The Global business-to-business Marketplace for Textile

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.