Manufacturers need to focus where differentiation is possible through following factors,
- Design & colour
- Construction
- Process - Finish
It is very important to differentiate your products with good Designs & attractive colours prove to be a successful way in different markets. It is important to invest into original designs and colours. According to Mr. Aurora, at least 2-5% of sales should be invested in design & colour improvement. The same can be extended to construction which can be very big differentiator due to aesthetic, technical and functionality appeal.
The importance of reliable service is always underestimated. A quick response supply chain which can deliver small quantities in short lead time is very critical to estimate accurate demand for different designs & colours. The information technology provides significant help to grow high quality designs and colours. Mr. Arora suggested that the manufacturers need to be Fast-Flexible-Reliable in today's market.
Mr. Aurora further said that very large part of value addition happens outside the factory. The global buyers keep its share of profit pool by working on certain key capabilities. These key areas are,
- Design
- Brand
- Presentation
- Business model
The buyers do not procure different products from one, but multiple manufacturers, are able to innovate by combining products to provide consumer one solution like, bedsheets, duvet covers, rugs, curtains and offer very attractive solution.
The Packaging, attractive photography and showcasing products enhance their appeal, which fetch higher price for the same product. Mr. Aurora added that Branded products get higher price. Brand creation is an art that requires astute use of thinking, consistent investment and clear promise to the consumer. Brands are difficult to built, but once built can yield rent for life.
Mr. Aurora said that Home textiles market is large and one cannot easily reach small customers, hence it requires a strong distribution network. Huge value addition can also be considered by bringing innovation in business model. By bringing in suitable model, like Business-to-Business one can eliminate costs and do value addition, he concluded.
The Textile Association (India), Mumbai Unit has set a precedent by felicitating the textile professionals for their outstanding contribution in the field of textile industry. In this Seminar, the TAI, Mumbai Unit felicitated Mr. Virender Kumar Arora, Chairman, D'Décor Home Fabrics Pvt. Ltd., Mr. R. L. Toshniwal, Chairman & Managing Director, Banswara Syntex Ltd., Mr. Suresh G. Vaidya, Managing Director, Vaidya & Associates with The Life-Time Achievement Awards.
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The Textile Association (India)
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