Source: TextileReview

There are numerous reasons to add value to a product.The most obvious are to revitalize sales, achieve a premium priceand differentiate the product from the plethora of others in the market. Lessobvious but equally as important retailers and leading brand labels seeunique products as one of the best ways to expand anddiversify their line. This depicts that innovative techniques help to havea consistent and profitable business. Hence INNOVATION can be called akey for TEXTILE BUSINESS.

Today's consumer is more finicky than ever. They can now pick and choosefrom a wide array of inexpensive products. To compound the problem, consumersare spending less on apparel-choosing to spend their disposable income onhealthcare, electronics, education and travel and leisure. To capture today'selusive consumer, it is more important than ever to innovate! Recentdevelopments in fabric and garment finishing technologies are spicing-upcommodity products.

There are numerous reasons to add value to a product. The most obvious areto revitalize sales, achieve a premium price and differentiate theproduct from the plethora of others in the market. Less obvious but equally asimportant-retailers and leading brand labels see unique products as oneof the best ways to expand and diversify their line.

This depicts that innovative techniques help to have a consistent and profitablebusiness. Hence INNOVATION can be called a key for TEXTILE BUSINESS.

Economic system in which textile goods and services areexchanged for one another or money, on the basis of their perceived worth.Every textile business requires some form of investment and a sufficient numberof customers to whom its output can be sold at profit on a consistent basis.

Process by which an idea or invention is translated into agood or service for which people will pay, to be called an "innovation".

Innovation, an idea must be replicable at an economical costand must satisfy a specific need. Innovation involves deliberate application ofinformation, imagination, and initiative in deriving greater or different valuefrom resources, and encompasses all processes by which new ideas are generatedand converted into useful products.

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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 andChemical Processing at NIFT TEA College of Knitwear Fashion, Tirupur.

Originallyrepublished in Textile Review: October 2009