Capturing Opportunities with facing challenges globally in Innerwear retail market

Indian Intimate Apparel Industry has come a long way with time and it’s exciting to see the trajectory so beautifully rising up. The notion of innerwear is not just limited to being your basic commodity now. People are actually stepping in EBOs to look for better quality and new age fabrics. There is no shortage of unconventional designs in the market, and technology has aided in the advancement of fabrics. We are way above the basic cotton and consumer-friendly fabrics like Micromodal made from the pulp of Beechwood trees, and 3X softer than cotton are being used.

Brands are aiming for customer retention as innerwear is an intimate commodity and no one would prefer trying out new homegrown brands after investing in a brand which is a perfect fit for them. So betting on customer satisfaction and better digital engagement on Social media should be a priority for every brand aiming to make it big in the Rs. 30,000 Crore industry.

With the e-commerce sector being constantly on the rise, it’s considered that the era of Retail has come to a halt. On the contrary, it is a well-known fact that the retail space is limited in the market and there is always going to be a battle of brands for space acquisition. This not only incites fervor and competition between brands but creates scope for new and innovative retail strategies to make sure the retailers are always interested in investing.

The domestic innerwear market in India is witnessing a boom and industry experts say the innerwear market is growing at an impressive CAGR of 10-12%. Technology has played an essential part in the rise
of homegrown brands and startups. Emerging entrepreneurs and businesses have found their solace in the digital space. This has totally changed the approach of businesses and advertisements as there are a lot of possibilities and scope to explore the online space. Brands have been trying to shift from retail to online stores as there are more pros to the cons of online advertising. E-Commerce gives consumers way more access to information about the brands and it is a faster process than actually going out to a store to buy your innerwear. Consumers have found convenience, better time management and quick access to information about the running offers online. For entrepreneurs, being able to manage their business on fingertips and communicating transparent policies with the customer is a plus.

The 169-year-old high street brand-House of Fraser took a decision of shutting down half of its stores across the UK including its flagship London Oxford Street store, after witnessing a 6.3% drop in the sales in 2017. This is just an example of how e-commerce is bringing a change in the offline market of the fashion and apparel industry across the world.

A wave of acceptance for premium innerwear came when Indian Consumers were exposed to global brands and their manufacturing processes. Today’s consumer has more disposable income and with the rise in no. of working women, the market is prepared for yet another jump in the sales numbers. EBOs, departmental stores, and LFS have really helped in the expansion of Intimate Apparel Industry. Amongst retail, MBOs are the ones with an upper hand as they cater to a larger audience with more options for quality fabric and design. While EBOs have a distinct audience of their own in large cities.