Brands, retailers need to focus on sustainable shopping experiences post pandemic

COVID-19 led lockdowns affected several Indian retailers. However, it affected fashion retailers the most as demand for formal and occasion wear slumped. And as per a Outlook Money write up, fashion retailers closed the 2020-21 with a 40-45 per cent decline in revenues. Summer sales shrunk to their lowest while there was a three times surge in online fashion sales.

Currently selling only essential items, retailers are struggling to adapt this changing situation. To survive the crisis, they need to reshape their businesses to focus on digital acceleration, discounting, industry consolidation, and corporate innovation. They need to future-proof their operations as the possibility of future outbreaks and lockdowns continues to loom.

Scale up digital capabilities

Another strategy fashion retailers need to adopt is to accelerate recovery plans with renewed vigor. They need to adapt to changing business models and make bold decisions to stabilize their core business before seeking new opportunities. The pandemic has plunged consumers into a deeper financial crisis. They now seek more discounts from retailers. Keeping larger business interests in views, brands need to find new ways to satisfy consumers’ needs. They need to scale up digital capabilities and leverage new technologies like virtual fashion shows, digital showrooms, sample sign-offs in sourcing offices, livestream commerce, and 3D design tools, to expand their businesses.

Hybrid sales model

Often, digital sales of fashion brands tend to be lesser than store sales. To balance this, retailers need to adopt hybrid sales model that leverages both physical and digital channels. They need to identify the financial, diversification and acquisition opportunities offered by these channels besides opportunities to acquire new partners and stabilize businesses.

Companies also need to introduce new tools and strategies across the value chain to safeguard operations against the damaging effects of pandemic. They need to use these tools to make long lasting changes in their business operations. Social media can also enable fashion brands to interact with their consumers. They can create meaningful shopping experience through product ratings and reviews on social media channels.

Create a sustainable product portfolio

To re-instill shoppers’ confidence, retailers and brands need to reorganize products and stores prioritizing customers’ needs. They need to use new technologies to provide shoppers with product information before they visit. They need to adopt an omni-channel approach to strengthen their connection with consumers.

With health and safety becoming new priorities for consumers, retailers need to emphasize on creating a more sustainable, ethical, and socially conscious portfolio. They also need to leverage creative advertisements to promote safe and sustainable shopping practices amongst consumers.