The Impact Of Coronavirus On The Global Apparel Industry
COVID-19, more famously known as the coronavirus, has been the root cause of the downfall in the global economy for the past few months. From retail outlets to manufacturers, every business has witnessed a setback during the time of COVID-19. With China being at the heart of suffering, more than 30% of manufacturers and businesses have moved their sourcing out of the city to help manage losses.
The weight of COVID-19’s presence can be felt all over the world, with more than 7.5 million small businesses either shutting down or being at the brink of shutting down. The entire global economy is at the brink of collapse, with the only source of surviving to be through debts and innovation.
The Apparel Industry
For now, every business is dependent on survival instincts only. The time of the pandemic isn’t about building profits, it’s about regaining the money that they’ve lost over the last few months. The fashion industry is no exception. For retailers, manufacturers, and wholesalers, the main source of revenue has managed to expand on to digital marketing.
Surveys have shown that for fashion outlets to survive, they must move their business online. The new normal is all about innovative ideas, setting yourself up for growth through varied means, and growing your train of thought to be beyond the comfort zone. The comfort zone of businesses no longer exists.
The apparel industry’s stagnancy hasn’t been limited solely to outlets and businesses – it goes quite beyond that. Fashion shows have been canceled or postponed, retail stores of companies have been forced to shut down their outlets in certain cities and localities. Moreover, many employees are being removed from their jobs, manufacturing facilities are gaining rust and some have no choice left but to file for bankruptcy.
How have they been coping?
Survival instincts are known to either bring out the best or the worst of man. As individuals learn to adjust themselves to the way the world is working, many businesses have begun reassessing their process of functionality.
While some finally gained the opportunity to focus on what was missing, the rest decided to approach COVID-19 with a completely different motion. We’ve listed down some of the methods of coping below:
➢ The main focus is on the safety and security of the business. With many businesses shutting down with every passing moment, it’s important to liquidate the cash flow and use it in a sensible, budgeted manner.
➢ Employee security has become crucial for the big sharks as they concentrate on working with complete loyalty, allowing them to keep the supply-chain alive. If there are no passionate employees left, the business will cease to exist.
➢ Communication was already considered to be an important part of marketing. However, now, it is at the heart of every business’s marketing strategy. If you fail to communicate concerns with clients and employees, the business will not be able to recover. If you’re able to support one amid the storm, they will support you for your revival.
Lastly, eCommerce is now a necessity. Wholesalers like Custom Varsity Apparel are working on innovative ways to reestablish their brand’s products and services through the sale of wholesale Tshirts in Australia. Through an incessant drive for the provision of high-quality products for all of their customers, they’re amongst the select few of businesses that are slowly working their way back to the top.
The key to recovery is re-establishing with understanding and unity. If we work together, we shall rise together. At the end of the day, the market is about healthy competition. What is the market about, if the competition no longer exists?