Experts: Bangladesh’s apparel market must embrace digitization

Image collected
Discussants remarked that the existing express of mass disruption in global apparel presents a chance for the country to bolster its position due to a leading apparel exporter

Bangladesh’s apparel industry must embrace digitization, reduce lead period, and focus on online marketplace and product diversification to retain its position on the global market segments, said experts recently.

They made the remarks at a webinar titled “Bangladesh Apparel: Resilient, Flexible and Prepared to Connect” jointly hosted by Hongkong and Shanghai Banking Corporation Limited (HSBC), Serai Limited and Bangladesh Garments Producers and Exporters Association (BGMEA).    

The HSBC, Serai Small and BGMEA joined hands together to go over Bangladesh’s apparel industry, global apparel demand scenery and technological penetration beneath the current context and way forward.

The Bangladesh apparel industry includes a very long history of resilience. The existing status of mass disruption in global clothes presents a chance for the region to reinforce its job as a leading clothing exporter, said discussants.

Bangladeshi manufacturers can embrace these changes, and move to new means of working, so that you can capture more business from buyers and industry shifts, they said.

“The industry can only retain and better its position by restructuring its capabilities, adapting to the brand new consumerism, responding to needs of lean manufacturing, reduced lead time, and online engagement. Effective B2B is probably the most effective ways forward”, explained BGMEA president Rubana Huq.

Meanwhile, product diversification in addition to adaptation of technology found in the manufacturing and offer chain management is very crucial for the sector in today's context to recuperate from the pandemic.    

"It really is clear that the future of international trade lies in increased digitization and the proficiency gains that participants can draw from it. That’s why we’re construction Serai - a data powered platform to greatly help businesses build trusted romantic relationships and grow their business," said Vivek Ramachandran, CEO, Serai Limited.

Serai is a fresh technology subsidiary of HSBC. The platform includes buyers and suppliers to build trusted relationships, with an initial give attention to the garment and attire industry.

“Buyers are actually changing sourcing locations, while clients are coming here. Our products are mostly cotton structured and we need to diversify these as it will be key for the attire sector,” Md Mahbub ur Rahman, CEO of HSBC Bangladesh.

"We need to embrace the digital portion and are taking into consideration the online marketplace," he even more remarked. 

"Physical infrastructures is there while we need service infrastructure for source chain configuration," he added.

He likewise urged the makers to move for making value added products.

The Serai platform is aiming to be an efficient conduit for industry players to an open source platform with a shared approach. This will finally enable the apparel sector to lessen duplication and costs, rebuild trusting romantic relationships and make more rapidly and better trade decisions, he added. 
Source: https://www.dhakatribune.com

Tags :

Share this news on:

Previous Story

Trending Topics

Archive