Discounts, promotions help brands beat COVID-19 blues, recover business
It’s raining discounts with both online and offline retailers rolling out steep offers for shoppers. Brands are offering attractive prices on products which is helping them attract customers from Tier II and III cities. Online fashion retailer Myntra is ready to host its biggest-ever winter sale from December 20. In fact, the retailer expects a 1.5 times more response to this sale than its last winter edition, when 50 per cent of business had come from Tier II and III cities. Held twice a year, the June edition of the End of Reason Sale received a lukewarm response as the country was just coming out of a lockdown. However, the retailer expects 65 per cent jump in traffic for the December edition.
Winter to aid apparel recovery
Though COVID-19 related restrictions have affected apparel demand in the country, branded apparels are seeing a gradual recovery with offline sales recovering up to 70 per cent of pre-COVID levels. Recovery is being further aided by a strong winter season, says a ICICI Securities report. This year, brands don’t plan to promote their winter inventory extensively as demand is quite strong. Department store chain Lifestyle, which started offline sales, does not plan to promote its winter merchandize extensively as it believes demand is strong. However, the retailer plans to push unsold inventory from Spring/Summer season, informs Rishi Vasudev, Chief Executive Officer, Lifestyle and Home Centre.
Strategies to attract customers
Yogeshwar Sharma, Executive Director and CEO, Select Citywalk Mall explains, brands have their own strategies to attract customers. Most of them hold EOSS post-Christmas. However, some have already started running offers in malls. These brands are attracting customers with promotions and other attractions such as personal shopper, digital catalog, etc.
Outdoor and apparel brand Woodland is ready to hold its End of Season Sale in the second week of December. And like earlier, this year too, the brand plans to offer lucrative discounts on apparels and accessories, says Harkirat Singh, Managing Director. It has already achieved 70-80 per cent of last year's business levels.
