On March 11, the World Health Organization (WHO) declared the coronavirus a global pandemic, after having declared a global health emergency in late January. The novel coronavirus has affected worldwide travel leading to flight cancellations, quarantines, lockdowns, and other movement restrictions. The virus, which causes the disease known as COVID-19, has spread to over 150 countries.
As the world faces this pandemic in unified isolation with the surrounding economic implications, several opportunities are arising in specific industries and many of the companies in these fields are experiencing unprecedented growth. While certain Industries are currently focusing on crisis management and contingency planning as a result of the hit from the Covid 19
Among the global industries that is affected by the pandemic is the fashion industry.
The world of fashion has seen the decline in consumer spending power and the cancellation of fashion shows around the world with brands such as Gucci, Dior and Chanel postponing its fashion collection debut’s as the virus fears have banned the social gatherings of individuals. As the fear starts to settle in across countries in Africa many social gatherings, production creation and manufacturing is also experiencing a slowdown. Retailers and small businesses are shutting their doors around the world, encouraging their customers to shop online instead. Yet the reality is that as we are expected to stay in our homes, a percentage of the people in the world are financially burdened by layoffs and other responsibilities, and the desire to buy new clothes may not seem like a priority considering the uncertainties surrounding the pandemic.
Nobody really knows what the world will look like after the pandemic. The only certainty is that it is bound to be different. We must shift towards re-imagining the industry altogether.
While the duration of the pandemic remains uncertain, recovery will most likely be gradual. Each country will see varying recovery phases depending on their healthcare systems, financial resources and immediacy of response to the outbreak.
Companies must adopt a recovery position based on impact severity to help prepare for the deployment of a recovery action plan. Looking ahead, businesses will have to review their operating models. When the first signs of normalcy do begin to emerge, companies are cautioned not to be complacent. Instead, they must double-down on recovery and resiliency measures for this will be a time of unprecedented transformation for the global fashion industry.
So while the world is on a hold, here are some tips which you can apply in running your business during this pandemic:
Technology is one of the surviving factors that has allowed so many businesses to continue operations during the COVID-19 outbreak. Take advantage of the internet by offering virtual consultations and services.
Online ordering and delivery:
One alternative business idea is to enable online ordering and set up a safe delivery option. If you don’t have the capacity to deliver goods or services on your own, partner up with a delivery company.
Change the model:
During times of crisis, it may be necessary to slightly switch your business model altogether in order to keep your business afloat.
What are you doing differently to keep your business afloat?
Source: Business of Fashion