In textile trading, textile companies in India hardly follow their gut instincts as the tradition is but follow a data-driven decision-making approach.
While intuition is a helpful tool and can provide a solid hunch that can lead to a good trading decision, it would be a grave mistake to base all business decisions on your gut feelings.
When you trade cotton fabric online, it is crucial to offer prices, negotiate deals, or buy products based on data and statistics provided by TEXbulletin.
It is through data that you can verify customers, understand market situations, and determine price fluctuations before exporting or importing wholesale fabric online in India from TEXchange Global.
According to a survey conducted by PwG, any organizations and not specifically textile companies in India, that make decisions based on data-driven facts are three times more likely to grow their business and make improvements through decision-making compared to firms that rely less on data.
Read more to know how TEXbulletin’s data-driven decision-making can positively influence your cotton fabric online trading process.
What is Data-Driven Decision Making?
Data-Driven Decision Making is the process of using verified data and statistics to make decisions during textile trading and determine a course of action.
Data can be incorporated into businesses in many forms, such as market indexes, daily metrics, surveys, new product testing, analyzing purchase shifts, following price trends, etc. How you incorporate data in decision-making depends upon your end goals.
Benefits of Making Informed Decisions Through TEXbulletin
You will Confidently Trade Online
With TEXbulletin’s data-driven insights and news, you will be more confident trading your textile products or making decisions for practically any business challenge.
Whether you buy or sell wholesale fabric online in India or the USA, decide to launch a new product, bid on a TEXauction offer or inquiry, or adjust your B2B marketing strategy, your efforts will reduce by 30% with data-driven insights.
Understand the Impact of Your Business
The logical and concrete facts that data offers serve as a benchmark to current scenarios and market conditions, which helps you understand the effects of your decisions on your business.
Makes You a More Proactive Businessman
The right kind of data can improve your business in magnitudes and help you leverage the power of data more proactively.
For example, by identifying the opportunities on TEXbulletin before your competitors do or finding out the threats before they become bigger, you will be able to run your business on solid ground.
You Can Save More
Data can significantly decrease expenses by giving you relevant, timely, and accurate information before decision-making. The ability to make informed decisions based on up-to-the-moment information is becoming a great corporate habit among textile companies in India.
With TEXbulletin’s market indexes, you can determine the cost of your export products based on the current market price. This will enable you to offer the correct price and ensure a greater profit percentage. Real-time insights also improve operational efficiency and order management.
If you want to become more data-driven in your cotton fabric online trading, subscribe to TEXbulletin for free and receive the latest, up-to-date textile news, including stock updates, market indexes, economy, and marketing, right in your email.
To subscribe, send “TEX-BULLETIN” to WhatsApp at 98 10 40 10 45.