Like any other industry, the coronavirus has forced the fashion industry to go through a rapid evolution as well. In just a matter of weeks, Covid-19 upended every part of the fashion world as lockdowns were enforced. People around the globe were confined within their walls. Which lead to them not wanting to wear any style of clothing apart from loungewear.
There was no guidebook that could prepare the industry for this unforeseen challenge. Thus, various retailers were on the way to bankruptcy. But there were also those which turned the situation into a doorway for new opportunities. They found ways to reach out to their customers and rethought their marketing strategies.
Their entire supply chains and the processes of manufacturing clothes were worked upon. Clothing brands also began to focus on shifting their business to e-commerce platforms. The style of clothing items changed drastically and was tailored to become comfortable remote workwear. The layouts and procedures of stores were adjusted according to the new situation.
In April 2020, Pete Nordstrom, the President of Nordstrom, gave a statement for the panel hosted by Vogue. He declared that their brand had to evolve in order to adopt some semblance of the new norm. They had to become more flexible in their strategies to accomplish that.
Another consequence of the pandemic was that surplus clothing piled up due to backed up inventory. This created a great demand for short-term industrial space. The supply was so overflooded that it crowded the ports of China when its factories were reopened. Ships arrived on docks that were full of inventory that could not head out to retail. The occupiers were in dire need for temporary storage.
Retailers had their hands full with spring clothing that had no chances of being sold in the lockdowns. According to predict joint report by McKinsey Company and Business of Fashion, the apparel industry’s revenue contracted 27 to 30%. Experts of the industry claim it to be the lost season for fashion. There were no seasonal or back to school shopping terms for this year. Therefore, there was a need for some major adjustments.
But a good number of experts also see this as a positive learning opportunity for the fashion industry. They think that the crisis has urged the entire apparel ecosystem to become more ready and act quickly. The legacy systems of this industry have always required long-term orders. They are actually made 9-12 months before the start of a season. This results in a mismatch between the purchasing decisions and the apparel being sold.
What the store buyers believe the customers want is different from what they are looking to buy. When the stock becomes too much to handle it has to be sold at incredible discounts for it to end. And then the stores are restocked again for the next season. This goes on in an endless cycle which is troublesome for the business. But the pandemic has been a chance to break this chain of events and start anew.
Fashion retailers are quickly shifting their sales to online shops. Following the closure of physical stores in the US in March, sales online went sky high. According to official data analysis, the end of April saw a plummeting of in-store purchasing. While sales through online platforms rose up to 45%.
Even though the cities began to reopen later in the year, the target is still to increase online purchasing. The consumer behavior towards online shopping is expected to last even beyond the pandemic. Hence, it is important to stick to the current strategy and improve it even further. Many brands who had a limited presence online prior to the pandemic, are racing to expand it.
On the other hand, retailers who already were doing business online aim ahead of the curve. Various fashion names are increasing their reach through virtual experiences focused on community building. During Nike’s closure in China, the company’s online sales increased. This happened as a result of their offered content about workout from home on their fitness app. Their users went up to 80% in the first quarter which resulted in a 30% increase in e-commerce sales and people are genuineleatherjackets for trendy jackets and outfits.
Due to the coronavirus, most fashion companies including luxury brands had to offer steep discounts to move stock. The aim was to avoid repeating the events which happened after the financial crisis of 2008. The great number of discounts on physical retailers and stores faced a public used to extensive bargains. But the discount strategy works quite positively online.
Those fashion brands with commendable physical and digital channels benefit considerably from this situation. They have their online plus physical stores working in tandem to achieve more business. Efforts are being made to make both assets perform their best to provide a seamless buying experience.
Work from home apparel has become the raging trend of this year. Almost overnight, the public developed an elevated demand for leisure outfits due to the pandemic. The work from the home category was not officially merchandised before. But it has now become a style that every brand has to adapt. To sum it up, everything from the products to consumer behavior has been transformed by Covid-19. If you are looking for the perfect wear for this season go on ahead to CelebrityJacket.Com. We cater to the demands of the changing fashion market and the preferences of our customers.
