Six major turning points in the textile industry - a must-read for textile professionals!
The textile industry has undergone several rounds of reshuffling, and it can be said that it has reached a critical stage of development. (Forward) So, how can we seize the opportunity and achieve a breakthrough? (Forward)
Trend 1:
Up to 75% of textile manufacturers are preparing to invest in and deploy AI in 2019
Textile companies can use AI to assist with creativity, design, and product development. For example, they will use algorithms to filter large amounts of data to predict which products consumers will like best. Amazon has developed an algorithm to design clothes by analyzing images, replicating popular styles, and using this data for new designs. For example, ZARA uses algorithms to filter large amounts of data to predict which products consumers will like best.
Trend 2:
Businesses will become more globalized, giving some players a competitive advantage
Globalization and cross-border cooperation. Despite various statements about nationalism and the resurgence of manufacturing, the process of globalization will not stop. Cross-border interconnection and the exponential growth of digitalization will change the competitive landscape, and businesses will become more globalized, giving some players a competitive advantage.
Trend 3:
Platform-first, textile brands seek cooperation with strong sales channels
Platforms are becoming increasingly important. Consumers are accustomed to using online platforms as their first search point, and textile brands should also seek cooperation with these strong sales channels. The question textile brands should consider is not "What if we cooperate with platforms?" but "How do we cooperate with platforms?" 。
Trend 4:
The ultimate victor will depend on who innovates faster technologically and provides a better user experience
As mobile payments are already widely used globally, consumers will expect fashion companies to also support increasingly convenient online transactions.
In the US, mobile transactions are expected to reach approximately $930 billion in 2018. In Western Europe, they are expected to grow by about 23% annually and reach €148 billion over the next three years. However, this market is already very crowded, and the ultimate victor will depend on who innovates faster technologically and provides a better user experience.
The challenges faced by textile companies in this area will become increasingly complex, from device support to cloud computing, mobile service providers to integration with offline channels. Regardless of the solution they ultimately choose, security and privacy remain major concerns for consumers.
Trend 5:
Emerging sub-sectors are becoming hot spots; business development is no longer a simple, one-size-fits-all assembly line operation
In a fiercely competitive market, sub-segmentation has become inevitable. The textile market is in an unprecedented bottleneck period, and business development is no longer a simple, one-size-fits-all assembly line operation.
The "running economy" has driven growth in the performance of sports brands; the implementation of the "two-child policy" has accelerated the development of the children's clothing market; the increased importance placed on intimate apparel has driven the development of underwear brands... This is the rise and development of segments under segmentation; this is the opportunity!
Trend 6:
Traditional companies will be forced to adopt a more open attitude towards the market
Due to fierce industry competition and the urgent need for innovation, more and more fashion companies are beginning to emulate the characteristics of startups, such as flexibility, collaboration, and openness. Traditional companies will be forced to adopt a more open attitude towards the market, accepting new types of talent, new ways of working, new partnerships, and new investment models.
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