UAB BALTIC FLAX INVESTS IN E-COMMERCE SOLUTIONS
UAB Baltic Flax has started implementing project UAB Baltic Flax investments in e-commerce solutions, which is co-funded from the European Union Structural Funds in the framework of 2014-2020 Operational Programme for the European Union Funds Investments under Priority 13 “Fostering crisis repair in the context of the COVID-19 pandemic and its social consequences and preparing a green, digital and resilient recovery of the economy”, instrument No. 13.1.1-LVPA-K-860 “E-commerce model COVID-19”. In pursuit of improved competitiveness and revenue generation, the company intends to implement this e-commerce solutions project to develop a new online commerce store. The store will make it possible for the company to sell its products in a way that is more efficient and convenient to the customer, and simultaneously will contribute to the target increase in sales turnover.
The budget for the project is €55,862.57. Project share funded from the European Regional Development Fund is €41,896.92.
Project duration – from 08/02/2022 to 08/02/2023.
UAB Baltic Flax is mainly engaged in the production of a variety of textile articles. The company designs and produces for small and medium-size enterprises. It also produces home textile and homewear collections for private labels. UAB Baltic Flax also provides various linen treatment services: dyeing, tie-dyeing, softening. In order to improve competitiveness and increase revenues, the company intends to implement this e-commerce solutions project to develop and launch an online commerce store. The store will make it possible for the company to sell its products online and achieve the goal of increasing sales turnover.
INVESTING IN NEW DESIGN SOLUTIONS
Company’s operational expansion as well as its increased production and export capacities have brought about the need to update product design in addition to widening the company’s product offer.
In an attempt to make use of the export opportunities created and enhance productivity, the company is implementing a EU co-funded project 03.3.1-LVPA-K-838-02-0118 The development of UAB Ebaltic Flax design solutions. The project includes the development of 3 design solutions intended for packaging, garment collection, and collection of fabric patterns.
The total project value is €42,208.25. The project is co-funded from the European Regional Development Fund within the framework of the Operational Programme for the European Union Funds’ Investments in 2014–2020, and specifically instrument No. 03.3.1-LVPA-K-838 ‘Design LT’ under priority 3 ‘Promoting the competitiveness of small and medium-sized business’. The amount of this co-funding is €25,324.95, with the remainder of the funds expected to be invested by the company from its own resources.
It is expected that once implemented the project will allow the business to strengthen its positions in the market, will contribute to enhanced competitiveness, better brand awareness and brand exclusivity in the market as well as the widening of the customer base and enhanced productivity.
UAB BALTIC FLAX TO GROW SALES IN FOREIGN MARKETS
In an attempt to widen the geography of its exports and enter new markets, producer and supplier of textile articles UAB Baltic Flax has launched a project—Increased export volumes through participation in overseas exhibitions. For the duration of the project the company intends to invest its own resources and make use of support from the EU Funds in order to participate in eleven international exhibitions.
By participating in international exhibitions overseas the company is able to gradually widen its customer base and enter new export markets. In order to grow in the markets where it already has a presence, the company plans on participating in nine international exhibitions in France and the U.S. It is expected that by implementing the project the company will be able to achieve one of its most important goals, that is, to diversify its revenues by geographical regions and create opportunities that are conducive to growing export revenues.
Successful project implementation and the widening of exports geography has been made possible through funding from the European Regional Development Fund within the framework of the Operational Programme for the European Union Funds’ Investments in 2014–2020, instrument ‘New Possibilities LT’ under priority 3 ‘Promoting the competitiveness of small and medium-sized business’. Funding for the project from the European Regional Development Fund amounts to €45,000. The company’s own funds contributed to the project will be slightly more than the support provided.
UAB BALTIC FLAX INTENSIFIES SALES IN OVERSEAS MARKETS
UAB Baltic Flax has successfully implemented the project Increased export volumes through participation in overseas exhibitions—over a period of fourteen months the company has had a chance to present its business and products in eleven specialised international exhibitions in the United Kingdom, Germany, France, and the U.S.
Thanks to participation in these exhibitions, the company was able to build tens of new contacts with potential customers of company’s textiles, and prospect buyers. The exhibitions had also presented the company with a chance to analyse different market needs. First-hand experience of trends in different markets helps grow sales both in the markets where the company has a presence and in new export markets.
Successful implementation of the project designed to help the business expand into new export markets was made possible thanks to funding from the European Regional Development Fund within the framework of the Operational Programme for the European Union Funds’ Investments in 2014–2020, instrument ‘New Opportunities LT’ under priority 3 ‘Promoting the competitiveness of small and medium-sized business’. The business received €45,000 for the project. The remainder of the required funds—at least the same amount—was invested by the company from its own resources. The project will help grow company’s revenue, create value added, and enhance productivity.