HOW FASHION BUSINESSES CAN SURVIVE DURING AND AFTER COVID-19
You need not to be reminded that the COVID-19 pandemic has plunged the world economy into recession negatively affecting sales and consumer behaviour towards most commodities including fashion products.
According to a report in April, 2020 by Brian & Company, luxury market is likely to lose between $65- $75 billion in sales this year. It is of utmost importance that brands within the fashion value chain seek and explore alternatives in order to stabilize and sustain their businesses.
Fashion businesses can follow these survival tips:
1) Manufacture of quality and trendy Personal Protective Equipment (PPEs) – Face masks, Hazmat suits, Alcohol-based hand sanitizers (for beauty entrepreneurs), Face shields, Hospital dresses, Johnny gowns, because of their present high demand.
2) Support local supply chain by helping small fashion businesses thrive. Bigger brands can provide support to startups through trainings, consultations, etc. This in turn will keep them relevant and help their businesses stay afloat.
3) Find innovative ways to market their products at this critical time. Recently, Congolese designer, Anifa Mvuemba explored the 3D digital technology using it to create life-like presentations of her collection on Instagram live, setting the pace for fashion’s future while attracting massive attention to your brand.
4) Invest in digital software solutions that can help in product development, marketing, fittings, etc.
5) For show producers/organisers: Organise virtual fashion events and runway shows to showcase designers’ new collections. Individual designers should also adopt digital runway shows to showcase their designs.
6) Branch out to digital content creation using blogs and social media channels.
This is a time to think outside the box in order to keep your (fashion) business going.