest in fresh, branded sneakers. The worldwide market for shoes trading platforms has suffered due to the COVID-19 outbreak. The government enforced a rigorous lockdown and halted production as a result of the COVID-19 outbreak. Sales collapsed during the pandemic due to falling demand worldwide due to the shutdown. In terms of business, COVID-19 has had a significant detrimental effect.
Promotion and Adoption by Fashion Influencers to Drive the Market Growth
The market is expected to gain traction over the forecast period due to the latest fashion influencers' adoption and promotion of sneakers as well as increased accessibility and affordability. A major factor influencing the global sneaker trading platform market is the growing desire across age groups for stylish, trendy, yet comfortable footwear. The industry has been mostly driven by the emergence of sports-specific footwear for games like football, cricket, basketball, and golf and the massive investments governments and international organizations made to support sports leagues and participation.
High Cost Associated with Product Inhibits Market Expansion
The market demand research of the sneakers trading platform indicates that constraints, including reduced trust, negative reviews, and higher pricing connected with specific brands, limit the market growth. The end customer might be drawn in by the quality and price range. However, consumers conduct in-depth studies into the product's quality and subject it to ongoing inspection. The demand for footwear trading platforms is therefore constrained. The availability of superior substitutes for premium sneakers that release new pairs with premium quality within the same price range as trading platform pairs is another factor limiting and impeding the market's growth.
Based on type, the sneaker trading platform market is segmented into basketball shoes, soccer shoes, outdoor hiking shoes, and others. The basketball shoe category dominated the market in 2022 due to technical developments that have given basketball players increased comfort and flexibility. Growing consumer interest and knowledge in the health advantages of sports and fitness activities, a thriving global trading environment, an increase in basketball tournament attendance, and rising disposable income levels are the main reasons promoting segment growth.
By application, the market is segmented into B2B, B2C, C2C and others. The B2C category dominated the market in 2022. Business-to-consumer (B2C) refers to selling goods and services directly between an organization and the customers who will ultimately use them. Most businesses that sell directly to customers are referred to as B2C businesses. Consumers prefer buying goods from online trading platforms that deliver goods directly from business to customer due to rising smartphone usage, higher internet penetration, and conveniences, including simple access and payment alternatives. Any shoe sold directly to a consumer has a different selling price from the market price. Current promotions and savings typically bring this on.
North America is projected to hold the largest share of the sneaker trading platform market over the forecast period. This is due to consumers' shifting lifestyles, rising fashion consciousness, and high disposable income, encouraging them to prioritize comfort over price. The main country in the region with an expanding demand for sneakers is the United States; this is driving the market for sneakers trading platforms in this region. On the other hand, the Asia Pacific sneaker trading platform market is anticipated to grow significantly over the forecast period. The region's product demand is expected to increase due to rising leisure sports engagement, more socializing among individuals, and rising national and international sports participation among Asian countries.
LIST OF KEY COMPANIES PROFILED:
- Yoho And Buy
- Flight Club
|Unit||Revenue (USD Million) and Volume (Kilo Tons)|
|Segmentation||By Type, By Application, and By Geography|