The pandemic has created a global disruption across various industries that needs immediate attention and introspection.The unprecedented situation calls for a paradigm shift in every aspect of the human lifestyle to which fashion is not an exception. However, the fashion industry has always leveraged an unfavourable situation as a creative opportunity and is successfully overcoming the challenges now as well. In fact, if ever there was a time for fashion to reinvent itself, it is now
The Prolonged Lockdown and Smart Casuals are Back !!
A 2017 report by Boston Consultancy Group and Facebook predicted online fashion sales for a relatively young business to reach a valuation of $30 billion by the end of 2020. However, the prolonged lockdown which restricted online fashion sales and bought fashion e-commerce to a halt in India acted as a turning point. But, now that lockdown restrictions have been eased and consumers spend more time online – in fact “only fashion therapy “is thriving still . Morecustomers turn to e-commerce to shop their everyday needs, the habit is bleeding over into fashion purchases as well, pushing more fashion brands to embrace e-commerce. . Fashion has also evolved as a way of life , as an expression of work-life integration : Yes, we will fall back in love with the house dress ! Work from home is here to stay and we will see more and more people adapting to fashion which allows them freer expressions – a dramatic shift towards smart casuals and pyjamas and casual wear even in offices ! For multibrandretailers , it will be even more difficult to justify their point of difference , be it by curation, location or price. D2C e-commerce brands can surely seige the advantage as they control end to end of the value chain and can communicate strongly online.
E-commerce Emerges to be the Most Sustainable Option
Historically, fashion brands have overcome many big crises through their innovative spirit and adaptation.The prolonged lockdown has taught a big lesson to all of us. To most leaders, it has taught a lesson in empathy and communication. For fashion brands, it has been learning in agility and resilience.
E-commerce has become the core of every brand’s business and growth plans. High-end fashion brands which have traditionally been dependent on bricks-and-mortar and experience-driven sales and slower to move online than mass fashion have also started moving online. According to a 2019 report by RedSeer Consulting, the fashion market in India is growing at a compound annual rate of 11 percent, with online fashion growing at a CAGR of 32 per cent. Moreover, before the pandemic, many fashion players, both high-end and mass, were looking to e-commerce as a growth engine and pandemic accelerated the shift further. Online commerce will play a much more vital role- form digital payments to fashion choices and final purchase. . Its important for fashion companies to have a compelling value proposition to offer online – the AR/VR experience, lucid designs, personalization and fashion which is more rooted !Practical , cost-effective , affordable fashion would be the need of the hour and online will have big influence on every part of customer journey. Virtual showrooms could be accessed digitally everywhere.
And yes, environmentally friendly fabrics, lesser water usage and lesser wastage will lead to more sustainable fashion trends. People are thinking a lot more around endorsing companies that have a mission and a purpose to do good in the world . Simple clothing ( sweatpants are new love ! ) quirky but relatable and easy to wash- thats the mantra ! Hence lesser end to end cycle times of design and fabric preparation in an e-commerce world !
Fashion brands are now opening up to a new reality where things are very different from how they used to be. As we navigate through the new normal, we are discovering a major shift in shopping behaviour of consumers. E-commerce, which has always been a priority for many brands, has seen an unprecedented response during the current scenario. The most convenient option for consumers to shop continues to grow very fast.
The Way Forward
The crisis has driven a lot of companies to finally take the leap of faith and venture into the e-commerce industry. Many of the brands have either already shifted to e-commerce or planning to adopt the change. However crucial will be to adapt al changes of the ecommerce value chain- digital payments, agile designs for new customer taste, production-on-demand and sharp customer analytics . Also important is to reduce the end to build cycle of fashion designs. The coronavirus outbreak and the relentless support of the e-commerce sector have made both brands and consumers realise that the e-commerce sector has the potential to expand and flourish manifold.
Post pandemic, the fashion e-commerce market is expected to be more dynamic. For brands incapable of opening their dedicated online platform and also, the big established brands, omnichannel operations will continue to be the most viable option. As business operations get back on track, safety and hygiene remain the biggest priority. Additionally, communication and consumer interaction become even more important to ensure higher brand recall and brand connect.
Summing It All Up
The current pandemic has made everyone around the world realise the potential and value of digital technology and particularly, e-commerce for the fashion industry. The pandemic forced many people who previously relied on local Kirana shops to switch to e-commerce. The post COVID-19 world will witness a change in consumers’ habits as they become dependent on the easily accessible online mode of shopping for all their needs, essential and non-essential.
