International apparel industry business is squeezed by the cut-throat competition. Amongst this fierce competition, snatching a pie is a risky preposition for new brands. Achieving market share without extra ordinary style detailing, fabric, design, and silhouette is next to impossible.
Price of the competitors' products, discounts offered, changing trends, customer services, and acquiring certifications are a few factors to be considered for competition.
New brands should consider the above facts to make their product competitive, but avoiding the risk completely is impossible. The organization should always consider its strength, and practice SWOT analysis. It should keep a watch on the market trends, fashion cycle, consumers' habits and budget.
Adequate inventory management taking into consideration the demand for the product should be practiced. Timely research and innovation shall keep the organization up-to-date to minimize the state of being out of market/competition.
Price of the competitors' products, discounts offered, changing trends, customer services, and acquiring certifications are a few factors to be considered for competition.
New brands should consider the above facts to make their product competitive, but avoiding the risk completely is impossible. The organization should always consider its strength, and practice SWOT analysis. It should keep a watch on the market trends, fashion cycle, consumers' habits and budget.
Adequate inventory management taking into consideration the demand for the product should be practiced. Timely research and innovation shall keep the organization up-to-date to minimize the state of being out of market/competition.
