The suddenness of the Coronavirus pandemic has posed a challenge to the way businesses function and the financial strain it has posed. This also includes both the fashion industry and the consumer. The trends post the lockdown will observe a long lasting transformation in the industry based on the gaps observed during this period.
The challenge posed for the fashion industry is to prepare strategies that will help to pick the pieces post the aftermath of an unforeseeable situation and be ready for any such scenarios in the near future. They will have to identify financial leverage, divestitures, increase earnings and create operational and financial stability. A goliath task, once implemented with help safeguard not just the industry, but all the people that are part of the chain.
Some trends that will help to revamp the fashion industry are:
Instead of a niche demand the desire for sustainable consumption will be on the rise. It will be a principle towards a brighter future for the fashion industry. Shifting from an idea to a conscious integrated system will be vital to guarantee the future for companies.
With restriction on shipping and travel due to Coronavirus, brands are considering to vertically integrate local supply chains.
Employees working in the lower tier of the fashion supply chains need to be protected. Businesses cannot be measured only in terms of profits; it need to put its people first. There needs to be a more transparent and fair playground to spread financial, technical and emotional support across fashion supply chains.
New Business Opportunity
Brands will innovate to adapt to the new scenario. Designers and brands are currently producing face masks, hospital gowns and hand sanitisers to hospitals and healthcare workers due to the shortage of these essentials. This also poses as an opportunity for production of washable gloves and masks, as every household would want to have these essentials looking at the scarcity. The fashion conscious have not let the pandemic deter them from trying to match their masks with their clothes. However, fashionable masks made its debut on the runways of Paris Fashion Week, a trend which has caught on. This prospects have already paved way for an opportunity among designers who have started working on quirky prints and patterns.
A smart entrepreneur is someone who is able to identify a need, as well as want for consumers. Work from home is tricky and people tend to not care about appearance which could lead to demotivation. Hence, designers could create comfortable yet chic and stylish wear while working from home. Athleisure wear will also see a growth in demand due to its comfort factor and extreme flexibility.
Digital channels are looked upon as a tool widely used during the social distancing protocol. Companies that have not joined the digital bandwagon will have to do so for the recovery phase or may suffer in the long term. It will take some time for the fear of the pandemic to subside, hence consumers will be on the look-out for brands that have a digital presence and can fulfill requirements on this platform. Hence, brands must act fast to deliver.
Virtual Reality will be another addition as the consumers would prefer a digital assistant to help guide them during their shopping experiences. Robotics is going to enable a new breed of automated commerce.
If the fashion industry needs to be relevant and stay afloat, they need to adapt quickly inorder to make a change to avoid the suddenness and be prepared for any such scenarios be it a pandemic or the sudden change in the economy.