Online business opportunity Essay Example | Topics and Well Written Essays - 3500 words

Online business opportunity - Essay Example The internet is thus imperative in today’s business. The first thing that an individual does to get information about a company’s profile or its products and services is to access its website (Beck, n.d.). The web has a considerably significant influence on how companies interact with each other and their clients or customers. The earlier hurdles of supply chain integration like soaring transaction costs among partners, poor availability of information and the problems of managing complicated interfaces among functional organizations have all got their solution in the internet (Johnson and Wang, 2002). The textile and apparel industry has always been a profitable and lucrative industry and there exists a number of popular brands which have a huge market and a considerable number of regular customers. Hence, setting up a garment company in its simple ways will definitely not be advantageous and profitable until newer ways of marketing and advertising are discovered. Therefore, a new business should exploit all the available information and business opportunities in the market. With this aspect in mind, the possible online business opportunities for a budding garment firm are evaluated and the current and potential market for the company’s products is assessed. The textile and garment industry presently has a worth 400 billion dollars and more in the international market. Due to the globalization of the world economy, the industry has confronted a lot of competition as well as lucrative business opportunities. Reports show that anticipated growth of the textile industry will rise by 25 percent from 2002 to 2010. The industry has been largely uplifted by an increase in the production of natural fibers like silk, wool and cotton. Even though the industry began in the UK and then spread to the rest of Europe and North America, in the present Asian countries like