According to niryat.gov.in, the textile export market in India comes under the top 10 export commodities. In the month of April’24 – May’24, around $ 2554.27 million worth of textile goods were exported from India and there was a growth of 13.27% in the export as compared to the last month.
Too much information?
But this is how we can determine the expansion of the global market and how companies from India are working towards creating an impact overseas in the export industry.
One such textile industry is Anant Tex Exports Pvt. Ltd., which has been in the market for over 12 years. Let us get to know a little bit more about them.
Company background
Mr. Jitendra Soni started his export journey in the year 2014 and the company turned private limited in the year 2022. They have been regularly operating in at least 20 countries and their main business comes from women’s ethnic and bridal wear such as bridal lehangas, sarees, and more. They are majorly available in the American and European states.
In such a vast market, Anant Tex Exports has managed to impact the global industry. Their commitment to quality and innovation is what sets them apart in the competitive industry of the global textile.
Challenges faced by Anant Tex Exports
Like any other export business, Anant Tex Exports also faced its share of challenges i.e., from compliance to customer acquisition to international payments. Let us dive deep into these problems faced by Anant Tex Exports from Surat.
- Complex international payments:
In an export-oriented business, Mr. Jitendra Soni from Anant Tex Exports found a major challenge in receiving payments from their overseas clients. Traditional banking payment methods and high forex charges made it difficult to keep track of the financial regulations of the company.
- Market fluctuations:
Due to COVID-19, the export business has been impacted severely even more so for the textile industry. The market has downturned since then and there have been various changes in the adaptability of the business.
- Competitive market pressure:
The global export market of the textile industry is huge which leads to high competition. This requires Anant Tex to maintain the high quality of its products and excellent customer service while managing costs effectively.
- Regulatory compliance:
Keeping up with government rules and regulations and adapting to the changing compliance during international trade was extremely challenging for the company.
- Customer acquisition and retention:
The competition is high and acquiring new customers is a challenge for the company. Retaining customers with consistent quality, good customer service, and timely payments has also become difficult in today’s competitive market.
How did BRISKPE help with Anant Tex Export’s international payments?
After going through so many issues with their international payments, Mr. Jitendra Soni finally reached out to BRISKPE for help. After discussions and meetings, he decided to implement BRISKPE into their system and here’s how it helped them to transform their overseas business-
- Simplified international payments:
BRISKPE provided Anant Tex Exports with an easy and fast service for receiving payments from customers in any country. This saved both their time and money and simplified their process of international payments.
- Legal compliance:
BRISKPE offered a safe and secure way to receive international payment, ensuring compliance with regulations.
- Cost-effectiveness:
BRISKPE does not charge heavy forex charges like other platforms which has led to effective cost savings for the company.
- Improved cash flow:
A slower payment process can solve the cash flow problem but with the help of BRISKPE, the cash flow of Anant Tex Exports has improved significantly.
- Better customer service:
The simplified payment process of BRISKPE enhanced customer service resulting in customer retention for Anant Tex Exports.
Implementation and Result
Anant Tex Exports initially used the BRISKPE platform on a trial basis, processing two international payments. While their usage was limited, their experience has been positive.
Mr. Jitendra Soni of Anant Tex Exports stated, “We have liked your platform a lot. I do see a bright future for BRISKPE. You would reach new heights; customers would benefit a lot.”
Future outlook
Mr. Jitendra Soni sees significant potential for BRISKPE soon. Enhanced customer service support, more user-friendly websites, and competitive transaction charges can help exporters and regular international traders to pay and receive money easily within a day’s time.
Conclusion
Small SMEs such as Anant Tex Exports Pvt. Ltd. face various challenges in managing international payments, and the industry needs a fintech platform like BRISKPE that can help them overcome it. Mr. Jitendra Soni recognised BRISKPE’s potential to streamline operations.
As more SMEs like Anant Tex Exports continue to make a mark on the global textile market, a platform like BRISKPE can help businesses with smoother international transactions. BRISKPE is creating an impact for all SMEs in the emerging economy of India.
