Updated: Dec 20, 2021
Business Intelligence has always been a vital part of the textile and apparel industry. Players are keeping themselves up with every-day changing trends, and market updates. No matter what size of business you are into, technology can do wonders.
Intelligence tools are transforming the entire textile and apparel industry from brick and mortar traditional retail to online e-commerce. Advance tech-based business tools are all set to redefine the textile and apparel industry in every aspect; tech is everywhere everywhere – manufacturing, designing, marketing, logistics, and sales.
In today's era of consumerism, running a textile and apparel business is a lot more than finding the right vendors, suppliers, and consumers. In the digital era, all-size business needs to understand their marketing potential on various parameters such as – needs, demands, supply, value, and quality.
Textile and apparel businesses are chasing globalization to reach the maximum potential of their business. But, it's not as easy as it may sound. With data-driven tools, it's easier to reach the right market and leverage business at the peak of its potential.
Here are some amazing reasons to embrace Business Intelligence tools:
Business Intelligence has empowered textile and apparel businesses with marketing insights. It provides insights into various markets based on hard-core research and market analysis. The tool has in-depth reports for various products showing how they are performing in markets across the globe.
Moreover, the tool provides historical, current, and forecast prices for textile and apparel raw material. Before sourcing raw materials of textile and apparel, businesses like to compare the prices around the globe. It gives a fair idea for companies that are looking to outsource raw material.
The tool analyzes all the markets from various prospects to provide the best of researches to business.
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Data-driven business intelligence tool offers authorized trade data around the globe. It helps businesses to take strategic export-import decisions by providing them all the information required to trade around the world.
Analyze the textile and apparel industry based on two major parameters – Product and Geography. Businesses across the globe can compare the trade data based on these two parameters to decide on their export and import destinations.
Also, the businesses refer to tariff line data that ensure the proper classification of goods by using the 8-10-digit level of Harmonized System (HS), applied by countries.
In the textile and apparel business field, it's crucial to know competitors better in order to perform better. Gone are the days where knowing a little competition worked for the business. In today's era, competition is getting tough, and analyzing competitors' performance is even tougher.
Business Intelligence tool helps textile and apparel companies to track, analyze, and learn from the competitors' strategies. The tool allows companies to identify the bugs in their current strategy and how they can improve their approach to win big. The tool analyzes the market competition based on SWOT analyses, and other factors include Economic, Business Index, Logistic Index, Labor Market Regulation, Wages, and Currency Emulation. Also, it provides information on the latest developments in the textile and apparel industry.
Business Intelligence tool analyzes brands and retailers' performance to generate their performance report. Based on that, any business can analyze the performance of other companies in the global market.
Check on the brick and mortar stores of any brand and retailer with location details. Moreover, companies can also track the financial performance of other businesses based on their reporting time, operating income, net profit/ loss, operating profit/loss, and many other factors deciding the financial health of the business.
Business intelligence tools can assist textile and apparel businesses to find potential suppliers across the globe based on Brands and Geography.
Textile and Apparel industry is growing with the advancement in technologies. Tech-advanced tools are becoming a go-to choice for all size businesses across the globe. They can cater to all the business needs from finding the raw material to capturing the right market, and everything in between.
Business intelligence tools driven by market data are improvising sourcing and strategic marketing decisions. Companies are analyzing their market better than ever before, and they are making smart investments every day.