FROM THE EDITOR-IN-CHIEF ’ s DESK …
When the going gets tough , the tough get going …! This ageold saying is as true today as it was the day it was coined …; in fact , maybe even more relevant today !
When the garment export business was flourishing , margins were very high and the Government treated the industry with kid gloves because they were earning the much needed foreign exchange . There was a sense of pride in being associated with the industry .
With time the situation changed … Many factors took the sheen away from garment exports and the first was the increasing competition ; competition from new companies within the country , from emerging cheaper destinations like Bangladesh and new foreign exchange earning businesses like IT and Pharma .
This was followed by a change in the business environment – quota went , the business lost its priority status , and many benefits like no income tax were withdrawn . On top of this , many local issues related to Government policy and outlook towards the industry adversely impacted the industry .
And as if the industry was still in need of a nail in the coffin , the global markets went into recession and prices dipped drastically . Even though the markets are reviving now , prices are still moving downwards , practically killing any hope of earning a margin that makes it not worth-while for many companies to keep their factories running .
The final blow that has come in the form of reduction is duty drawback and a complaint filed by the US at the WTO about India ’ s export subsidy programmes , which has only added to the uncertainty .
Exporters are really struggling ; many admit that the duty drawbacks were the margins that they could play with , as buyers are not willing to budge on prices . More so , with other established destinations and emerging destinations offering products at lower prices , the competition is really nail-biting .
In this scenario , it is the tough and fundamentally strong companies that are continuing to grow . Though all admit , including those who are doing well , that conditions are challenging and doing global business is not easy anymore , the end is certainly not near .
What is required is to go back to the fundamentals of business and re-invent the factories with a fresh perspective . Quality , timely deliveries , compliance are all given , no one can play with them …, and so what is it that exporters can add or do that will make them stand out ?
Well for one , they can improve their systems for better productivity , cut down on overheads that are only adding to the cost , and not the value of the product , besides training workers for efficiencies and using automation where the work is repetitive and not skill based but output can be substantially improved , like button attachment , loop attachment , pocket setting , etc … Working on internal efficiencies is more important than ever before , and more concerted effort in this area is required .
Of course having a niche product helps , but not by itself … It is also important to offer service – service that is responsive , and adds value to the experience that a buyer has in placing an order with any exporter …; an experience that brings him back , time and again .
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6 Apparel Online India | MAY 16-31 , 2018 | www . apparelresources . com