Let’s start by saying every brand who has failed to build a strong online presence is definitely a fashion brand that is dying during this period.
Some stores have succeeded at building their online presences but are still dying regardless so I am exploring the reasoning behind all this.
BOF official retail figures show a 30 per cent drop in clothing sales for March/April 2020
(the worst since records began -and let’s not forget most retailers didn’t shut down completely until the final week of March.
The fashion industry is going through ups and downs,
so whether you’re a retailer or a consumer,
scroll to learn a bit about the business of fashion.
The Obvious…Online Absence
Debenhams is a store that had a very confusing online store.
J. Crew is another fashion brand that is far from thriving thanks to their weak online presence
And Primark is a fashion brand whose online absence has put them in a completely dangerous near-death position.
The Curse of The Department Stores
Barneys and House of Fraser are two fashion brands which proved that too much of everything is not good.
So my thought process is this; if these stores were suffering before,
now more than ever, amidst the pandemic,
it will pose no surprise to us,
if more of America’s dwindling, unloved shopping malls and stodgy,
complacent department stores end up dying.
e.g. Neiman Marcus
Wants vs. Needs
The shopping style of consumers have changed completely; people are reevaluating their wants vs. their needs.
Coronavirus has swapped party mode for practical mode.
Therefore, purchasing statement accessories and designer clothing may seem frivolous whilst flip flops, slippers and sandals would seem more sensible to buy
If you don’t agree with me, just answer this question-
Who is wearing heels at home during this coronavirus?
Ok, I am!
I wear heels indoors to maintain my sanity but I certainly won’t be purchasing new heels to achieve this feat.
Those footwear sales may be declining yet not everyone is suffering.
Sales of trainers, workout gear and lingerie are holding up and in some cases rising.
CSR and Development
Any store that is expanding its scope and doing a lot more than marketing products will thrive.
Now, I’m not saying this would equate to the correct compensation for the temporary closure of stores, but you retain your clients because they feel cared about an looked after.
Any label that’s agile, reactive to customer requests and good at building a sense of community, will see signs of thriving.
Amina Muaddi is dishing out playful tips to deal with the pandemic without overwhelming yourself.
Other fashion brands like Domoge are making masks and delivering it to customers alongside the Domoge food items to ensure their customers are well fed and protected.
Extreme Sales Strategy
Look at the thriving established fashion brands in Japan,
many of them are now unable to pay their suppliers.
The pile-up of unbought stock in their stores was unprecedented
yet these need to go off the shelves one-way or the other.
Hence, when all else fails and your brand seems to be dying quickly, use the oldest economical trick in the book, which is to employ an extreme sales strategy.
Consumers can never say ‘no’ to a killer sale no matter how bad the economy is or how broke they may feel.
By: Joan K. Vincent-Otiono