DECEMBERASIA BUSINESS OUTLOOK9TEXTILE COMPANIES & THEIR ADAPTATION TO CHANGING CONSUMER PREFERENCESWhy aren't all retailers and brands launching massive problem-solving campaigns to keep a laser-like focus on consumer trends? Many people are unaware that these fashions are more than just passing fads.The pandemic provided a once-in-a-lifetime opportunity for people to reflect on what was most important to them. They are not going to abandon their priorities now that they have been identified. Consider the current self-care craze. The wellness industry is booming, and a study found that roughly seven out of ten people expect self-care to become a societal norm by 2026. This means that pragmatic retailers and brands have a lot of room to establish credibility by providing unique, diverse single products and product lines that support self-care.Some retailers have already done so by collaborating with advanced ingredient brands designed to improve textiles. Most textile-based brand ingredients promote mechanical changes such as sun protection or moisture wicking.Advanced smart textiles, on the other hand, rely on ingredient brands to do much more. Who would have thought that a garment could convert the body's heat into usable infrared energy, allowing the wearer to improve local circulation and cellular oxygenation? Nonetheless, it is being done. And it's capturing the attention of a consumer market that is intrigued by the prospect of receiving health and wellness benefits from clothing- the same consumers who have already sought out vitamins and supplements to improve their overall well-being.Retail and textile brands cannot meet all of their customers' needs overnight. Many aspects of their processes must be re-evaluated, and partnerships must be formed. They must also deal with the realities of a broken supply chain system.The following are some strategies that retailers and brands can use to bring new, exciting products to market faster and capture consumers' attentionDiversify Supply Chains to Reduce DisruptionsRetail and textile ingredient brands that rely on a single country or supplier have been hit the hardest by supply chain issues and shipping delays. Diversifying their supply chains is the solution to this tangle. To alleviate the burden of supply chain hiccups, apparel companies are turning to in-store supply stocking, nearshoring, and agile operating models, according to a report.Diversification naturally opens the door to new possibilities. It also reduces the risks associated with not being able to meet customer needs securely or adequately when intent is at its peak. Having different geographical sources provides a backup plan in case of supply chain issues. Begin developing alternate regional manufacturing options outside of your usual source, beginning with lower-risk product lines or categories and scaling up as needed.On the domestic front, competing with labour costs in other countries is difficult. Investigate manufacturers who employ less labor-intensive manufacturing methods, such as engineered knitting machines. Despite popular belief that US manufacturing is too expensive or of lower quality, there are many manufacturers who use engineered knitting machines to produce high-quality products.IMPRESSIONSBy: Avinash Barik, Online Content Writer, Asia Business Outlook
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