Growth of sports industry and sports business
India is home to sports lovers with an everlasting love and passion for sports. India is a developing country. And it is advancing slowly and steadily with an increase in the demand for sports goods, thus the sports business. The budding awareness among the urban, middle, and high-income population about fitness has changed the mindsets of many towards the sports industry. It has also augmented the sports equipment market in India. It can be observed that India is vigorously active in hosting and operating in international sports events. Such as cricket tournaments, Olympics, commonwealth, etc. These changes have enabled the country to promote and facilitate new talent through the medium of fantasy sports. And other events such as IPL, Pro Kabaddi League, ISL, etc.
Indian sports business & goods industry
The sports business is one of the most competitive industries that operate not only in India but worldwide. The Indian sporting goods market is a huge industry that presents an enormous market and athletic goods such as footwear, exercise equipment, athleisure, sports merchandise, etc. to choose from. It is a billion-dollar industry that experiences flux very rarely. There are several striking sports business brands like Nike, Adidas, Puma, etc. that produce sports goods to fulfill the demand of aspiring people and athletes. The greatest opportunities are associated with the potential comeback of large sports events, including the Olympic and Paralympic Games that were at hold due to the pandemic. This has led to a perpetual rise in the popularity of outdoor and indoor sports.
Also read: Rise of Indian Sports Economy Over The Years
Evolutionary changes in Sports goods distribution
Over the last few decades, the sports goods industry has witnessed a drastic change. The distribution has shifted from a traditional channel to an e-commerce platform. Both the channels are equally reliable. But the lack of organized retail has made way for sports goods manufacturers to enter the e-commerce market for earning profit and making money. Although the online retail market seems smaller, it is a chain of huge retailers that cater to the needs of a large population all over the world. The growth of online sports retail has witnessed a surge in the last few years. With a growth rate of over 30 percent annually. With the rise in income levels, people are willing to spend more on their fitness equipment and at the same time, awareness has also made them health conscious.
The Indian sports business operators
The sports industry has led to the emergence of new business and job opportunities. The investors in the Indian market are using different strategies and techniques to build a promising online sports market with the help of technology and entrepreneurial ventures. The fuel behind the growth of sports goods in e-commerce is the rise in disposable incomes, improving economic conditions and a change in the outlook of people towards fitness. The Indian government has gradually shifted its focus onto the development of the sports sector. It strategizes to create employment opportunities, attract investors and generate revenue for the benefit of the country as well as nurture sports talent.
In 2018-20 tenure, a budget of Rs. 1,756 crores was appointed to the Khelo India Program by the federal government of India and it has numerous welfare elements linked to the program. A national sports committee has also been organised for the governance of the sports goods. It is a group of various renowned sportspersons, top-tier sports brands, and marketing professionals. There are several other initiatives taken by the Indian government to raise awareness about sports and sports business.
Online sports Goods industry: A boon to human being
Even though the sports business industry was doomed due to the pandemic, it revolutionized trading activities. Online shopping has set a new trend and attracted a large populace over time. Every person loves scrolling through the latest trends without stepping out of their home. The emergence of the online market has benefited not only the investors and brands but also the public as it enabled them to shop at their convenience. While a lot has changed in the last couple of years and a lot more will change in the upcoming years in the domain of e-commerce.
The pandemic was a major turn-off for the market as shops were restrictively opened and social distancing became important. The store closures raised the online growth curve of the sports goods and services to a new level. It enabled multiple brands to invest and promote their products through online markets. There was a significant leap forward in online shopping and people will hold on to this shopping trend for a longer time than expected. The main aim of the brands is to centre digital commerce to accelerate the growth of the market.
The perks of online retail market in sports business
Growing health awareness and stress management led to a gradual growth of the sports and fitness industry. As people increasingly started opting for sports and recreational activities. The availability of sports goods online has made shopping easier. People can easily access goods from their homes without being troubled by the scorching heat or chilly winters. The online sports goods market offers a large variety of goods and consumers can access foreign brands as well. It is a high growth sector and it is not just limited to men but also to women. All sports goods are easily available at online retail shops. From shoes, clothes, equipment or accessories to style your sports athleisure. The most striking feature of the online market is that sports products are available at an affordable cost and even pocket friendly during special occasions.
The outlook of sports retail market
The Indian sports and fitness goods has reached a value of 1,796 million in 2020. It will further reach the zenith in the future. The online retail market has a high scope of growth. The high ubiquity of lifestyle diseases and obesity has made people health conscious and fitness freaks over time. The pandemic also adversely affected the population worldwide. Online retail markets turned out to be a huge relief for everyone who was stuck at different places as they diverted themselves to online shopping. There was also a surge in the demand for fitness gear products. Like dumbbells, gym kits, push-up bars, yoga mats and other accessories due to the change in consumer behaviour.
There has also been a consistent rise in the number of gyms and fitness centres which also led to the boost in the sales of sports products in the country. In the upcoming years, the online sports market will flourish and take over the domestic style of shopping. With the growing trend of athleisure, people are passionately spending on sports goods. It changed the lives of people all together along with an evolution in the mode of shopping.
The expansion of sports E-commerce industry in India
It is really surprising that the presence of sports goods retailers has increased on e-commerce platforms such as Amazon and Flipkart. For instance, Amazon India has witnessed five times sales for sportswear and fitness accessories. It is likely to rise even higher in the future. Apart from this, Decathlon is also one of the most famous online sports retailers that has caught the attention of the Indian public. It provides a huge range of sports products for its consumers. Moreover, the prestigious brands and the global giants like Nike, Adidas, Puma, New Balance are also available at the online retail markets. There is a tough competition between all the online retailers. Each of them use unique strategies to capture the attention of the public to promote their brand and increase sales.