Following its great success in 2015 and delighting numerous vendors, customers and industry experts, The Junction – All India Apparel Exhibition made a bigger and grander comeback in 2017. The second edition of this unique and comprehensive apparel exhibition intended to provide a more conducive environment for business networking while sharing intelligent ideas to succeed.
The event catered to 800+ customers, all looking for the latest trends and strategies to add to their business, 200 vendors showcased and endorsed their products on a much larger scale this time and over 1500+ industry veterans shared ground-breaking insights about the industry. What added value and excitement to the event was demos, exciting and informative speaker panels featuring industry experts and mentorship sessions by the dignitaries of the retail industry. It gave entrepreneurs once in a lifetime opportunity to get up close and personal with one such dignitary – Mr. Kulin Lalbhai, a dynamic leader and the Executive Director of Arvind Limited – a $1.5 billion conglomerate with interests in Textiles, Branded Apparel and Accessories, Engineering and Real Estate. His lucrative insights on how to not just be abreast of fashion market changes but also stay ahead of them were highly valued. In a noteworthy session, he addressed new retail concepts and other digital initiatives to gain exposure in the market.
While every person went home with ideas to refine and revamp their business, top 15 buyers went home winning big. The significant participation of professionals who used this event as a platform to spread brand awareness, introduce new products, establish business contacts and pursue efficient business opportunities, made this event a smashing success.
With a promise to deliver value to its customers, The Junction – All India Apparel Exhibition was launched in 2015, providing a platform to apparel buyers, product R&D specialists, sourcing professionals, and suppliers to Explore, Discover and Expand. Offering new business horizons, the first edition of Junction empowered buyers and sellers to connect, learn and establish relationships with thought leaders sharing their wealth of knowledge and meaningful insights about the industry’s future.
While the three-day event gave momentum to 162 vendors to showcase their innovative ideas and creations to a much wider audience, it also gave an opportunity to 700+ customers to select from a vast choice of vendors to source from. But more than that, what made the sourcing event ‘a can’t-miss affair’ was the presence of the retailing pioneer, the Founder and Chairman of the Future Group – Mr. Kishore Biyani. His pragmatic and thought-provoking business insights on how to gain a competitive edge and address industry challenges gave an impetus to all present. Sharing exciting updates and new direction, he also participated in an open house discussion related to the future dynamics of the apparel retail industry focused on inclusive growth.
The event successfully ended on a high note, strengthening the community by providing ample opportunities to reconnect and offering great networking environment to build connections, showcase their brands, close business deals, share future endeavors and learn fresh concepts of the booming industry.
The fashion retail or the apparel industry of India has evolved significantly over the last two decades. Considering the current trends, the projected growth of the sector and the favourable demographics prevalent in the economy, it won’t be wrong to call India one of the world’s most exciting apparel retail markets. Many facts and figures prove this by demonstrating significant potential in India’s retail industry. This sector is expected to project a 6% year-on-year growth and reach an evaluation of USD 490 Billion by the end of 2023. Apart from this, a growing interest and access to the latest trends and the increase in disposable incomes make the Indian fashion retail industry incredibly lucrative.
While this industry is growing and proving to be quite rewarding, it is also witnessing many major changes. One of the most noticeable change is the coming of fast fashion. Going by the definition, fast fashion is a term given to inexpensive, mass-produced pieces of clothing created in response to the latest trends. Our country hosts a number of big-scale fashion events such as the India Fashion Week, Lakme Fashion Week and many more, contributing significantly to the growth of interest in fashion in the country and introducing people to the global apparel trends. Along with this, many other factors are bringing India on the fashion map of the world. India’s growing awareness and interest in fashion have given rise to this phenomenon. Now, retailers prefer low-cost pieces and seek flexibility in terms of quality and design, considering the ever-evolving trends.
Another trend that’s evolved in the fashion retail industry is the growth and popularity of e-commerce. It won’t be wrong to call e-commerce the future of retail. While this is true for all sectors, the fashion retail industry is witnessing some unusual shifts. The fashion and apparel industry is the second-largest contributor to the e-tail market of India, with a 25% growth, only second to the electronics segment. Many factors have contributed to this shift. The convenience of online shopping paired with a wide variety of products available on e-commerce platforms makes it an ideal choice for Millenials who are perpetually on their toes. The attractive offers and discounts offered by these platforms also attract shoppers.
