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.