It is quite unlike for a virus that came from an animal and causes so much chaos around the globe and earns the designation of “Novel” for its recent outbreak. The immediate declaration of lockdown for the sake of human lives has forced industries to shut down their warehouse store with an immediate effect.
Amid the crisis, the most affected industry apart from the tour and travel is the fashion industry. The COVID-19 has caused a devastating impact on many manpower and supply chains related to the fashion sector.
But, even in this challenging time, many fashion industries have started the production of masks and sanitizer, keeping in mind the demand for these products all around the globe.
Now, when things are getting back to normal, the biggest challenge for the industry leaders is the safety of their workers while resuming the production as per the current situation demands.
Online vs Offline
The fashion industry is huge. Hundreds of Thousands of people work in the fashion industry. Both online and offline retailers have seen a massive downfall in their sales. This leads to the layoffs of many workers as well as cutoffs in payscale for the rest.
Amid the crisis, online stores still manage to keep up their economic cycle by supplying essential household products, including face mask and hand sanitizer.
On the other hand, offline stores had seen the biggest downfall in business history with the complete shutdown of their stores for the past two months. Normally, they order products months before and pay for it in advance.
But, the immediate declaration of the shutdown has completely hit them with a shock and now they have gone back to zero. Even if things are getting back to normal post May-2020; it will still 8.going to be a long fight for them to normalize things up in the market.
Do you remember the global financial crisis that happened during 2008-09; how many companies had been closed forever? But a few that held ground even in that crisis, now ruling the market like a king.
I.e. CocaCola – Cocacola had launched a campaign during that financial crisis named Open Happiness that led CocaCola to witness a massive increase in sales.
Just like that, these trying times also demand the same kind of approach and creativity from you.
For Online businesses, it’s time to rethink and rebuild their online market strategy as required. With the help of the internet and social media, it won’t take much of your time and effort to gain the brand value again in the market.
For Offline businesses, things have just begun to normal, and with the right business approach, it won’t take much time for them to gain pace in the market. The only thing that requires right now is patience.
To sum up
These are the most unprecedented times that require extraordinary effort from all the business leaders around the globe. A few bold decisions, along with the right marketing strategy, can boost their productivity enormously.
We have always come back strong after such a pandemic in the past, and this time also, we will come back even stronger. Stay safe and save lives!