Online textile industry can deliver next unicorns

The online textile industry has turned the crisis into opportunity. As retail sales were off bounds due to the lockdown, the online market has flourished

- Anuj Mundra

Did anyone ever think even in the wildest of dreams that one day the coronavirus will arrive in India, that too all the way from China, and change the existing things to such a great extent that it will impact our daily life? Everything has changed in the post-COVID-19 era – our work from the office is now work from home, our travel, and tourism are reducing to new lows, our meetings are now mostly virtual, events to have gone online. But there is a silver lining as well: many people, sectors, and industries have turned the crisis into an opportunity. One such sector is the textile industry.

The Indian textiles and apparel industry contributed 2.3% to India’s GDP, 13% to industrial production and 12% to export earnings (as of March 22, 2021). Moreover, exports of readymade garments (of all textiles) were worth USD 1.04 billion (as of November 2020).

TURNING CRISIS INTO OPPORTUNITY

The crisis situation has provided a big opportunity for the online textile industry. The sales in the online textile industry witnessed a jump in various cities and states of India during the lockdown.