"Business opportunities are like buses, there's always another one coming." - Richard Branson
The vibrant domestic market in India is throwing up unprecedented opportunities in the garment sector specially for the upcoming entrepreneurs. Some of the clothing manufacturers in India, who have been supplying goods to the reputed global garment and accessory retailers, are now toying with idea of launching their own brands. Few of the garment accessories suppliers sums up the general mood as " The investors are willing, the policies are favourable and by all angels this seems like an idea whose time as come! "
Recent news report confirms the fact that the organised garment & accessories sector currently valued at around Rs 320 billion, is projected to increase up to Rs 900 billion (approx.) in just about next five years.
Garment accessories exporters are willing to take this risk though not at the cost of diverting their attention from exports."We will continue to export the same volume which we are doing right now, though wouldn't mind venturing into launching our brands through some foreign partnerships or tie-ups" says one of the garment accessories manufacturer.
Industry insider confirms that amongst the Indian apparel manufacturers, those who are firming up plans to launch new brands or expand existing brands include Mandhana Industries, Orient Craft, SP Apparels and the South India based Royal Classic Group.
These companies hope to attract overseas investors or forge a tie-up with global brands, in accordance with current government of India policy, wherein, 51 percent FDI is permitted in single-brand retail.
Garment accessories, including cloth, zippers, buttons, labels account for around 30% of the total garment sector. Garment accessories suppliers are an important cog in the wheel of the entire garment business chain. Any change in the supply demand cycle will certainly affect the big players and could benefit the buyers due to increased competition.
Globally the scenario isn't as rosy. The USA is just out of the slump and expectedly would take sometime before going aggressive again. In other developing countries like Bangladesh etc. the situation is more grim due to difficult working conditions and harder trade restrictions.
The Indian garment industry is one of the well organized sector in India, far from reaching its saturation thus giving ample scope of opportunities to both the new and existing players. Industry analysts are keeping a constant watch on the upcoming developments with their fingers crossed.
Saturday, December 4, 2010
Receiving Area
Receiving new stock in a retail store needs to be a disciplined process if the business is not to lose money from lost, damaged or stolen goods.
Too often, retailers focus on the front of hours, the retail shop floor, to the detriment of the back of hours, back office functions which can make or break a retail business.
Many retail businesses do not even have a receiving area where goods coming into the business are placed and processed. This is a huge mistake.
I was involved with one retail business recently where more than two thousand dollars worth of stock was uncovered when we were reorganizing the back room. This stock, which have been thought to have been lost, was found hidden in a wall cavity behind a desk.
The cost to the business was not only the cost of the stock which was unsaleable when found but also the opportunity cost. This was a new line which the head office had ordered to trial. The stock loss was covered up. This was able to be done because of a poor goods inward process at the store level.
Here are some simple rules for organizing the receiving area of a retail store which should help avoid lost stock, mistakes and theft:
Require that all goods arriving in-store must be signed for.
Lay out goods inwards rules and responsibilities. Post these in a public place in your business but away from customers. Train all new employees in the process.
The process needs to explain the steps involved in getting new stock from its arrival in the business to the shop floor and how long this should take.
Set aside an area, no matter how small, where all goods are placed when they arrive into the business. Include in this an area for each step of the inwards process: receiving, checking, pricing, storage and damaged goods.
Establish a rule that the goods are not allowed to leave this area without permission of a manager.
Follow a clockwise approach as this is often found to work best. The goods come is and are placed to the left of a back room or a storage apace and move right to the next section and so on. If the business as such space of course.
Management should check in the stock arrivals process to ensure that processes are being followed and appropriate checks and balances are working.
Try and get your suppliers to provide you with invoices electronically before the goods arrive. This will save time and paperwork. It will also provide an external data feed and eliminate an opportunity for employee fraud should they receive less stock into the business than you actually receive.
Once you have established your goods inwards process and area, get all employees together and explain the new processes to them. Lay down your business rules and explain why you are going through this process.
Get the goods inward process right and you can expect to receive shrinkage, speed up the time it takes to get stock to the shop floor, reduce mistakes and make better quality business decisions.
Too often, retailers focus on the front of hours, the retail shop floor, to the detriment of the back of hours, back office functions which can make or break a retail business.
Many retail businesses do not even have a receiving area where goods coming into the business are placed and processed. This is a huge mistake.
I was involved with one retail business recently where more than two thousand dollars worth of stock was uncovered when we were reorganizing the back room. This stock, which have been thought to have been lost, was found hidden in a wall cavity behind a desk.
The cost to the business was not only the cost of the stock which was unsaleable when found but also the opportunity cost. This was a new line which the head office had ordered to trial. The stock loss was covered up. This was able to be done because of a poor goods inward process at the store level.
