Impact of COVID19 on Fast Fashion
The novel coronavirus is having a massive impact on businesses, every sector is suffering be it small or big. From prominent companies giving over thousands of their workers to local retailers tussle for their existence. Therefore the fashion industry is not an exception. It is said that the fashion industry is a major part of a nation’s economy as it can help a nation gain the momentum it needs to become developed.
Brands like Zara and H&M, FOREVER 21 are said to be the trendsetter of the fast fashion industry. These brands implement new designs, new ideas, and concepts immediately in their clothing. Fast fashion industry is all about reaching people with new ideas. They introduce multiple products and fashion line on a seasonal basis.
FAST FASHION ???
Fast fashion is basically a concept of inexpensive, readymade garments which moves quickly from runway to stores to meet new trends. The concept emerged in the late 17th century. This was almost around the Industrial revolution. At this point of time, a new class emerged which came to know as CUSTOMER CLASS. These were the people who demanded more cheap products instead of sustainable but expensive material. Trends are something that everyone wants to keep up with so, here was the new concept of fast fashion. Which basically provides people with affordable clothing. And since then we heavily rely on it for all our fashion desires.
There are many brands that practice fast fashion and were doing great, launching their own designs and ideas. But, amid lock down a lot of brands faced a great loss because a lot of inventory has stocked up. The spring-summer collection of most of the brands will be spread out for long and production of the autumn-winter collection will be on hold. Generally, these brands expect a profit in this season as the new collection launches but this year they will rather face loss because of lockdown and fewer footfalls.
Impact of COVID19
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Sales of fashion brands fell by nearly 70% because of intensified fear of the virus in March.
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Inventory stock up – less sale of the previous collection.
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It will not operate with the same pace as the pre-COVID period. Because of fear and the current economic state of the nation.
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Aging of clothes is quite quick hence can cause a little more difficulties than usual.
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All economic activities have come on halt, so the less flow of capital will confine the customer from buying non-mandatory goods.
In a survey done by Nielsen India shows that 43% of those who have been surveyed said that they will cut spending on discretionary items such as fashion, personal grooming, and home decor.
In a recent webinar on apparel industry organized by, The Retail Association of India , Chief Executive Officer , Bestseller India Vineet Gautam said that fashion industry have to go through a little more difficulty “because the product age very quickly and especially brands which run fast fashion, are the ones who are continuously seeing the product getting old.”
Action plan
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Allowing customers in small groups to get into the stores and maintain social distancing.
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Employees working in shifts.
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Moving towards more cashless transactions in order to avoid physical interaction.
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Stores to keep sanitizing stations and floor makers to ensure social distancing.
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One thing that the market will be dealing with is consumers hesitating to try on outfits in store. This is one of the major problems the industry needs to deal with.
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Most of the brands are focusing on E-COMMERCE. As fewer people will visit stores.
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Many brands were in the loss but somehow managed to cope because of online stores. Brands are relying more on online shopping platforms than the physical store. So the extensions of stores are on hold.
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Most of the brands are focusing on extending their home delivery services to match the demands. “Survey has done Nielsen India states that around 39% of the people surveyed said that they want to increase their online services by 20%.”
COVID19 has its impact and to be honest after everything coming to a halt, it’s hard for the companies to cope with this new normal. The whole problem is new and needs to be dealt with in a different way. Every sector is coming up with new ideas and innovation to cope with it and doing their best. But for fast fashion, it will be a great challenge because of the sustainability factor. Fast fashion must be affordable but it needs to deal with the environmental footprints it creates as the post-COVID period will be more about sustainability. It also needs to keep the economic factor and concern of consumers in mind in order to maintain its dominance.
