Page 7 - New Cloth Market November 2022 Digital Edition

OUR VALUED ADVERTISERS

Ahmedabad Processing Mills (p81)
Akik Dye Chem (77)
Al –Rehman Belts (p85) Editorial
Amik Printers India Pvt Ltd (p83)
Anupam Creation Pvt. Ltd. (p73)
Balaji Dye Chem (p75)
Balkrishna Textiles Pvt. Ltd. (p83)
Bluetex (India) Pvt. Ltd. (p79) Impact of Technology on Fashion Business
Chemidyes (India) Corporation (p85)
Colorant Ltd. (III Cover) In view of the increasing revolutionary role being played by digital technology and
ecommerce in conducting the business, global fashion companies are expected to
Colourtex Ind. Pvt. Ltd. (p9)
increase their investments in technology in the coming years. According to a report,
CS Panchal & Co. (p81)
fashion companies spent from between 1.6 and 1.8 percent of sales in 2021 on
Darshit Trading Company (p69) technological infrastructure in order to accelerate e-commerce adoption among
Dharnendra Enterprise (p85) consumers and for further embedding digital tools in their day-to-day workows and
Dipti Chemicals (p77) decision-making process. Their spending is expected to rise to between 3 and 3.5
percent by 2030.
Grup Additives LLP (p75)
Gujarat Flotex Pvt. Ltd. (p81) According to CB Insights’ Industry Analyst Consensus, the fashion sector is one of
Ibrahimbhai Ganibhai & Co. (p83) the largest industries in the world, estimated to be worth more than $3T by the end
of the decade. The rapid rise in e-commerce adoption among consumers during the
Inter Continent Chemical (India) Ltd. (I Cover)
Covid-19 pandemic has clearly demonstrated the pivotal role technology is des-
Inter Continental Industries (II Cover)
tined to play in the fashion industry. Today, fashion technology is growing at a faster
Jay Chemical Industries Pvt. Ltd. (IV Cover) pace than ever. A wide spectrum of innovations like - robots that sew and cut fabric,
J-Printex Polycolloids Pvt.Ltd. (p85) AI algorithms that predict style trends, clothes to be worn in virtual reality (AR/VR
Jyoti Laboratories (p84) dressing rooms), temperature-changing smart fabrics- show how technology is au-
tomating, personalizing, and speeding up the fashion business.
Kamal Process (p77)
Kankariya Textile Industries Pvt. Ltd. (p73) Investors are pouring capital into companies whose technologies aim to make fash-
Krishnakant Enterprises (p75) ion players more efficient, customer-friendly and more environmentally and socially
responsible. All eyes are focused on the technological trends and developments
Kumar Textile Industries (p86)
reshaping how our clothes and accessories are designed, manufactured, distrib-
Leo Rubber Industries (p85)
uted, and marketed. Fashion companies will have to embrace these technologies to
Life Style Fabrics (p81) avoid facing existential challenges. The tech-savvy fashion companies are already
LS Auxichem Pvt. Ltd. (p5) benefitting from measurable bottom-line. Seizing the opportunity to open more rev-
Mechazonix Industries Pvt. Ltd. (p71) enue streams and business models, they are partnering with technology providers,
acquiring startups, and even building their own tech.
Megha Chem Industries (p73)
Meghdoot Silk Mills (p73) Fashion brands and retailers are leaning into technology not only to become more
Microcosm IT Solution (p79) resilient to supply chain and other disruptions, but also to become more respon-
sible and transparent as there is public and institutional pressure on them to switch
Rameswar Udyog Pvt. Ltd. (p83)
to sustainable products and processes. Digital connectivity of the supply chain is
Rang Rasayan Agencies (p86)
important for sustainability. Traceability software — which helps brands identify,
Rinkoo Processors Ltd. (p73) monitor and manage products across entire lifecycles and in different parts of a
Shree AMB Engineers (p86) supply chain — is essential for the industry’s sustainability efforts. Technology’s
Shree Matru Krupa Chemicals (p75) impact can be clearly seen in key business areas, such as creating exceptional
customer experience and engagement; helping to address sustainability issues;
Shree Pushkar Chemicals & Fertilisers Ltd (p6)
and upgrading internal processes and operations. This applies to fashion players
Shri Siddharth Industries (p86)
across value segments for both the luxury as well as mass market brands to fulfill
SNE Texfab (p81) varying customer needs and strategic priorities.
Surface Active Industries (p84)
Similarly, brands and retailers must update in-store technologies to bridge the gap
Swan Energy Limited (p83)
between online and offline channels. For example, in-store mobile apps for store
Syntho Chem Industries (p75) associates can offer a frictionless way to serve customers, while in-store customer
Tahira Dyeing (p79) apps engage customers and result in more time spent in store. Behind the scenes
Techno-Coat Systems (India) (p83) also, technology is set to impact internal processes from demand forecasting to
transport operations. For fashion companies, integrating digital processes through-
Texture Digital (p84)
out their organizations will be among their top areas for digitization to be future
Veeraj International LLP (p86)
ready. The beneûts of such integration include increased speed to market and full-
Venus Dye Chem (p73) price sell through rates, as well as lower manufacturing costs. No one can afford to
Worldtex Speciality Chemicals (p86) ignore digital transformation required to conduct fashion business in today’s world.
G.D. JASUJA
WHAT ARE YOU WAITING FOR? Managing Editor

NCM-NOVEMBER 2022
7