Textile Industry: Opportunities and Challenges: Report released by RWA
RWA Business consulting has released a latest report on challenges and opportunities Indian textile industry is facing. The abstract are following
Yet it is also an industry in emergence, with increasing reputation in global markets, emerging SME’s, more foreign direct investments, Indian Textile tremendous strategic production advantage. Surviving, thriving, and being distinct in such an environment is a worthy challenge for any textile manufacturer and success of entrepreneurs will totally be dependent on how they are handling this slow down.
Discussing with one of leading textile mill has told in a survey "We at Lalit Kishore Textiles have developed the strategy to compete effectively to such situations by increasing our efficiency and branding exercise, as a step we have developed a website http://www.lktex.com to do internet marketing and many entrepreneurs are taking the metaspace route to market there products.
Our detailed analysis and study propose the following strategic moves
Continuous Improvement in efficiency is crux
Amidst over all reduction of real prices of cotton the country and hence the yarn and fabrics the increasing efficiency is the key to satisfy the customers in term of expectation of price and quality.
Treating customer as a king.
In a traditional manufacturing focused industry, where textile is becoming commodities, few successful companies understand the customer dynamic requirements and hence satisfying their requirement in most efficient fashion which should change the philosophy from make and sell to sense the requirements and responding after analyzing the key needs. Hence gaining the undisputed advantage through collaborating with dealers and customers in getting the requirements
Chinese vendors should be dealt with caution.
Before competing with Chinese vendors we have to understand are these players in real competition with us or not? The definition as proposed by one of the business analyst in recent paper a competitor is a supplier with similar offering targeting our customers and at the same time customer is willing to pay.
So we have to avoid the techniques of avoidance and differentiae and not blindly start reducing the price and therefore the quality in a blind price war.
Uniqueness will give you a lead.
Whatever products and fabrics a mill chose to produce – No matter a company is industry
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RWA Business Consulting provides the best in class consultancy services to the small and medium business enterprises SME's. Our Consulting is focused to improvise and enhance proficiency in client performance. For more info pls visit www.rwa.in