How to Help a Clothing Business to Grow in Ludhiana
Clothing Business in Ludhiana: Under the ease of doing business ranking report, World Bank has announced the best countries and cities for the business purpose all over the world. As far as India is concerned, Ludhiana in the state of Punjab has topped the ranking in ease of doing business. Also, findings of a study- Punjab State Profile (2011) conducted by the Ph.D. Research Bureau, has revealed that Ludhiana has made rich contribution to the economic growth of the state. The apparel park also situated in the city has paved the way for the exploration of greater business opportunities. Often referred to as the industrial capital of Punjab, Ludhiana is one of the main producers of woolen and acrylic knitwear. Further, it also uses cotton and blended fiber to produce hosiery, knitwear and various ready-made garments. The textile industry in Ludhiana makes use of both natural fibers like cotton, silk, jute, and wool, as well as artificial fibers such as polyester, viscose, nylon, acrylic, and blended fibers.
The clothing business can be improved by inculcating some of the following changes-
Know your customers and what they want: It is important to not pay attention to only current clothing trends in the fashion industry, but also what the customers prefer to wear on a regular basis. You may be impressed by the latest trends, but if they are not in sync with the customers’ demands, you will be left with an overfilled inventory that cannot be moved. The trick is to talk to your customers, and in the process, get to know their sartorial preferences.
Add other related items to your store: If you want to give a boost to your sales, it may be necessary to add in accessories and related clothing products. Avail a small business loan in Ludhiana and add to your collection to draw more buyers. Be it accessories, belts, shoes, purses, or jewelry, this will increase the chances of customers finding something that suits their taste. They might even end up buying more than they had intended.
Do not fall prey to the sale price trap: if your clothing has a high price mark and you generally only mark items down few times in a year, it will surely not escape the notice of your customers and they will come in only when they can save money. On the flip side, if the items in your collection are regularly going on and off sale, customers will have the tendency to wait until the last minute as they know that by doing so, they will get a cheaper deal. It is advisable to always target a pricing strategy that falls in line with what your local economy can afford, which can be achieved by offering regular but not overly frequent sales.
Market your clothing online as well as in your retail store: Create a website for your clothing line if it already doesn’t have one. Even local shoppers often find it more convenient to shop on the go-anytime, anywhere. Also, consider utilizing auction sites to sell excess inventory items and conducts exclusive online sales to attract attention to the online presence of your store.
Open a store in a nearby town: If your business has been showing a positive performance, the next step is to open a new location in another town to mark its growth. This can be made possible by quick business loans by Bajaj Finserv. You can also move your current location to a more desirable area. Once you make profits and have the affordability to expand, the wise move is to take action rather than wait.
Bajaj Finserv offers business loan in Ludhiana at attractive terms and conditions, which can catapult your clothing business in India to great success. You can avail a loan of up to Rs. 30 lakh, with minimal documentation and easy eligibility criteria. Besides, thanks to the Flexi Loan facility, you can withdraw only what you need and repay funds according to your business cash flow at zero prepayment charges. This hassle-free loan for a business is also devoid of collateral, which implies you would not have to risk your personal or business assets to qualify for financing. Besides, the business loan interest rate offered by Bajaj Finserv is also low, which is a major attraction for clothing business owners in Ludhiana.