Festive seasons are the best time for every business but they bring a great number of profits to the table for the textile business.
It has been challenging to survive for businesses in the past couple of years. Everyone has suffered and those who had patience have found the shore after high tides. The reason for all the mess caused is Coronavirus. It was the most unexpected market hit. Investors lost a whopping amount of money. One of the worst crises for business ever and it affected the whole world. The economy of India went down by 7.3% and that of the whole world went down by 3.3%. Of all the businesses that suffered, the textile business took the worst hit. Due to lockdown, the retail shops were closed. Some of the retailers shifted to online business and some didn’t adopt the idea.
The only thing that can happen positively for the textile business is the festive season. There is no better time to sell fabrics than these days. Most of the people wait for festivals to buy clothes and this is the opportunity that every textile industry should keep in mind and work accordingly. Festive seasons are the best time for every business but they bring a great number of profits to the table for the textile business. Hardly should you find anyone not buying clothes during the festive season? Everyone wants to look good by wearing new clothes and so they do shopping. Particularly for India, history has proven that nothing can match the level of business in the festive season.
Online shopping is the new trend!
Festive season and festive sales, these terms are not new for online shopping. Every online website and application is filled with offers and discounts. The owners know the importance of these times. To survive in this competitive market, they don’t want customers to buy from others, so offers are the medium of getting more reach to the customers. 75% of the shopping was done online during the festive season of last year. This has been done because of the change in the mindset of people. Not only the youngsters but people of all generations are now doing online shopping. The reason being the versatility it offers. And for the textile business, the online platform is a blossom of a flower. The online sector has created transparency for business. A connection of the owner of the business to a customer of any part of the world.
Upcoming market scope.
The domestic textiles and apparel market was around worth $100 billion in FY19 and are likely to grow to $190 billion by FY26, according to India Brand Equity Foundation. The festive season is not only going to uplift the market of India but also the global market as the exports are rising at a good rate. Indian crafts are world famous and their exports hold a prominent place at the global level. Textile business is dependent on exports as the customers are not limited. According to a recent ICRA report, textile exporters in India would be seeing a 20-25 percent during the current financial year.
New schemes for the growth of the textile industry.
With the introduction of PLI schemes, now the taxes on the raw materials have been relaxed a bit and so more and more people are going to invest in the textile business, which will expand it a lot. As the cost of raw materials will decrease the total costing of the fabrics will get reduced and hence the prices of the product will be low. So more customers will get attracted to buy. These types of policies boost up the confidence of the owners and the employees that are attached to the textile business.
Festive season offers and discounts.
To boost up the sales of the fabrics, discounts and festive season offers are the best way. Discounts have been a part of our tradition. It catches the eyes. Discounts are for retailers as they use them frequently and offers are given mostly by the online platforms. When we get something good and of choice at a low rate, it becomes an opportunity to seize. In this digital world, it’s the best way to build a customer base. Offers and discounts are always effective, as they catch the attention of the seekers who are thriving for preferable products at low rates.
Lessons to learn.
Ups and downs are part of the business. Even a bad phase builds up a base of new planning and execution. Optimistic people are going to win in these competitive battles of business. Thrive for opportunities and evaluate accordingly. Festive seasons are the best time to overcome the losses and convert your businesses into profits.
Source: Business World