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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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