Textile trading is now done online via marketplaces like TEXchange Global. Before this, woven fabric manufacturers bought and sold greige fabrics through third-party trading companies like Damodar Menon. Offline or traditional textile trading was prevalent long before the advent of digital platforms and process automation technology.
However, an online trading account on TEXchange simplifies textile trading. Apart from providing an international marketplace readily available at your fingertips, there are several other key benefits of using digital textile trading platforms.
What is Online Trading on TEXchange?
Online marketplaces like TEXchange are online textile trading applications for B2B textile businesses that allow the buying and selling of greige fabrics worldwide from a smartphone or PC and an internet connection.
These modern digital tools address the dynamic challenges textile businesses face in sales and marketing by providing the exact solution for their offers/inquiries.
All the features and functions are designed and developed keeping ease of use, business security, and transparency in mind.
What is Offline Trading at Damodar Menon?
Offline trading via Damodar Menon involves communicating your order details to a textile trading expert who executes the order on your behalf. However, this method comes with its own set of challenges. A small group of woven fabric manufacturers still choose to trade offline due to their close relationship with their broker and unease with using online platforms.
Let’s see the key difference between online trading and offline trading for TEXchange.
Online Trading Versus Offline Trading
Trading Efficiency
With an online trading account, users can place their orders without the need for a third-party trader. It empowers them to undertake all the transactions based on their preferences, reducing the dependency on traders.
Online trading also offers greater convenience for negotiating, closing deals, and transacting quickly. All you need is to register on the app and have an active internet connection.
With an offline account, users must rely on an agent to place orders as specific instructions are given to them. You might need to constantly follow up with the agent and visit their office time and again to make decisions and complete transactions.
However, through their expert guidance, you might secure the best deals at cost-effective values and also establish personal relationships for the long term.
Technology and Platform
For those with internet access who prefer managing greige fabric transactions from home or the office, online trading accounts are ideal.
Alternatively, users without internet access or tech confidence can place orders via phone with their brokers. Our online marketplace empowers textile businesses to reach a global audience with tools like TEXauction® and TEXbulletin®, eliminating the need for extra branding or marketing efforts.
With traditional methods taking days to months, TEXchange streamlines the process, reducing deal closure time from weeks to hours using the internet, the most powerful business tool in 2023.
Cost Involved
Becoming part of TEXchange comes with no subscription expenses or charges, which can boost your per-transaction profits. Conversely, when engaging a trading agent, you may be required to pay a percentage of the transaction amount. This fee covers their provision of highly personalized services and dedicated attention to your needs.
Real-Time Processing
TEXchange is a comprehensive real-time solution that replaces WhatsApp, emails, calls, brokers, third-party agents, and traditional sales teams. Its 24/7 availability allows seamless global operations, and its mobile responsiveness ensures on-the-go access. TEXchange quickly connects businesses with international customers, facilitating real-time product broadcasting and efficient conversion of inquiries into sales orders for optimal pricing and speed. In traditional textile trading, there’s often a time lag in information sharing and limited real-time data availability.
Which is The Best Place to Sell Fabric – Online or Offline
Wholesale fabric suppliers online in India can benefit a lot from the TEXchange Global trading platform. Online trading brings undeniable benefits, streamlining transactions for ease and speed. However, some still prefer offline trading, particularly when they have a trusted, long-standing relationship with an agent like Damodar Menon. Offline trading offers a personalized touch and the potential for high-quality investment advice from experienced agents.
