Do you know that more than 50% buyers source their textile
product online?
You might be thinking that this is a bluff! It is not a bluff
rather we can even guess that online sourcing is changing every day. We are not
saying that traditional sourcing is fading away rather we can presume that in
near future online sourcing might be the only sourcing option.
The global apparel and textile sourcing are changing every
day. It has been developing since its beginning and possible opportunities in
the sector is limitless. Due to digitalization online marketplaces are taking
control over the traditional sourcing. Moreover, with the blessing of B2B
e-commerce textile sourcing are shaping the new tradition and if you are a
business owner you must consider to work with B2B sourcing platforms. A hundred
of thousands of textile suppliers are enlisted in online B2B platforms and they are in good
business because they are online.
Despite the fact that China is shifting its apparel industry
to electronics but still she is the largest producer and exporter in the world.
Clothing business is the second largest businesses in the world and some country’s
economy nearly entirely depends on this business-like Bangladesh and Vietnam. They
are the largest potential textile and garments producers in the world after
china.
The
Future of Textile and Apparel Sourcing
So future trends of this business need to be understood.
There is possible rise of apparel sourcing in the Europe and US by 2023. US may
import 7 trillion dollars’ apparel products and Bangladesh and Vietnam is
growing.
Because of the online marketplaces, the sourcing has been so
easy and proving buyers with quality products.
Apparel industry is growing due to the massive rise of middle-class
people in Asia and other parts of the world. And apparel online marketplaces
are really doing good on their side. As people have access to internet and
largest market with best value. They can buy things more efficiently. The
fashion sense of the growing abled people is the reason for such businesses.
The
Growth of the Textile and Apparel Sourcing
China has been the largest textile suppler in the world for
decades and they are not going away any time soon. Though China has become the
largest apparel importer in the world, the business is shifting quite in a new
way. The growth of the entire textile and apparel industry is progressively
growing and textile suppliers are one of the biggest benefited business.
Currently, china is going down in compare to its competitors.
Meaning they have been slowing down their textile production. Along with
Bangladesh and Vietnam, India is also growing so fast. Pakistan, Egypt, Turkey
are already competitors of Vietnam and Bangladesh.
On the other hand, Bangladesh is contributing to this
industry tirelessly and earning huge amount of money. Bangladesh is doing
really great since it started this massive industry. It supplied almost 37% of
the total denim consumed in Europe. Now Bangladesh is the largest denim
supplier in the world. Though China still holds the first place in US but it is
expected to be down by 2023.
Vietnam is considered to the fastest growing garments
manufacturer in the world. And this has become the closest competitor for
Bangladesh and China. They are doing really well in the apparel industry and
contributing to its own economy. As this industry is growing fast, it is also
being dependent on sourcing platforms. Alibaba, DHgate, Gosorucing365 etc. are
some of the largest B2B online marketplace where Vietnamese manufactures are
looking for textile materials.
Some African nations like Ethiopia, Cambodia, Madagascar etc.
are developing their garments manufacturing facilities and expected to become
manufacturing hub by 2035. Ethiopia has been developing their industrial parks
especially for apparel and textile production and when they are developed, a
new speed will be added to the global manufacturing grid. Because they need to
be heard from the global buyers, Ethiopian manufacturers are also listing their
companies on online platforms.
Because of this situation textile industry keep digging
online and improving the platform consistently. Geographically both Bangladesh
and Vietnam are able to produce enough apparel. These two competitors are providing
products in a very cheap rate. Since they are the apparel manufactures, they
need to find out potential textile suppliers in the market so that they can
serve the real purpose. Due to the lower
labor cost they are the best choice for Europe and American countries. So, they
are the future of apparel industry.
The
Growth of Sourcing and B2B E-commerce For
The growth of the apparel industry is remarkable and
textile supply is needed for keeping that growth uninterrupted.
There are various types of apparel sourcing and traditional
sourcing is going out of fashion. E-commerce is taking control over the entire
apparel and textile industry in fast fashion. Because there are many dedicated
B2B platforms, people are shifting towards digitalized platforms for sourcing
fabrics and apparels along with all the other materials. All the industry is
becoming automated. Heavy duty machineries are being implemented in every
factory. Which is actually helping out factories for producing more and more. The
adaptation of the technology can make the industry boom. And there is no
confusion that B2B marketplaces are the fortune teller.
After the introduction of the B2B marketplaces, it was
not widely accepted. Alibaba is the pioneer in this model and they have been
ruling the industry since then. Along with the growth of apparel industry,
textile manufacturing is growing and online marketplaces are being created.
Though all of them are not running in the same way but somehow, they are
following the same business model. It is highly expected that in near future
B2B marketplaces will over take the position of traditional sourcing
options.
To conclude, instead of traditional sourcing, textile
industry is shifting toward online sourcing option. Most obviously, the
digitalized platforms are more efficient. There are a lot of odds too.
Authenticity and trust issue are the biggest challenge in online sourcing.
Despite the all odds the industry is changing textile sourcing and it might be
overtaking the entire sourcing process. One man just command from the control
room and the product is fully done on the end.
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