The pandemic has created so much Chaos in the world. No one was ever prepared for such vast change in health, lifestyle, business, emotions and much more. From Individuals to businesses 2020 seems to be the toughest time to survive. Although faith prevails the things will get better soon. One of the most affected business in this pandemic is none other than but the online fashion industry itself.
Pre Covid Fashion is considered to be one of the most profitable era for enterprises. But things are not the same now from wholesalers to retailers; everyone has to face some consequences.
Covid-19 has accelerated the change in the world. Even the online fashion industry seems to survive only when it adopt the change.
There is need to be more inventive ways to create success in the fast-changing era.
The fashion industry needs to embrace more diversity, sustainability and ethnicity. And also have to reinvent itself in terms of design service and values.
Though the virus has distress 80% growth of the industry, and many fashion gurus predict that it will take more than 1 to 2 years to get back at the average pace.
But no one knows the future.
How consumer behaviour has changed?
A recent survey conducted in the UK says that more than 26% of the consumer is not willing to purchases non-essential and luxury item. However, there is a decline of more than 53% Buying off fashion clothes. Because most of the people are staying at home.
Also the business and individuals trading world and the operations of global fashion has been affected a lot.
Because significant markets like China, the luxury hub had been over the pause for several months.
Many brands have also cancelled the worth billion-dollar deal. Even the Orders from Italy, principal producers of luxury leather, jewellery and fashion goods, have also been revoked by overseas brands. Moreover, Milan Fashion Week – the hub of creative inspiration — was cancelled.
And it seems like fashion events have never existed before.
Though there is little light of hope for the retailer because 58% of spending remains unchanged. That means still many people are still not reluctant to purchase clothes.
There are many items which brands or retailers can think of like beauty, footwear, loungewear, lingerie and many more. From day to night, Consumers’ weekday, evening and weekend outfits have merged into one piece of cloth. At one side where work from home has become such a necessity, fashion statement has changed to most comfortable clothes.
Conditions applied. You as Brands within these sectors have to be creative, innovative and digital enough to carry the fashion industry through.
Ecommerce and Value Driven Products would be the key to sales.
At one place where many business are facing significant loss, eCommerce has shown immense growth in recent time. People spent most of the time digitally, so this is the best time when business go more online. Means the fashion industry is more profitable when it is transformed to the online fashion industry.
Even survey conducted in the US showed that 87 per cent of fashion buyers preferred shopping which offers contactless service, cashless shopping, and self-checkout options.
The idea of a “cashless transaction system” has existed in many countries of the world, but this pandemic could accelerate its adoption.
So, what’s better than going to a eCommerce website and purchasing the stuff.
Brands need to increase their presence.
At one place where offline stores are showing less magic, online presence, and social media platforms have proven to be a boom.
This time demands your omnichannel presence and better branding strategies than ever.
Mostly Consumers prefers to shop online, instead of roaming and weaving through the crowds in the mini-stores and putting themselves at risk. Though this increasing trend seems to be an opportunity that many retailers are encashing upon, and this approach will only gain ground in the future.
The fear of contracting infection will make people reluctant to try on clothes that other people have tried on. Here you have to be creative with your virtual services.
From retailers to wholesalers, designers to the brand owner, they should adopt more virtual channels which act as a catalyst in their brand.
Innovation will save you.
The pandemic has wholly changed our lifestyles, business style and also affected as an individual.
We should focus on creating a new normal. And this is where innovation and creativity played a preeminent role in our lives.
With this new digital era, things would likely become easier moving forward.
We will eventually transition out of this pandemic, but it will be a gradual process, and patience and perseverance would be the critical determinants of success.
Sustainability is the new Trend.
Being a Sustainable fashion lover, I had always been forcing on this aspect.
Eco-friendly fashion or Green Manufacturing or naturally more sustainable items stems from the conviction of catering to the planet while establishing new ventures.
Opting for sustainable ways and greener practices not only enables the online fashion industry to incorporate technology that works on the principle of sustainability.
Moreover, this will increase brand credibility too.
Even Many well-established brands liked H&M are launching services and products to minimise the carbon footprint, save wastage of water, greenhouse gases, and many other concerns.
With the increasing awareness among people and their conscience playing a significant role, the world is beginning to appreciate the need to adopt eco-friendly practices.
Also, the things mentioned above are somewhere reflects facts as well as my interpretation of the data and thinks I had observed. So no offense!
Though if you are some advocate of the online fashion industry or keep interested in the Fashion Industry. Your thought would be appreciated in the comment section below.