TEXTILE AND APPAREL MARKET ANALYSIS

Market Concentration and Competitive Landscape

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Increased urbanization around the world has truly accelerated the rise of a mobile-first consumer mindset and behavior. With more people living in densely populated urban centres, on-the-go lifestyles have become the new normal. Fast paced cities mean consumers now rely heavily on their smart devices not just for everyday communication but also for all of their needs including shopping, payments and more.  This fundamental shift to a mobile-first approach has massively disrupted the textile and apparel industry. Traditionally known for its brick-and-mortar stores, outdated inventory management and slow adoption of technology, the sector is now experiencing a digital transformation at rapid pace in response to evolving consumer preferences and habits. Apparel brands and retailers are investing heavily in their own e-commerce channels, streamlining their supply chains for faster turnarounds, implementing inventory management tools and ramping up their social media and influencer marketing presence. The entire buying and shopping journey is now optimized for smartphones with features like virtual and augmented reality options for trying outfits digitally, mobile payments and even delivery directly to consumers on the go.