Source: Textile
Review
There are numerous reasons to add value to a product.
The most obvious are to revitalize sales, achieve a premium price
and differentiate the product from the plethora of others in the market. Less
obvious but equally as important retailers and leading brand labels see
unique products as one of the best ways to expand and
diversify their line. This depicts that innovative techniques help to have
a consistent and profitable business. Hence INNOVATION can be called a
key for TEXTILE BUSINESS.
Today's consumer is more finicky than ever. They can now pick and choose
from a wide array of inexpensive products. To compound the problem, consumers
are spending less on apparel-choosing to spend their disposable income on
healthcare, electronics, education and travel and leisure. To capture today's
elusive consumer, it is more important than ever to innovate! Recent
developments in fabric and garment finishing technologies are spicing-up
commodity products.
There are numerous reasons to add value to a product. The most obvious are
to revitalize sales, achieve a premium price and differentiate the
product from the plethora of others in the market. Less obvious but equally as
important-retailers and leading brand labels see unique products as one
of the best ways to expand and diversify their line.
This depicts that innovative techniques help to have a consistent and profitable
business. Hence INNOVATION can be called a key for TEXTILE BUSINESS.
Economic system in which textile goods and services are
exchanged for one another or money, on the basis of their perceived worth.
Every textile business requires some form of investment and a sufficient number
of customers to whom its output can be sold at profit on a consistent basis.
Process by which an idea or invention is translated into a
good or service for which people will pay, to be called an "innovation".
Innovation, an idea must be replicable at an economical cost
and must satisfy a specific need. Innovation involves deliberate application of
information, imagination, and initiative in deriving greater or different value
from resources, and encompasses all processes by which new ideas are generated
and converted into useful products.
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Full Article
About the Authors
Dr. N. Gokarneshan is Principal at NIFT TEA College of Knitwear Fashion,
Tirupur and K. Naresh Kumar is with Department of Garment Production and
Chemical Processing at NIFT TEA College of Knitwear Fashion, Tirupur.
Originally
republished in Textile Review: October 2009
