Growth of International business of the apparel industry
have been crushed and curbed by the fierce competition in the market.
Competition of the price wars, low costing, and regional advantage of labor,
customer's services, gray market, adoption of new fashion trends, best
logistics and transportation system has made customers more choosey in
selecting the product. Availability of substitute brands has shaken the buyers'
long-lasting customer's base. Substitute brands are offering competitive
prices, same/improved quality, customers service and replacement warranty.
It has diverted the mind of customers by changing their
buying patterns, expenditure and habits. In spite of stabbed recession,
customers are becoming more demanding towards new fashion trends and styles.
Customers are looking for up-to-date fashion goods with additional services,
quality fabric, hand feel and stitching. But their budget remains same for the
fashionable goods.
In this highly competitive fashionable world snatching a
small pie for new Brands is a risky preposition. Achieving market share without
extra ordinary style detailing, fabric, design, and silhouette is next to
impossible.
Here are the factors which are very much concerned for
considering competition,
- Price wars between rivals
- Offering heavy discounts or clearance sale by the
direct competitors'.
- Offering best customer services by the competitors
(availability of new/ up-to-date fashionable products)
- Changing fashion trends, style detailing and patterns
- Introducing new fabrics, designs, unbeatable prices and
accessories
- Obtaining certifications by the factories for obtaining
orders (Oekotex, ISO)
If existing market players' start working on any of the
above mentioned points, they can make their brand more competitive in the world
of cut throat competition. But complete avoidance form this havoc is not
possible. Here there are few points to be considered to hold back in the
market. Shall help the organization to pierce the competition.
- Always look into the strengths of the organization.
Keep on working to more strengthen this quality. E.g. Brand is recognized
by their best fabric quality, hand feel, washes, stitching quality etc. So
always keep on researching to embodying the existing strengths.
- Always practice SWOT analysis to know the health of
organization. (A diagnosis)
- Keep on negotiating prices with clothing suppliers,
accessory suppliers considering past relationships.
- Keep on watching market trends, fashion cycle,
consumers' habits and budget.
- Doing Inventory management considering the demand of
product. (Demand of clothing, new fashion trends will be higher during
festivals -Christmas, New Year, Diwali and Eid).
We should
always keep in mind that competition makes us realize the importance of
innovation and research. Timely research and innovation shall keep the
organization up-to-date to minimize the state of being out of
market/competition.