The
textile industry is essential in providing one of the basic needs of mankind -
clothing. Aside from this, other textile applications include household
furnishings, medical, industrial, and technical items. This self-reliant
industry has managed to sustain itself through the years from the manufacturing
of raw materials to the actual finished product. This is an industry that has
substantial contribution to a country's economy. The emergence of the Internet
has only made this industry all the more raring to push forward, especially
through this technological medium called B2B.
Looking
at the global status of the textile market, there are about 28 million tons of
fibers being woven every year. This accounts for about 50 percent of the entire
world market for textile. Experts project an estimated growth of 25 percent
from 2002 to 2010 in this market - equivalent to over 35 million tons of woven
fabric. Textile Manufacturing Company
When
before there were geographical challenges in international trading for textile,
these days, achieving global partnership with international companies is just
an Internet access away. Through the use of technology manufacturers can
connect with distributors and retailers at a click of a mouse and trading can
follow.
The
general term that blankets this entire machinery of exchanging goods between
companies among different countries is global sourcing. This is a trading or
business concept that involves multinational purchasing, Internet marketing,
and target marketing for end products. Handcrafted Cotton Cushion
B2B or
Business-to-Business is an aspect of global sourcing that serves as the portal
for various businesses from all parts of the world to convene and exchange
goods and services online. B2B caters to manufacturers, online suppliers,
resellers, wholesalers, distributors, and retailers, as well as the government
and non-profit institutions looking to move items to the end user.
Things
are still looking pretty bright where the textile industry is concerned. Based
on recent statistics, the global market for textile shoots up to over $400
billion. There is an expected growth of 25 percent by 2010 and about 50 percent
by the year 2014.
The
further growth of the textile industry can somehow be attributed too, to the
elimination of the quota in 2005. From then on, new players came about as well
as new buyers, which made quite an impact on the growth.
Companies
that have seen the advantages of doing B2B have seen their competitiveness
increase. The strategy has allowed them to effectively promote their products
while identifying and locating their B2B customers worldwide. The playing field
has become a much, much bigger place since B2B allows every keen company to do
his business on a global scale. Handmade Cotton Floor
Products
The
world is a very competitive market for textile, but there is enough room for
everyone and each can get a slice of the pie if they know what to do and what
strategies to use. Global sourcing can bring out the potential of a company but
there should be much caution in implementing their B2B strategy. This big world
has gotten a bit smaller because of the easy access through the Internet, but
it has gotten much bigger in the process too, because more people can now do
more business with each other through B2B.