To conclude it won’t be wrong to say that as the demographics skew younger, the preferences of the customers changed and the technological landscape evolved, the face of the fashion retail sector has drastically changed. Now it has become incredibly important for retailers to keep these trends in mind while devising their strategy to stay relevant in the current scenario.
In modern times, merchandisers need to look at the industry through the eyes of the buyers. With major enterprises adapting to both digital and global ecosystems, there is a massive competition across the board, making it critical for merchandisers to understand the requirements of buyers in order to introduce them to the perfect pieces. However, sometimes it can be quite tricky to get into the buyer’s shoes and understand their vision. Thankfully, there are a few things that you can keep in mind to understand the requirements of the buyer.
Develop An Understanding Of The Brand
A thorough understanding of the brand is critical while trying to understand the buyer. Detailed research on multiple aspects – including the price-point, quality, and styles offered by the brand – will be helpful in finding pieces that resonate with the brand’s identity. Understanding the brand is important because a brand “lives and evolves in the minds and hearts” of consumers. Its therefore, incredibly crucial to the business’s future.
Understand The Brand’s Goals
Understanding the brand’s goals can be quite critical as a merchandiser because more often than not, the ultimate business objectives is a major motivating factor while making buying decisions. Regardless of whether these goals are emotional or practical, the point still stands that keeping these objectives in mind while looking for the best merchandising solution for your brand is important.
Study Buying Patterns
Much like everywhere else in the world, pattern recognition can be of great help to understand buyer mentality. Tracking these buying patterns can be incredibly insightful and help merchandisers understand the taste of their buyers. It’s a helpful analytical procedure for merchandisers, which serves as a great window into the thought process of buyers. Answering the following questions can help you study buying patterns.
- Why Do Customers Choose To Buy
- How Often Do The Buy The Product
- Who Are They Buying For
- Where Do They Buy From
Stay Updated On The Upcoming Trends With The Power Of Forecasting In the world of fast fashion – where trends change rapidly – fashion forecasting helps predict the fabrics, motifs, colours, and silhouettes that are likely to dominate runways and stores in the coming season. Having an understanding of the latest trends can help merchandisers stay on the same page as buyers, giving them enough time to conduct the groundwork and project trends for the upcoming season. Understanding the buyer’s vision and the different elements that motivate them to make decisions reduces the complexity involved in merchandising, resulting in an enhanced trading experience. With the help of the pointers mentioned above, it is possible for merchandisers to establish a fit between the fashion needs and budget of buyers.
India’s textile industry dates back to the 19th century, serving as one of the oldest and most reliable contributors to India’s economy. This industry ranges from the small home-based artisans to colossal mills supplying mass-produced textiles, which have jointly provided employment to more than 35 million people in the country. The sector has made its way to become one of the most important contributors to India’s economy after considering the output, foreign exchange, and total earnings. This industry also directly contributes to the development of the country’s rural economy by creating employment opportunities for millions of craftsmen in both semi-urban and rural areas.
Started in Mumbai with a single cotton mill in the early 1850s, today, India’s textile industry has more than 1200 medium to large-scale mills. The industry comprises of 34 million cotton textile spindles and 3.9 million handlooms, contributing to nearly 4% of the country’s GDP.
One of the major elements contributing to this growth and the success of India’s textile and apparel industry is the relatively easy availability of raw material and skilled labour. Our country is the third-largest producer of cotton, having devoted the largest land area in the world solely for the cultivation of cotton. India’s strength in the spinning sector, combined with a palpable presence in the value chain also plays a great role in the growth of the industry.
In addition to this, the Government of India is contributing a great deal in the growth of this industry through numerous initiatives. With the motive of enhancing India’s share in the global textiles trade, the Ministry of Textiles proposed the development of 50 new textile parks that will help in enhancing both the manufacturing capacity and cost-effectiveness of this sector. Apart from this, a 100% FDI has also been allowed in the sector under the automatic route. All these factors have made it possible for the Indian textile industry to have a significant presence in the global production of all major textile fibres including – but not limited to – jute and wool, and hold a reputed position in the global textile scenario.
Here are a few stats about the textile industry that reflect its importance in the Indian economy.
- The textile industry accounts for 14% of the total Industrial Production
- The industry contributes to 61% of the total loomage of the total industrial production of the world.
- India is the largest producer of jute, second largest producer of silk, and the third largest producer of cotton and cellulosic fiber.
To sum it all, India’s textile industry can be said to be weaving the dreams of a large number of Indians by providing employment and livelihood. Growing at a CAGR of more than 13% this industry is proving to be quite rewarding.