Coronavirus has reshaped the world in more ways than we can comprehend. The pandemic did not only push us into our homes and stop us from following our normal lifestyle but it also altered the market. The fashion and apparel world has faced the maximum brunt of the pandemic. From store closures to bankruptcy and order cancellations the retail market has had to bear witness to severe outcomes which has lead to major changes in the economy. But as we slowly limp back into recovery, it is time to embrace the change the pandemic has brought upon us.
Corona has made digital adaptations faster and is now making it inevitable for small and big brands alike to embrace this transformation. According to a Mckinsey report analysing the effects of corona, it was mentioned that from a revenue perspective, 2020 is looking grim for the global fashion industry as a whole. The report suggested that in the next five years even if positive growth does happen, the estimated revenues for apparel and footwear sectors will contract by 27 to 30 per cent in 2020 year-on-year with even deeper declines in some subsectors and geographies.
REVIVAL THROUGH TECHNOLOGY
With Covid-19 continuing to rage through the world, brands may have reduced their marketing budgets. However, they have also amped their expenses towards technology expenditures and innovation. The Mckinsey report also warns of digital escalation, another repercussion of the pandemic crisis which can push online channels to gain bigger market shares, thus making them contribute to a more volatile sales curve in the future. In this new normal, it will be paramount to improve full-price and product margins as well, the report emphasises. Further, managing sourcing costs will be paramount and this will help fashion companies achieve a demand-driven paradigm shift.
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