The Future of B2B Textile Ecosystem

B2B marketplaces in the textile ecosystem have emerged aggressively both at the global and domestic levels. This has led to B2B buying and sourcing much more through online platforms at affordable and reasonable prices. Shorter deliveries are promised, disruptive tech is making space and all of this is expected to change the game.

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Heightened Mobility

Consumers are on the go and mobile. Internet penetration in India is growing at the fastest rate in the world. Many players such as?Sowtex?are redesigning sustainable and user-friendly apps to engage partners, at any time and place.

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Changing Social Behaviour

Players with significant B2B and B2BC components have recorded a change in the social behaviours of their end-users. This has translated into heightened internal and external collaboration via various immersive tools. Such platforms are aiding companies to experiment with upcoming trends in how textile gets manufactured, distributed and even worn.

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Informed Consumers

Today, consumers are better aware of what they want. They understand their needs better than before and are open to being convinced otherwise. Consumers are open to trying out garments and textiles in cost-effective and effort-effective ways. AI-backed algorithms are helping with personalized search, effective searching based on past searches and the option of trying things out digitally without spending a penny.

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Holistic Review Mechanism

?There are more than a few ways of understanding a textile sample’s success rate and even its Key Performance Indicators. Adding Sustainability to the mix, Virtual Fashion Collections and 3D Visualizations like the ones rendered by 3D softwares like?Tukatech?have been doing an impressive job in taking the Digitization Index forward. In fact, real life-like simulations have the added benefit of being sustainable and easy to share along with being usable for further innovations, for instance as NFT’s in the Metaverse. Furthermore, Having an immersive digital media presence of it and having an audience to rate it and provide their testimonials works wonders. The advent of the Metaverse and the Web3 financial models is making a case for such businesses with a futuristic model for building their textile brands.

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Forecasts Paint a Good Picture

An empowered consumer is causing a major shift in the relationship – and at times shifting the balance of power – among business partners, suppliers, and sales teams. All the players have become significantly more informed and informative. The Indian textile industry is expected to grow at a compound growth rate of 10% while having a share of 4% in the global markets. Novel concepts like Augmented Forecasting, when combined with Predictive Analysis, have the power to highly improve the Forecasting Statistics in the near future.

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Experiential Modes of Fashion

The audiences have adopted a new way of experiencing products and services than decades ago. Brands are using AI and VR techniques to ensure a more immersive experience of trying out fabrics thereby minimizing their bad debt and wastage. Depending on click rates, hover time and visits on the purchasing page, reports show that more and more people are exploring a digital-only mode of shopping. Stakeholders are interacting with brands virtually. Brand interaction is now happening through virtual tours of the premises, exploring the catalogue through digital avatars and making sustainable choices which reduce extra clothing.?Trace Network Labs?is one such tech enabler, helping brands and manufacturers build experiential commerce for the users and clients.

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Real-time Experiential Shopping

With upcoming tech, not only will the B2B companies change the hiring trends, but would also be holding seminars and webinars to discuss uncharted territories of experiential real-time shopping. Making the most out of the changing consumer behaviour, most B2B companies in the textile sector are expected to amplify collaboration which ensures an expansion of their audiences over geographical territories through the use of digital media. Real-time fashion shows are being conducted and the scope of making purchases is getting explored. B2B players are coming up which will ensure that more such activities can take place smoothly.

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Changing Trends in Global Market:

India has the highest internet penetration across the globe. Players in the B2B business are aware of this and are cashing on remote public(s) as well. UX UI designers, AI designers, visualizers, tech support and backend engineers are some of the designations for which businesses are heavily hiring. Designers and creative experts are also being hired to design apparel which suits best according to the changing trends.

Digital tools are becoming an imperative method to share textile product information, inventory and lead times, and complete transactions- all in significant volumes. Adding to this, analytics and market prediction experts are also gaining significance.

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Multichannel

In the coming decade or 5 years, the B2B players would be concerned for these things- connecting sales, trade events, digital upgradation, building a network of wholesalers, and distributors, and ensuring efficient direct shipping options.

Efforts would be significantly targeted towards building a phy-gital and digital marketplace which fosters the next wave of wearable and smartphone technology. Experts note that the average size of the firm is now independent of risking the logistical uncertainties. IT and Supply Chain Management Systems are getting robust since players now have the IT resources and skillful employees to adopt IT systems. The emergence of D2C products is expected to fuel the holistic digitization of operations and analytics in the textile ecosystem.

The face of the Indian Textile & Fashion Ecosystem is expected to change drastically in the upcoming decade with a lot of new developments along with innovations coming up in the existing technology. The stakeholders in the industry need to be ready for these disruptions and adapting is the best possible way forward.