Apparel Manufacturing Industry Analysis
The rising trends and advancing technologies are expected to foster the growth of the apparel manufacturing industry in the coming years. In addition, the rise of fast fashion and the growth of direct-to-consumer selling are projected to remain a key growth driver. Due to the fickle nature of the apparel manufacturing industry, companies will need to evolve quickly to respond to the changing needs and demands of customers. Also, apparel manufacturers must seize the profitable opportunities offered by digital technologies to raise productivity and cut costs.
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Business Challenge
The client is an apparel manufacturer based out of the United States.
The changing consumer needs, rising demand for improved efficiency, inventory hurdles, and sustainability issues posed severe challenges for the client. Also, the fickle nature of the apparel manufacturing industry necessitated the client to innovate their product offerings and invest more into new technologies. In addition, due to increasing environmental awareness, customers chose to invest in brands that are actively seeking sustainable alternatives to conventional textile manufacturing. As a result, the company in the apparel manufacturing industry started losing customers to their competitors and encountered a decline in market share by 13%.
To curtail the losses in market share and attract new customers, they wanted to gather insights into the current market landscape, competitors’ offerings, and customers’ needs and requirements. They chose to partner with Infiniti Research to leverage their expertise in offering market intelligence solution.
Other challenges that the company in the apparel manufacturing industry encountered were:
Apparel manufacturing industry challenge #1: Rising demand for improved efficiency, quality, and speed
As the demand for improved efficiency, quality, and speed is on the rise, the company in the apparel manufacturing industry was in the need to find cheap sources to meet their production demands while keeping costs low. Also, the client was pressurized to increase production speeds while maintaining quality. The client, therefore, wanted to analyze how their competitors’ kept up with these requirements.
Apparel manufacturing industry challenge #2: Changing consumer needs and demands
Today, as consumers turned to the internet for information, smartphone applications for price comparisons, and social media for review, the client wanted to understand the changing needs and demands of their customers. By doing so, they wanted to personalize product offerings, customer service, and marketing initiatives for different customer segments.
Apparel manufacturing industry challenge #3: Inventory management issues
To gain a competitive edge in the US apparel manufacturing industry, the client wanted to efficiently balance inventories to avoid out-of-stock scenarios. Also, they wanted to identify ways to reduce the time needed to bring goods from design to delivery.
With our expertise in working with 100+ clients across the globe, including retail chains, textile manufacturers, e-commerce startups, and fashion retailers, our experts can equip you with actionable market and customer insights. Contact us today to leverage our market intelligence solution.
Our Approach
The experts at Infiniti Research adopted a five-phased approach that included:
Competitive intelligence engagement to analyze competitors’ business strategies and predict their next moves. This phase of the engagement also involved identifying business gaps, threats, and opportunities for differentiation in the US apparel industry.
Customer intelligence engagement to analyze the changing needs and demands of customers in the US apparel manufacturing industry.
Sales and marketing strategy to devise customized marketing and promotional strategy for the company in the apparel manufacturing industry.
Demand management solution to efficiently forecast inventory requirements in advance and manage supply-demand mismatch issues.
Market opportunity analysis to identify profitable opportunities in the US apparel manufacturing industry.
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Results Obtained
The insights obtained from Infiniti’s market intelligence engagement helped the client to analyze the potential market trends and industry developments in the US apparel manufacturing industry. Also, by keeping tabs on competitors’ business strategies, the client was able to identify business gaps and understand areas of differentiation.
The customer insights obtained from Infiniti’s market intelligence solution helped the company to understand the evolving needs and demands of their customers. By thoroughly analyzing customers’ needs, the client was able to efficiently group customers with similar demands together and personalize approaches for them.
By leveraging demand management study, the experts further helped the client to evaluate the potential demand for their products and maintain adequate stocks. Also, the experts recommended the client to build a contingency plan to better prepare for unexpected and seasonal changes in product demand.
Infiniti’s market intelligence engagement also helped the client to identify cost-effective technologies and processes in the US apparel manufacturing market. The adoption of efficient technologies helped the company to enhance operational efficiency and speed up their apparel production process.
Within one year of leveraging Infiniti’s market intelligence engagement, the client was able to enhance their market share by 25% and gain a strategic advantage in comparison to their competitors. In addition, they were able to sign a $1.2 million deal with one of the leading e-commerce companies in the United States.
Whether you need to improve your market position, enhance operational efficiency, launch a new product, or improve marketing performance, our market intelligence analysts provide detailed market data and analysis tailored to your needs. Request for more info and our experts will get back to you with custom market intelligence solutions.
