Apparel buying houses is the integral component of the South Asia import and export market. They act as a middleman between the buyers and the manufacturer. Due to pandemic, the garment industry has undergone drastic changes. Buying houses is changing their business patterns for survival. They started to evaluate the old payments, existing goods, and stock, changing government policies, people’s sentiments, and shifting buying strategies.
Here we discuss the strategies of buying houses
Garment buying houses work as virtual buying agents. Virtual inspections are taking place for sampling approvals. They make use of the online platforms for efficiency & conducting a meeting for everyday business.
Vendor sourcing — To evaluate their business performance like brand identity, quality & quantity of the product, size of the team, previous track records, technical audit of the quality of standard, and evaluating the price.
The adaptability of apparel buying houses — To find out the efficiency of the manufacturer, ordering for small quantities and assessing them for initial performance. Based on the assessment, moving to bigger orders or large-scale business models.
Performance rating system — Ratings for the manufacturer based on the timely shipment, fastness in communication, correctness in information, and quality standards they follow. The placement of the business is based on the priority of supplier rating. Now there are ratings for garment buying houses too.
Market intelligence program –Exchanging fashion ideas through R & D activities. Presentations to know the new innovative fashion trends from both the manufacturer and buyers of the end.
Path meetings — Regular meetings, support system between merchandising team and buyers team to resolve any middle-order issues and guiding product development.
Business tools — Using business data reporting tools for daily, and monthly updates.