by Deepak Mohindra
01-February-2019 | 4 mins read
Creating niches is becoming more and more important, whether you are a garment manufacturer, trim/fabric supplier, business facilitator or even a buyer. Being normal, just does not work anymore!
With personalisation and experience becoming the keyword for the new generation of consumers, no one can afford to lay back and enjoy the past glories. If a company has nothing new to offer, there will be many ready to take on the challenge. Start-ups are cropping up everywhere and even in the Indian fashion retail scenario, we hear a new name almost every second day. Of course, most of them are riding on the theme of ‘Digital India’ and hoping to attract the right eyeballs.
After all, post a fresh start-up, catching the eye of a funding agency is the obvious next step. It’s not like the old days when people were pretty sentimental about their business and would love telling their struggle stories to their kids! Today, it’s about making money out of ideas – ideas that are diverse, catchy and fresh. The challenge is not only to be different, but also to create a genuine platform for profitability. An idea without a solid business proposition is worth nothing.
Even Apparel Online, shifted a bit of focus to retail because of the sound business sense that it made; no one can deny that retail is a big story today. Every manufacturing company is looking at ways to capitalise on the opportunities. Building brands/labels, going online or even taking a franchise of an already established brand/retailer has become quite popular with the younger generation.
In this fast-changing scenario, how can we at Apparel Online remain immune to the trend? I have said this before and I would like to repeat the same: the export market is very important to us, but retail is an added dimension to the magazine.
Going back to the core thought of creating niches, as most of you must be aware by now, we have curated a very niche platform for business networking that will support retail growth with diverse sourcing options from South Asia. The Apparel Sourcing Week has been born from the need of Indian retailers to source competitively. Many ask us why bring Bangladesh exporters to India, but why the question at all…! Do we have the product categories which they have; or can we supply at the price points they can deliver?
Competition is in the mind; in reality, the manufacturing strengths of each country is complementing the strength of the other, creating a regional collaboration like no other.
Which other region in the world can talk about players and products like South Asia… The only reason that manufacturing shifted from the West to this region is actually owing to this inherent strength.
Now it is time for these countries to move beyond boundaries and work together as manufacturers and markets. Each individual country and company has to play on their strengths and create niches that no buyer can ignore… After all it’s all about creating niches!