How to survive and break through the ravages of the pandemic

Like a “tsunami” sweeping through hundreds of countries around the world, the Covid-19 pandemic is creeping into every corner of the global economy. In that context, non-essential consumer goods such as fashion will certainly face many challenges to “survive” or even be likened to a battle for survival, according to the world. Experts.

The fashion industry is “shaken” by the “persistent” devastation of COVID-19

In its financial statement released on June 10, Adidas said its net profit fell to 432 million euros ($513 million), much lower than the 1.97 billion euros in 2019. Revenue of Adidas also fell 16%, to nearly 20 billion euros. Many fashion brands have had to close their stores around the world (H&M closes 250/5000 stores, Zara closes more than 1000 stores, ..). According to McKinsey’s forecast, up to one-third of global fashion companies…will not be able to survive the pandemic.

Particularly in Vietnam, during the times when Covid returned, many retail stores had to close to control the spread of the disease, fashion and garment businesses had to close down their retail branches. Fashion market revenue in the first year of 2021 decreased by more than 10% compared to 2019 under the impact of the epidemic

Fire tests for gold

Fashion industry: How to survive and break through the ravages of the pandemic - Photo 1.

Uniqlo has a lot of positive signals in the “war to deal with Covid-19” compared to other competitors.

Fashion houses such as Lemaire, Proenza Schouler, AMI… are quick to change their direction to online sales and offer attractive services such as free shipping, 30-day return and exchange. … to ensure optimal revenue during the epidemic season. The trend of digitalization is increasingly spreading in the fashion marketing industry.. Not only creating solutions to help businesses manage in difficult times, the transition to online transactions is also a strategy take a long time to adapt to changing user behavior

Fashion industry: How to survive and break through the ravages of the pandemic - Photo 2.

London Fashion Week Spring – Summer 2021 to be viewed entirely on the online platform

Keeping up with the general trend, many fashion brands have quickly combined business strategies on traditional and online channels, reaching a wide range of customers. Ms. T, the owner of a fashion store in Hanoi, shared: “Instead of selling through traditional channels as before, we promote the method of selling through the websitereputable e-commerce sites, through the online system, in order to bring convenience as well as improve service quality.” Thanks to the quick and timely change, the shop not only did not lose revenue but also breakout, up 20% in the third quarter of 2021.

Fashion industry: How to survive and break through the ravages of the pandemic - Photo 3.

The development of the online business system has helped the products of many brands to be known by a large number of consumers.

What does Vietnamese fashion prepare for the “new normal:?

It is impossible to predict anything in the current complicated epidemic situation. At this time, like other industries, Vietnamese fashion is forced to have long-term strategies to find their own way of life.

Keep in regular contact with customers

According to a forecast from Bain & Company, the global fashion industry may decrease by 20-35% compared to previous years. At the same time, it will have to wait until 2023 for sales growth to gradually return to orbit. However, this does not mean that fashion stores should be superficial with their customers. On the contrary, always make sure the connection with the consumer is not broken.

Business units should regularly share updates on the epidemic situation via fanpage, or send email alerts, reminding customers to protect their health at the moment or organize promotional programs, minigame to create interaction with customers… with automated customer care tools. It’s all about making sure your customers still remember your brand, even when physical barriers may arise.

Switch to online channels

Online revenue of Inditex increased by 50%, H&M increased 17%, Gap increased 13% in the first quarter of 2020. This number is enough to show that online is a channel to ensure revenue for Vietnamese fashion businesses in the face of concerns that offline stores will have to close mass if the Covid epidemic continues to last.

To do this, businesses should immediately think about website design with a minimalistic and convenient interface that promotes the shopping needs of many different customers. For small retail shops, the thorough exploitation of sales channels via social networks such as facebook, instagram, tiktok… needs to be promoted.

Besides, using sales support tools such as chatbots 24/7 automated consultation and order closing is also a way to help businesses optimize staffing costs while ensuring seamless interaction with customers if social distancing occurs.

The specter of Covid is creating many challenges for the fashion industry in particular and the economy in general, shifting to an online channel to promote shopping of many customers is a problem for businesses and units. Business is looking for level solutions at the moment.

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