In the dynamic landscape of India’s textile and apparel trade, MSMEs play a pivotal role, employing millions and contributing significantly to global exports. However, their growth hinges on strategic decision-making, often challenged by lean product creation teams. Without robust research, decisions rely on instinct, leading to potential costs. The Indian textile and apparel market, valued at $172.3 billion in 2022, is poised for substantial growth, projected to reach $387.3 billion by 2028 (CAGR of 14.59%).
Consumer-Centric Approach: Understanding the “Want”
Success in the industry demands a deep understanding of consumer preferences. MSMEs, with limited bandwidth, often rely on gut feelings. Research-driven predictive analysis becomes crucial, aligning products with evolving consumer desires influenced by diverse factors like celebrity lifestyles, social media trends, and global initiatives.
De-Risking with Forecasting
The “spray and pray” approach, based on gut feelings, poses risks. MSMEs should integrate research, historical data analytics, and future trend forecasts to de-risk their business strategies. Strategic reliance on comprehensive forecasts mitigates uncertainties associated with product launches.
Product Differentiation and Market Scoping
Product success lies in differentiation. MSMEs must invest in innovative designs, materials, and collaborations to fill gaps in the market. Research-backed market scoping identifies areas lacking products, guiding the creation of distinctive and trend-setting offerings.
Embracing Sustainability and Collaboration
Consumer awareness of sustainability is rising. MSMEs must adapt by incorporating eco-friendly practices, such as using recycled fibers and waterless dyeing techniques. Collaborations with designers and artisans enhance product personalization, fostering a deeper connection with consumers.
Domestic Focus and Indigenous Research
As India aims to expand beyond exports, MSMEs must prioritize the domestic market. Indigenous research and forecasts provide insights into consumer preferences, aligning business strategies with the pulse of the market. Ultimately, the growth of MSMEs in the fashion and textile sector relies on a proactive approach driven by research and strategic forecasting.
