The clothing industry all across the globe is massive, and it’s just becoming bigger. Globally, the textile and garment sector is worth over three billion dollars (yes, billion). It has an annual growth rate of roughly 4%. Similarly, market sectors such as menswear and womenswear continue to rise, with yearly growth rates of 14% and 12%, respectively.
Clearly, what we wear has a significant impact on our lives. So, if you’re establishing or running a new apparel company, you want to stand out in the industry. Well this case, while booming, can be difficult to get into.
Using case studies from successful clothing firms that have pulled away from the pack and enjoyed great success, we’ve produced a list of eight techniques. They are professionally assembled for increasing your clothes business and bringing in more money. Have a look below!
Table of Contents
1. Improve the Product Portfolio
The key to surviving and maintaining profitability in the clothing industry is to constantly improve and expand the product portfolio. During the epidemic, for example, many apparel lines launched their own mask collections. As a result, turning a need into a fashion statement.
In addition, businesses must develop multiple product lines. It can be t-shirts, denim, formal shirts, trousers, and so on. They may also need to specialize their manufacturing process by establishing a factory-within-a-factory system. Here, different departments are responsible for different aspects of the manufacturing process. You can even get in touch with a reputable product sourcing company for this purpose.
2. Consider Vertical Integration
Forward or backward vertical integration is highly beneficial to apparel manufacturers. This is because it improves the supply chain and saves money. Textile producers, on the other hand, must focus on garment production and large-scale exports. While larger clothing companies may explore investing in textile manufacturing and printing.
3. Improve customer service
It is critical to improve your company’s customer service in order to retain success in the garment industry. This includes responding to email inquiries, in-store complaints, and completing follow-ups as needed.
While technology and globalization have made it easier for other clothing companies to duplicate designs and manufacture goods in a matter of hours, outstanding customer service is something that cannot be replicated.
4. Consider Variety in Investments
While sales and franchise earnings are the primary sources of revenue for garment companies, they should also consider alternative assets. Some of the most common examples are real estate or stock trading.
While some people may object to apparel businesses and stock trading, it is in fact quite good for businesses to diversify and not put all their eggs in one basket. Saxotrader is a good option for clothing finance managers who want to trade assets like ETFs or exchange-traded funds.
5. Work on Employee Morale
We all know that your employees are so important to your productivity and growth. With this in mind, you must make sure that your company is a place where they like working. The work environment should encourage innovation and provide opportunities for employees to develop and improve their abilities.
Regardless of the business, you operate in, if your staff are productive, you will be able to sustain profitability. While the clothing industry is vibrant and fast-paced, it offers a lot of opportunities for profit and success for firms and managers. Especially those who understand the ins and outs of the industry. The techniques outlined above are critical for companies trying to expand in the garment industry.
6. Start a Marketing Campaign
Many prominent mall retailers are closing their doors, as we mentioned earlier. A strong emphasis on authenticity, as well as an outstanding social media strategy, is much needed. The brand created Aerie Real, a campaign and promotional material that highlights devotion to unretouched models. They have slogans like “the real you is beautiful.”
.What does this signify for your apparel business? Find a message that resonates with you and your audience. Promote it on social media as well as through your marketing and advertising. Integrate it into your company’s branding and culture, and profit from the increased income and brand loyalty that will result.
7. Go Beyond “Straight Sizing”
If your clothing store solely sells “straight-sized” apparel (for example sizes 0 to 12 in the United States), you might consider increasing your offering. The market for women’s plus-size clothes has been disregarded for years. Despite the fact that it is estimated to be worth $17.5 billion in the United States alone.
With all of this in mind, does expanded sizing and establishing plus-size clothing lines actually help clothing businesses make more money? The answer appears to be a big YES!
A number of established, well-known clothing brands and low moq clothing manufacturer were able to witness massive growth. Credit goes to better sizing techniques.
8. Engage via social media
The concept of leveraging social media marketing to promote a clothing company isn’t new for the majority. Brands like Nastygal, as previously said, have excelled in playing the social media game.
While this isn’t a revolutionary strategy, it does imply that the days when having a social media presence was merely a nice bonus are long gone. A strong social media presence is not only advised, but essential if you want to grow your apparel business.
Selling should never be the goal of social media marketing. Many of the clothing business experts claim that for them, it was all about sharing consumer images along with selfies and telling amusing anecdotes. To rethink their breakdown, authenticity, storytelling, and accessibility were the three important criteria for a massive social media success.
Conclusion
Why not add one or more new strings to your bow this year to assist you to expand and protect your future profits? There’s always something you can do to improve your brand, team, and structure.
Choosing one or two ideas from the above list. They will help you get started, get some assistance, and establish realistic yet ambitious or exciting goals for each. Brands are important, and so is retail. Just because we’re operating in a changing environment doesn’t imply we can’t succeed.
In retrospect, we can all speculate on what Blockbuster should have done when the movie-on-demand industry shifted. That same rule now applies to us, and we can’t do anything about it in retrospect. We need to keep ahead of the game. The opportunities for the more progressive in the market are greater than most people might think.