Here are some simple rules for organizing the receiving area of a retail store which should help avoid lost stock, mistakes and theft:
Require that all goods arriving in-store must be signed for.
Lay out goods inwards rules and responsibilities. Post these in a public place in your business but away from customers. Train all new employees in the process.
The process needs to explain the steps involved in getting new stock from its arrival in the business to the shop floor and how long this should take.
Set aside an area, no matter how small, where all goods are placed when they arrive into the business. Include in this an area for each step of the inwards process: receiving, checking, pricing, storage and damaged goods.
Establish a rule that the goods are not allowed to leave this area without permission of a manager.
Follow a clockwise approach as this is often found to work best. The goods come is and are placed to the left of a back room or a storage apace and move right to the next section and so on. If the business as such space of course.
Management should check in the stock arrivals process to ensure that processes are being followed and appropriate checks and balances are working.
Try and get your suppliers to provide you with invoices electronically before the goods arrive. This will save time and paperwork. It will also provide an external data feed and eliminate an opportunity for employee fraud should they receive less stock into the business than you actually receive.
Once you have established your goods inwards process and area, get all employees together and explain the new processes to them. Lay down your business rules and explain why you are going through this process.
Get the goods inward process right and you can expect to receive shrinkage, speed up the time it takes to get stock to the shop floor, reduce mistakes and make better quality business decisions.
Michaels Coupons
With the economy fluctuating each and every day, the cost of living has increased affecting the way people shop. As a result of this people are now shopping less leading to the closure of stores around the world due to lack of customers. But now more stores are attracting more customers by making shopping cheaper and easy. These stores offer tremendous discounts on anything from the basic necessities like clothing and food to pleasurable items. One of the largest chain of stores adopting this is the Michaels chain of stores.
Michaels, stores.Inc is one of the largest retail stores in the United States which deals with arts and crafts. Its first chain of store was founded in 1984 in Irving, Texas. After a few years, Michaels became a publicly renowned company which led to its expansion to over 1000 stores up to date. With time the chain covered a total of 500 locations with seven distribution centers located in 49 states in the US mainly Texas, Pennsylvania, Washington, Florida, Illinois and California. These distribution centers supply the stores with the merchandise every week; this is done by a transport network that uses contract carriers and trucks to deliver the stock. Michaels offers a range of 37,000 products consisting of beads, scrap books, picture frames, home décor items, artificial flowers, even paper and paint and so much more.
Due to its tremendous growth rate, it has been able to provide its customers with the famous Michaels coupons. These coupons help the customer save money by reducing the price of the products. There are usually two types of coupons: printable coupons and promotional offers. Printable Michael coupons can be found on Michaels.com website and several other websites that have collaborated with it; these websites like Savings.com or UltimateCoupons.com offer the featured Michaels coupons online whereby people interested in the goods available are offered discounts in terms of percentages off or dollars off. These coupons are issued weekly and the public is notified by an ad in the Sunday paper or online through the main website. These coupons last for a period of time before they expire then new coupons are advertised thus making it still interesting.
With printable Michaels coupons upcoming artists and people just interested in art and craft can now afford to undertake their craft projects without having to dry out their bank accounts; so just log in to Michaels website, sign up and enjoy the numerous offers provided.
Michaels, stores.Inc is one of the largest retail stores in the United States which deals with arts and crafts. Its first chain of store was founded in 1984 in Irving, Texas. After a few years, Michaels became a publicly renowned company which led to its expansion to over 1000 stores up to date. With time the chain covered a total of 500 locations with seven distribution centers located in 49 states in the US mainly Texas, Pennsylvania, Washington, Florida, Illinois and California. These distribution centers supply the stores with the merchandise every week; this is done by a transport network that uses contract carriers and trucks to deliver the stock. Michaels offers a range of 37,000 products consisting of beads, scrap books, picture frames, home décor items, artificial flowers, even paper and paint and so much more.
Due to its tremendous growth rate, it has been able to provide its customers with the famous Michaels coupons. These coupons help the customer save money by reducing the price of the products. There are usually two types of coupons: printable coupons and promotional offers. Printable Michael coupons can be found on Michaels.com website and several other websites that have collaborated with it; these websites like Savings.com or UltimateCoupons.com offer the featured Michaels coupons online whereby people interested in the goods available are offered discounts in terms of percentages off or dollars off. These coupons are issued weekly and the public is notified by an ad in the Sunday paper or online through the main website. These coupons last for a period of time before they expire then new coupons are advertised thus making it still interesting.
With printable Michaels coupons upcoming artists and people just interested in art and craft can now afford to undertake their craft projects without having to dry out their bank accounts; so just log in to Michaels website, sign up and enjoy the numerous offers provided.
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