Impact of Covid-19 on fashion industry | Will retail fashion exist in Future?
How you are guys doing? I hope everyone is fine. As we all know here World is facing a big crisis over Covid-19. And in my sense fashion Industries received a lot of olf losing as all the industries, fashion shows, and as well as retail shops are closed. This brings huge crises for the fashion industry. Approximately millions of retail jobs have lost. This raises a big question for the future existence of fashion. Let's talk about this in the below.
Retail fashion business
The impact of coronavirus has brought a deep impact on the economy of the countries. Not a specific country all the countries in the world are suffering from a huge loss of economy. The developing countries have fallen down into underdeveloped countries. And the price of the dollar matters a lot for the developing country So the value of the dollar has increased. Retail is one of the major markets for fashion industries. And due to the outbreak of coronavirus, all the retail business of the brands has closed down and facing huge crises.
Approximately 2.1 million retail jobs have lost due outbreak of COVID-19. We can take this point as the unemployment rate has increased and the purchasing power of the people will decrease hence the retail business have chances to be closed. The government could look after the unemployment people the coverage of the economy will take many years to get recovered.
Due to Government directive in interest public health and safety, retail stores have been asked to close down in different parts of the country. This means sales during the close–down period will be nil. In markets where stores are operational, footfalls have dropped due to the fear of COVID-19. With such an impact on consumption, all retailers and brands will need to re-plan their inventory forecast. Order cancellations are a consequence of store closure for extended period,”Rakesh Biyani,Chairman,The Clothing Manufacturers Association of India (CMAI)
Retailers turning into e-commerce
Because of the sudden outbreak of COVID-19 the retailers are gone into huge crises as their stores are closed. Because of this, the people who are running digital e-commerce got lots of bases to grow because social distancing is mandatory.
Many of the retail stores had turned in to the online store. The Shopify who gives us an opportunity to grow our online store has got a push. Shopify got a jump of 47% in 2020 And got 470 million dollars of revenue.
Shopify currently powers over 1 million brands and companies in over 175 countries.
How much time will retail business take to recover
The industry associates said that the retail business will take about a year to recover. The government could support for 3 to 4 months but cannot run the business for 9-12 months. I don’t see actual manufacturing to commence before 2-3 months. Most retailers will hesitate to take fresh stocks till festive season.
we cannot say the exact duration for its recovery because still, we did not get the vaccine for the virus. Top fashion trends 2020
The fashion industry is an industry which requires continuous updates in the outputs of it according to the customer's demand. And the newest idea will only get sells. Hence this could be done only if the lockdown in the countries get over. And my point of view retailers has to take their track towards to digital market that is e-commerce websites.
If you got any query regarding this topic or any of the topic related to fashion. Then please comment down below I will reply you.