Opening Up India Garment Retail Market And Paying Attention To Market Demand Variables

< p > in recent years, India has played a role in the global a target= "_blank" href= "http://www.91se91.com/" > textile /a > a target= "_blank" href= "_blank" > clothing > industry chain. Besides the corner of the manufacturer, it has gradually become the representative of the emerging consumer market. India Garment Manufacturers Association (CMAI) predicts that the fashion retail market in India will continue to grow strongly in the next few years. By 2020, the scale of India's fashion retailing will increase from US $40 billion to US $125 billion. And whether it is for local clothing companies in India or for international brands eager to make a difference, how to grasp the key elements of the value chain and grasp the opportunities of this emerging consumer market is a matter of common reflection. < /p >
In May 9th, P held a fashion retailing summit in Mumbai, CMAI. At the meeting, the experience of international brands in developing the India market and the role of India brand in the global market have become a hot topic. The discussion of business mode and market characteristics has also attracted the attention of the industry. < /p >
< p > < strong > show the core value of the brand < /strong > /p >
< p > CMAI chairman Rahul Mehta (Rahul Mehta) pointed out that retail industry will play an important role in the growth of India's textile and garment industry in the future. "The most important driving force for the development of the industry will be fashion and related trade. We hope that the clothing retail market will reach US $125 billion in 2020. To achieve this goal, we need to develop a road map that can help the industry grow. " He pointed out that international brands need to analyze which market strategy is the most effective and reasonable in India: including discussing the market price standard and the effect of brand communication. Domestic brands need to know their product positioning and how to enhance their brand reputation. < /p >
Mariwala, CEO of Marico, the international fast fashion brand, believes that innovation is an important channel for P's success. "Enterprises need to stick to their core development strategies and tap their potential. For example, the core elements of Marico's brand are coconut trees and sky blue. All of our development must be surrounded by this element. Up to now, we can see such patterns or colors in every new series. " < /p >
P, innovation takes time, and the process of translating innovative ideas into action is also very important. In the retail market of India, a brand needs to define its core value and display it in various forms. In addition, the prudent attitude of brand players is also crucial to maintain growth. For India's domestic brands and international brands that want to explore opportunities here, the market is large enough and presents great potential for growth. In this context, how can we maximize its advantages? India industry experts point out that in view of the current consumption trend, online and physical sales must form a combined force to better develop the market. Similarly, clothing manufacturers in India also need to establish their own brands so as to gain the right to speak in bargaining. < /p >
< p > < strong > focus on market demand variables < /strong > /p >
< p > with the improvement of India's economic openness, the fashion industry has become an important sector attracting global brands and retailers. However, developing business in India is not an easy task, especially for brands that are newly arrived. As B S Nagesh, founder of Trrain brand, said, "the most important thing for foreign brands to seek development in India is how to look at this market. When large retailers look at the India market, they will consider whether the scale of the market can reach 100 billion dollars in five years, and whether the population of 1 billion 200 million can spend 1 dollars per person, and ultimately create a market value of 1 billion 200 million dollars. For small and medium-sized brands, we need to consider how to cater for the needs of local consumers. < /p >
< p > Martha's department store (M&S) already has a steady number of customers in India. At present, M&S's business in India is joint venture with the subsidiary company of Reliance Industries of India (51 Industries 49). As part of the M&S transformation strategy, its new concept store opened in Chennai this year, bringing a British trend to India consumers. "Although we have seen the huge population base and broad customer base in India, the criteria for estimating the potential of the market lie in what products we can provide, whether we can identify differentiated locations and find out the changing market opportunities," explains Venu Nair, a India marketing manager. < /p >
< p > in the view of most brands, the India market is developing in a good direction. Bestseller CEO Vineet Gautam of India market pointed out: "in the past 3~4 years, India's clothing market has been booming. During the period, we also found some changes: male consumers began to dominate the fashion market. The potential of female consumers is reflected in the intensity of consumption of fashion products. Fast fashion is our strength. I believe our products will be more popular in India market. " < /p >
< p > < strong > achieving profit must understand local demand < /strong > < /p >
< p > every brand wants to maintain consistency in the global market. However, Gopal Stop, Shopper Stop's business director, said that it is not easy to adhere to this development policy in the India market. "Brand communication with local retailers requires sales environment to meet their needs. But I think that for international brands, the most urgent thing is to adapt to the local consumption needs and habits of India, not just to provide a variety of collocation, but there is no design for the local market. < /p >
< p > the importance of products that are designed for the India market is highlighted. At the same time, international brands also need to solve the problem of local sourcing. Bestseller India market CEO Vineet Gautam explains: "purchasing is a difficult task. If you import products from abroad, you need to pay a higher cost. But in India, there are some products that are difficult to purchase. For example, high-end fashion denim fabrics, and < a target= "_blank" href= "http://www.91se91.com/" > shoes < /a > products. < /p >
< p > in addition, high retail costs also pose a challenge to the profits of global brands in India. "Usually retailers in India need to take 60% of the profits from the brand store as margin. Therefore, as an international brand, it is necessary to carefully weigh the price of the product, so as to ensure that even after paying the deposit, there is still a 15%~18% profit. In order to achieve the basic profit of the brand. Nagesh said. < /p >
Another important problem is to help brands maintain profitability through efficient supply chains. < p > "We are fast fashion retailers. Almost every two days we have to deliver new products to stores in all parts of India. From the point of view of cost, the logistics cost of building a warehouse without guarantee is much higher than that of establishing its own supply chain. Gautam said. < /p >