Textile Industry Expectations of Festive Sales This Year -Sanjay Desai
Festive seasons are the best time for every business, but they bring a lot of benefits to the textile industry.
It has been difficult for businesses to survive the past two years. Everyone suffered and those who had the patience returned to shore after the high tides. The reason for all the damage done is the coronavirus. It was the most unexpected hit on the market. Investors have lost a huge amount of money. One of the worst business crises of all time and it has affected the whole world. India’s economy shrank by 7.3% and that of the whole world shrank by 3.3%. Of all the companies that have suffered, the textile industry has been the most affected. Due to the lockdown, retail businesses have been closed. Some retailers have turned to e-commerce and others have not embraced the idea.
The only thing that can positively happen for the textile industry is the holiday season. There is no better time to sell fabrics than today. Most people wait for festivals to buy clothes and this is the opportunity that every textile industry should keep in mind and work towards. Festive seasons are the best time for every business, but they bring a lot of benefits to the textile industry. Hardly should you find someone who doesn’t shop for clothes during the holiday season? Everyone wants to look good by wearing new clothes and therefore they go shopping. Particularly for India, history has proven that nothing can match the level of activity during the holiday season.
Online shopping is the new trend!
Holiday season and festive sales, these terms are not new to online shopping. Every website and online app is full of 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 way to reach more customers. 75% of purchases were made online during the holiday season last year. It was done because of the change in people’s mentality. Not only young people but people of all generations are now shopping online. The reason is the versatility it offers. And for the textile industry, the online platform is a flower. The online industry has created transparency for businesses. A connection from the business owner to a customer from any part of the world.
Scope of the market to come.
The domestic textiles and clothing market was worth around $ 100 billion in FY19 and is expected to grow to $ 190 billion by FY26, according to the India Brand Equity Foundation. The holiday season will not only uplift the Indian market but also the world market as the exports are increasing at a good rate. Indian craftsmanship is world famous and its exports occupy a preponderant place at the world level. The textile activity depends on exports because the customers are not limited. According to a recent ICRA report, textile exporters in India would see a rate of 20 to 25 percent in the current fiscal year.
New patterns for the growth of the textile industry.
With the introduction of the PLI regimes, the taxes on raw materials have been relaxed a little and more and more people will invest in the textile sector, which will expand it considerably. As the cost of raw materials will decrease, the total cost of fabrics will be reduced, and hence the prices of the product will be low. Thus, more customers will be attracted to the purchase. These types of policies build the confidence of owners and employees attached to the textile business.
Offers and discounts for the end of year celebrations.
To boost fabric sales, discounts and festive offers are the best way. Discounts are part of our tradition. It attracts attention. The discounts are aimed at retailers as they use them frequently and the deals are mostly offered through online platforms. When you get something good and good at a low price, it becomes an opportunity. In this digital world, this is the best way to build a customer base. Offers and discounts are always effective, as they attract the attention of seekers who are looking for preferable products at a low price.
Lessons to learn.
The ups and downs are part of the business. Even a bad phase builds a foundation for new planning and execution. Optimistic people are going to win in these competitive business battles. Look for opportunities and evaluate accordingly. The festive seasons are the best time to overcome losses and turn your businesses into profits.