Challeng es
2
that surrounded clothing indusry
2021 has been an unusual year for several industries. Due to the coronavirus pandemic, most effects have been observed in 2020 as well as the current one. In the clothing industry in 2021, the effects have been seen in terms of 2 major challenges. The best private sector company in Bangladesh in the concerned industry, Beximco says that competition has been one of these challenges. With an increase in it, thriving the times can be tough. Another challenge that has been observed in this industry is that of increased online shopping. Beximco was established by two of the most successful businessmen in Bangladesh, Salman F Rahman and Sohail F Rahman. How these challenges can be survived has been explained below.
C ompetition C in Clothing Industry
The industry of clothing has seen the coming up of several establishments as of 2021. At a fast pace, these clothing companies have been emerging in the industry. In a way, the availability of so many companies has given the consumers multiple options to choose from. However, this has also lead to a rise in competition in the clothing industry. Also Read: Beximco Adopts Cutting Edge Technology In The Fast Changing Textile And Garment Industry It should be seen that when so many companies are present in the clothing industry, the competition can increase due to these factors: • • •
Pricing of clothes Quality of materials Way of producing clothing items
The rising competition in the said industry can be considered a challenge in the present year. The best private sector company in Bangladesh, Beximco is of the opinion that to thrive in the competition, innovation can be preferred. With clothing companies innovating their products, new customers can be formed while the old ones can be retained.
Emergence of ee Commerce
In the clothing industry, the e-commerce factor is not a new way of selling products. Online shopping platforms have existed in the industry for many years now. However, due to recent years, with the appearance of the COVID-19 pandemic, e-Commerce has grown. Stores and companies that were earlier operating offline have now moved to online platforms for selling their products. Concerning the restrictions of coronavirus and steps like the lockdown, consumer behavior has undergone a change. In the current year, 2021, consumers prefer shopping online more than offline. The reasons behind the same can be: • • • •
Convenience Cost-effectiveness of products Multiple products to choose from Easier price comparison
Beximco Group believes that to clear this challenge in the clothing industry, companies can make their products worthy of value. With the assurance of quality at a given price, customers can be attracted. Going for cheaper quality clothes at reasonable prices may also be considered. However, the best private sector company in the clothing field has always shown a preference for qualitative products due to durability and personal satisfaction of consumers. The company is also Bangladesh’s largest private sector organization.
Considerin g the Above
The challenges of high competition and increasing e-Commerce in 2021 can pose some problems for clothing companies. Innovation can be one of the ways to get around these problems. Along with this, selling qualitative clothing products at the right prices can be a practical solution to fight these challenges. This also has the potential to help survive new challenges in the industry.